Why livestreaming will transform fashion e-commerce sales
If you’re standing still, you’re going backwards. That’s why the e-commerce industry is one of the most disruptive in the world. Although the wave of truly integrated live streaming has yet to reach Europe, Chinese customers are already convinced of what live streaming has to offer. Since watching videos on mobile devices or desktops is what Gen Z likes to do, it is becoming more and more mainstream. Gen Z turns 22 years old and is just starting their career. But they represent already an annual buying power of 44 billion dollars! So, it’s just a matter of time until the live streaming online shopping trend will change the e-commerce experience and become a norm in the next decade. That’s why Online Heroes is one of the first European players to invest in this trend.
Although it’s hard to imagine that anyone would tune in to watch hour-long livestream videos of companies trying to sell their newest collections, it’s exactly what’s going on in the online world right now.
Big in China
Although it’s hard to imagine that anyone would tune in to watch hour-long livestream videos of companies trying to sell their newest collections, it’s exactly what’s going on in the online world right now. Live streaming is already big in China. It has the world’s biggest live streaming market in the world, with more than 200 livestreaming sites, attracting more than 450 million viewers, an industry valued at 4.4 billion dollars.
Furthermore, the fact that the country is responsible for about 55% of all online retail sales, puts two and two together: online shopping and live streaming is a new match made in Chinese heaven.
Yet, the trend isn’t completely new and is based on a trend from the 80s and 90s. Remember those nostalgic TV shopping channels? They brought shopping straight into every family’s living room. On the other hand, watching videos on our smartphones or desktops is so popular these days that youngsters are asking themselves on Reddit whether they are addicted to TikTok.
Close the omnichannel gap
The one thing that makes these videos so unique, is authenticity. The videos don’t resemble the infomercials we know from the legendary TV shopping channels, since “there is no editing, Photoshopping or second takes with livestreaming”, as Zhou Junjie, chief commercial officer at Shopee, one of the biggest shopping platforms in Southeast Asia, says. As a result, it feels like you’re shopping in a physical store, without leaving the comfort of your own house. Customers can see what the products look like, without having to watch perhaps photoshopped images they found online.
Live streaming combines the best of both worlds: being able to shop wherever and whenever you want, but without losing the ‘fun’ and social aspect shopping at physical stores offers.
Human touch meets entertainment
What’s more, live streaming adds a human element to the shopping experience, since people can interact, ask questions and engage with the community while watching the live show. It creates a sense of intimacy between the shopper and the seller, which is unique, especially for web-only brands. This leaves the customer feeling like he or she is wandering the local mall with friends, being entertained and inspired at the same time.
This way, live streaming combines the best of both worlds: being able to shop wherever and whenever you want, but without losing the ‘fun’ and social aspect shopping at physical stores offers. That’s why live streaming is often described as ‘shoppertainment’.
Pioneering to expand your online impact
The rise of live streaming in Asia proves what the success can be. Online Heroes is already collaborating with the first European players investing in the new technology and marketing activities behind live streaming, in order to help our clients’ luxury brands grow even further. We believe we should always look for new ways to convert customers and closing the omni-channel gap to help fashion and luxury brands to expand their online impact. Will surely be continued…!
Keen to know if livestreaming can take your online sales to the next level? Have a coffee and a chat with us and we'll gladly answer all your questions!