5 common myths about Live Video Streaming
Isn’t it interesting if something old becomes new again? Imagine your favourite 80s sitcoms coming back to life with all new actors and excitement. No matter how much progressive we are, when it comes to reliving old experiences, we should always be ready. Coming to online shopping, live stream shopping is the latest eCommerce trend where a retailer showcases the products over live video to the customers. Now just rewind a little, doesn’t it sound like QVC or HSN, two shopping channels that were introduced in the ’80s? Yes it does.
But today’s live video shopping puts a modern, interactive and entertaining spin on it, something that’s especially appreciated in the era of COVID. Today the consumers no longer wish to scroll and click for their favourite products. Instead, they require more of the experiential shopping where they can simply watch and buy in a click. Even though this technological innovation has been giving real life a digital conception, it remains one of the most misunderstood technologies out there. We have detected some of the most spread rumours about live video shopping which are in fact just myths which are bound to rise whenever there is a big innovation ought to change our way of living lives.
- Live Video Shopping requires an extensive setup: Some people are told that it is crucial to have a camera and a computer on hand to be able to go live… FALSE. You can easily use your mobile handset for live streaming, all you need to have is a good internet connection which is anyways an integral part of our today’s life. Hence, no heavy setup is required to start with live streaming. Just in a matter of minutes, you can remove the barrier of communication between the brand and the customer and can make him feel like shopping offline. This increases the conversion rate and drives more and more visitors towards the ecommerce store.
- Live Video viewer rate is low: According to people, very few people get engaged on a live video. Let us look at some contrary facts. In 2018, brands spent more than $90 billion on video content. By 2023, that number is expected to rise to more than $100 billion. In 2019, over 430 million people, 30% of China’s population viewed live stream and 37% of China’s online shoppers made live stream purchases. YouTube is loved by almost all the people around the world because of the video content it provides. These stats are enough to eradicate the myth that live video is not capable to engross viewers.
- Live Video Streaming is expensive: The very fact that live video streaming doesn’t require an extensive setup makes it inexpensive. If we see, there is no investment required to live stream to the audience as mostly all of us possess a smartphone and good internet connection, and this is enough for it. Moreover, you do not require any other person to stream for you, just a little confidence, product knowledge, and a smile on your face can boost the sales of your store in just 20 minutes. Also via the pre-built interfaces, you can live stream in just a single click without any coding knowledge.
- Live Video Streaming is meant for bigger brands: Be it a small store or a big one, all are worried about increasing their sales. Then how can any budding technology be meant only for bigger brands. Similarly, live streaming can be used by the brands of any size to reach out to their customers. If you are familiar with live video chat, or use it for your business on social media platforms, you know well enough that there is no way you can lose anything. An organic grocery store based out of Bangalore was able to engross 806 visitors in a live video stream of just 20 minutes and made unprecedented sales.
- Once live streamed, video cannot be archived: Majority of the people are worried that they won’t be able to save their live stream videos and use them for the future, which was a real concern some time back. But with the growth in technology, this is not a problem anymore. With applications like Baaz, live streamed videos can be archived against the virtual store links which can be later referred to by the audience to purchase the products. Along with this, the realtime chat with the customers can further be a cherry on the cake.
To sum up, live video streaming can be as easy as selling products offline as well as convenient like online shopping. It defies traditional marketing limitations and it gives brands the capability to reach hundreds of people with just one presenter. This saves money as with less manpower, more sales can be generated in a jiffy. It will be apt to say that live video streaming is the future of eCommerce and the brands that adapt to it quickly would be the first to shine.