Top 5 Live Streaming Platforms To Look Out For In 2021
According to a report by UNCTAD, online retail sales have increased from 16% to 19% in 2020. That is proof of how eCommerce is bound to grow in 2021 and beyond. When the pandemic hit the world, people started relying heavily on online shopping.
According to yet another study conducted by the team at Think With Google, 75% of shoppers are extensively searching for new brands as opposed to established ones. This again proves that newer eCommerce brands have more opportunities and can compete next to bigger players.
One of the major features that have influenced the rise of eCommerce is- Live Streaming. Live streaming coupled with eCommerce has increased tremendously in the Chinese market and is expected to influence other countries as well. Live streaming is rooted in consumer behaviour. Video enhances experiences. Compare the time you went to watch a movie at a multiplex as opposed to watching it on your teeny-tiny mobile screen. You know what was better.
Here are 5 examples of live streaming eCommerce brands:
1. YEAY- It allows people to share recommendations for products that they love and create interesting videos on the same.
Its website says that consumers can trust the reviews and recommendations made through their live streaming feature. People record videos using the app and showcase them to the audience who can purchase the products right away. Yeay mentions that it steers away from providing misleading information and its main purpose is to recommend products and services that are ethical and authentic.
2. NTWRK- NTWRK is headquartered in Los Angeles, California. It is a video shopping platform that allows people to access products from high-end brands. They have a lot to offer in terms of features such as:
- The ability to shop products from world-class brands.
- 2. Daily episodes from top-notch creators that are mobile-first.
- They hold virtual festivals that include music performances and interactive sessions.
- They also allow users to purchase rare art pieces and collectibles.
3. Bolome- This is a cross-border eCommerce platform based out of China. A cross-border eCommerce platform simply means selling products to customers overseas. Their major function is to purchase products in the category of personal care and health food primarily in Japan and South Korea. They later supply these products to other eCommerce cross-border platforms such as Tmall, Jumei, Xiaohongshu, and more.
This is yet another excellent example of creating personalized shopping experiences for the end consumer.
4. Popshop Live- Popshop Live is a live streaming platform that features products from categories as diverse as Anime Art, Comics, Fashion and Beauty, Toys, Crystals and Gems, and more to sell to a global audience. They describe their community as a vibrant lot. The shoppers and sellers, though diverse, come together and are united by their taste for top-notch products. It allows users to discover live and upcoming show streams based on their interests. They host live videos and also have a collection of old videos that users can stream anytime.
5. Baaz Live- Well, we thought too much humility can be a bad thing so here we are. Through the Baaz app, users can host live streams for many consumers using the ‘Air’ feature or conduct a one-to-one call by selling high-end, luxury products using the ‘Dash’ feature and thereby curating a hyper-personalized experience. Merchants can simply share a link to their customers through WhatsApp or other social media channels. End consumers do not have to go through the hassle of downloading the application.
According to a study conducted by iResearchchina.com, conversion rates for live streaming eCommerce platforms is higher than eCommerce platforms that simply display static images. It’s easier to buy while merchants are live streaming products because people receive a hyper-personalized experience.
What’s more? Consumers get to ask as many questions to the merchants and this reduces friction drastically. In traditional eCommerce, people make purchases based on text and images and while that may add convenience, it doesn’t provide all the answers people are looking for.
Besides answering queries, live streaming apps or platforms give merchants and consumers the ability to form a community and a relationship. Live streaming or live video shopping allows merchants to create brand recall by speaking to their audience directly and giving them clarity of their audience’s requirements and demands.
A lot of issues and problems faced by eCommerce brands can simply be solved by integrating technology that allows them to close the gap between merchants and the end consumers and this is exactly what live streaming platforms aim to do.