May 19, 2024

tasteofthaiharrisonburg

Fashion Your personal

It’s time for the show! What is the impact of live commerce on the shopping experience?

Did you know that 75% of consumers in a recent McKinsey & Company survey reported trying out a new shopping method that they fully intend to continue after the pandemic?

 Not only that, but 80 percent of respondents tested out a new digital shopping method and are fairly certain they will continue to use it in the future.

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Source : Mckinsey

One of the most difficult problems for brands in today’s digital-first environment is to develop a customer engagement plan that will help them maintain consumer loyalty. According to a survey, 90% of marketers think that their digital engagement strategy changed as a result of the pandemic, and they are under pressure to innovate and improve their digital skills.

 Are you doing enough as a brand to maintain your customers’ attention and loyalty in this post-pandemic digital environment?

 If not, we have a few ideas for you. In this post, we’ll show you how to adapt your customer interaction approach to meet the shifting demands of the modern consumer.

What Do They Want to Know About Your Audience?

If you look at the most recent consumer trends data, you’ll find that the market is separated into distinct categories, each with its own set of shopping preferences.

 Boomers aren’t your major target demographic because they aren’t big spenders. In terms of consumer trends, Gen Z and Millennials, on the other hand, are the most influential.

 “ If you want to establish long-term relationships with your customers, Gen Z is the best group to target. Why is this the case? Simply because this important demographic is maturing and will soon have the most purchasing power and influence in the market. Their purchase decisions will shape market trends as a whole. This group has about $44 billion in purchasing power in the United States alone, and it is expected to grow.

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Source : Oberlo

 Now that you’ve determined your target demographic, you’ll need to adjust your customer interaction strategy to reflect their tastes. So, what are their preferences?

 According to Cisco, video will account for 82 percent of worldwide internet traffic by 2022, with live video growing 15-fold to 17 percent of all video traffic on the internet over that time.

 Because half of all video material is viewed on mobile devices, mobile-optimized video content is clearly the key to seducing Gen Z customers. This new generation of shoppers expects shopping experiences that are extremely engaging, amusing, and video-based, and that provide value to their lives.

 Trends in Customer Engagement for Today’s Modern Shopper

 The rise of short-form video Stories has changed the way people create and consume content in recent years. Every digital-first company wants to use short-form videos Stories to create engaging and dynamic shopping experiences for their customers.

  Given that 84 percent of people say a brand’s video persuaded them to buy a product, it makes sense for firms to put a video-first, shoppertainment approach at the forefront of their brand marketing. The rise of the more immersive Shoppable Video Web Stories experience has taken the video shopping trend a step further.

 Inspired by China’s massive success with live-commerce, which is expected to reach $423 billion in 2022, firms all over the world have included this growing trend into their e-commerce strategy. Given that two-thirds of Chinese customers said they bought things via Livestream in a 2020 survey, this is a smart plan.

 Why Should You Include Live Commerce in Your Customer Engagement Strategy?

 Back in the day, the vast distance between the ends of inspiration and purchase was the major paint point of marketers. You notice a billboard advertisement for a product you might be interested in, but by the time you get to the store, you have completely forgotten about it.

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Source: Emarketer

 An omnichannel Livestream approach that alters the traditional shopping experience for modern-day consumers is the future of eCommerce. To provide customers with a phygital experience, major brands like Nike are experimenting with live, video-powered retail locations. It’s no surprise, then, that their internet sales increased by 50% in the fourth quarter of 2021.

 Because Gen Z and Millenials want a more personalised and humanised shopping experience, live-commerce is the ideal digital tool to meet their needs.

The use of livestreaming in e-commerce has bridged this gap and allowed for rapid gratification. When Ariana Grande exclaimed, “I see it, I want it, I like it, I bought it,” she brilliantly summed up the modern consumer’s live commerce experience.

 When it comes to on-the-go electronics, Gen Z and Millenials prioritise their phones. The rise in popularity of mobile shopping has spawned a new term: Mcommerce. Mcommerce is predicted to account for 42.9 percent of the e-commerce market by 2024. As a result, your consumer interaction plan should incorporate shoppable videos, short and amusing swipeable web stories, and live commerce, all of which should be optimised for smartphones. 

 The good news is that live commerce offers a mobile-first experience that blends content viewing, purchase, and payment seamlessly. It creates a frictionless digital environment that allows customers to go from inspiration to purchase without ever having to leave their phone.

Is your customer engagement strategy ready for the future?

 The progressive deletion of cookies is another key trend in today’s digital scene. In a cookie-less world, brands will have to rely on social media for second-party data on consumer behaviour, which isn’t necessarily the most accurate source.

 This information is critical for tracking your brand’s performance, determining the best marketing plan for your customers, and gaining valuable insights into consumer preferences. In a recent survey, 88 percent of marketers stated that collecting first-party data is their top goal.

 “ Thankfully, adding a live-commerce system can assist you in gathering reliable first-party data. By combining entertainment and commerce to create a very enjoyable purchasing experience for consumers, Live Commerce will drive audiences to your brand’s website and captivate their attention. You may then gather vital first-party data on your clients, such as the amount of time they spend watching each video, customer hotspots, comments and reactions to live videos, and so on.

 As a result, the consumer will not only visit your website, but will also stay to view the entertaining and dynamic short-form Web Stories before making a purchase while still on your brand’s website. Having access to this vital consumer data will allow you to regularly adjust your engagement strategy and maintain its long-term viability in a cookie-free world.

 Conclusion

Brands must adapt or die at this crucial stage. If you don’t include a live-commerce vertical in your customer interaction plan, you’ll be left behind in the video-first world we’re already living in.

You must provide a fun, engaging, and valuable customer buying experience for your customers if you want to compete in the e-commerce sector. You may cater to the modern consumer by utilising live, short-form videos Stories in an immersive video-powered digital environment. You can establish a good customer engagement plan that will perform wonders for your business by being ubiquitous on all digital channels, curating a more humanised experience, and giving value-added material to your consumers.