You’re probably familiar with live streaming, but what makes live selling so special? And why is everyone doing it?!
If you’re in the e-commerce space, or running any business of your own, then you’ve probably heard the buzz around live selling. Specifically, you may have heard that live selling contributed $5.6 billion in US sales in 2020 or that live commerce sales are expected to account for as much as 20% of all ecommerce by 2026. If that excites you, then it might be time to start looking for new and creative ways to boost revenue and customer engagement too (because… what brand isn’t?).
So – what is live selling? And why is this key to increased engagement and record conversion rates for your app in 2023?
What is Live Selling?
Live selling is the combination of a live stream with an online selling component to promote your products and services in front of an audience in real-time. Think of it as your own QVC channel, at which you can broadcast anytime.
Why is Live Selling Important
Grow your customer base
By offering experiences to your customers in your app, you will grow the number of installs as well as active users shopping in the app. The installs you generate by promoting the event will provide lasting residual value – giving you the opportunity to re-engage and convert them.
When you go live, it’s a chance to have real, one-on-one conversations with your customers and create a human connection in a digital world. Having the ability to chat directly with your customers while they are in the buying process gives you direct influence on conversion – this is a precious opportunity in the world of digital shopping.
Based on our findings, you can expect to see 2X more app launches on days with a live selling event compared to the daily average for that month.
Turn extra inventory into an exclusive offer
Margin killing clearances, in this economy? Instead, feature your high-inventory product in a live sale and watch them fly off the shelves
Build trust and just… be human!
Live Selling gives you the time and space to speak directly to your customers – putting a face to the brand they already know and love! When your customers see you in the real world, they gain confidence that your store and products are what they’re looking for.
Studies have shown that live shoppers are also 40% less likely to return an item than other online shoppers – since customers can learn about the products from an expert and are ultimately making more informed purchases.
live shoppers are 40% less likely to return an item than other online shoppers
Low-friction purchasing experience
There’s a reason why days with live selling events see up to 5X higher revenue and 9X higher orders compared to daily averages. Live Selling gives users the ability to purchase products as they are hearing about them, in minimal clicks. This is a huge bonus to hosting your sale directly in the app because watching and purchasing is happening all in one place – giving you the customers’ full attention.
5 Quick Tips to Promote Your Live Selling Event
Live Selling makes digital shopping interactive and FUN! And it should feel fun for you and for your guests. After your live sale has been scheduled, you will want to notify your customers of the live event. There are many ways to go about this – here are 5 tips to get you started:
You can reach out to all the users on the app via push notifications and inform them of the scheduled live event. Treat this as an opportunity to bring people into the app on the days leading up to and after the event as well. Hype it up in advance and you’ll see a lift in conversion before the event has even begun!
Better yet, personalize them! By segmenting your audience strategically, you can cater to the wants and needs of specific customers which is key to optimizing both engagement and conversion rates.
Use your Social Media channels to spread awareness. Create posts and reels on Instagram or even Tweet about it on Twitter. If you are working with an Influencer, ask them to promote your app and products on their Social Media until the live event begins.
Email / SMS Marketing
Send out Email Newsletters and SMS campaigns to reach out to those users who are not yet on the app. This will help grow your audience and bring more users into the app, which we all know – converts higher than any other sales channel!
Desktop Banners and QR Codes
Strategically use QR Codes at retail outlets or on your desktop website to organically divert traffic from the website to the app (your higher converting channel) during the promotional period.
Give App Exclusive Discounts during the promotion period and advertise it as much as possible using the above mentioned channels. This is proven to maximize the results of your efforts.
These are just a few ideas that you can use to promote your Live Selling Event. The basic idea is to spread the word as much as possible and appeal to the customers by giving discounts on their favorite products. This will increase the likelihood of customers actually joining the live stream and making a purchase!
Think of this like your favorite TV show that has a new episode coming out each week. Leading up to each event you should be building excitement, sending frequent reminders on social media and via push notifications – bringing attention to where it’s all happening… in the app!
What are you waiting for? Get started today.