Due to the restrictions imposed by the COVID-19 pandemic, a lot of holiday shopping shifted online.
A 2020 report from McKinsey & Company showed that 37% of respondents intended to spend more money online during the holidays compared to their spending last 2019. The report surveyed a whopping 3,500 shoppers from United States, United Kingdom, China, Germany, and France. Additionally, Chinese e-commerce giants JD.com and Alibaba set new records by racking up about US$115 billion in sales across their websites during the 2020 Singles Day event.
“2020 has been a year of accelerated (digitalization) and we believe that it is a shift to online lifestyles that is broad, deep, and irreversible.” – Terence Pang, COO of Shopee
As the online shopping scene continues to flourish, retailtainment has become a viable tool for sellers. As the name suggests, retailtainment is the fusion of “retail” and “entertainment”. It is all about enhancing the consumer’s experience by injecting enjoyable and amusing twists into the shopping experience. Sellers must focus on creating different experiences that induce an emotion.
MIXING LIVE STREAMING AND E-COMMERCE
Simply opening an online store or establishing a social media presence cannot cut it these days. You need to stand out from the rest by harnessing the latest technology and using other methods to improve the consumer’s shopping experience. This is where retailtainment and live streaming comes in.
Live streaming refers to broadcasting yourself in real-time. In Singapore, the live streaming e-commerce took off over the last couple of years due to the restrictions brought by the pandemic. Retailers could no longer rely on foot traffic alone!
In fact, media intelligence firm Meltwater reported that conversations around live streams and gamification of the online shopping experience in Singapore rose by 1890% on social media platforms and forums since March 2020.
Online marketplaces such as Lazada, Zalora, and Qoo19 used the power of live streams to increase their sales and digital traffic. Several brick-and-mortar retailers have used live streams for the same reasons too.
Image Credits: pixabay.com
When it comes to live streaming or live selling, creating and maintaining good relationships with the consumers is the key to success. It is all about building credibility through quality products and service. These factors will keep your consumers constantly engaged and eager to buy more products. Good relationships can help you turn ordinary online shoppers into loyal customers.
