Streams.live, the platform launched amid the pandemic at the end of 2020, announces record results in November campaigns for its live and interactive brand-to-customer online commerce solution.
In the first two weeks of the month, the technology solution facilitated over 150,000 minutes of streaming in live interactive shopping sessions with renowned brands from industries such as technology, beauty, pharma, fashion, and publishing houses. The “click to buy” conversion rate in these shopping campaigns was 8.5%, with buyers spending three times more time in the shopping session than in a classic digital campaign.
The concept launched by Streams.live in Romania transforms online shopping into an interactive experience where buyers can communicate directly with brands or influencers to find out how to use a specific product and its detailed characteristics, enabling the purchase straight from the app without leaving the streaming session. Live Stream Shopping is an option that allows brands to create a direct bond with the audience, increasing consumer loyalty and generating a conversion rate of up to 5 times higher than traditional commerce. Brands in various fields, such as technology, beauty, pharma, fashion, or publishing, registered record conversion numbers from viewing to adding the product to the shopping cart. However, this solution is available to companies in any industry that want to diversify their sales channels and marketing methods.
”The Live Stream Shopping market is gaining momentum globally, developing from one year to another, considering the customers’ desire to make assisted purchases from the comfort of their homes. In Romania, the phenomenon is still in its infancy. However, we are witnessing a positive evolution in this market, proven by the multitude of brands that want to be pioneers in adopting the solution, their diverse fields of activity, and the involvement of the clients and viewers. Thus, the “click to buy” conversion rate recorded in these campaigns was 8.5%”, states Mihai Mănescu, Customer Success Manager, Streams.live.
Live stream shopping changes the e-commerce market globally
Global e-commerce has continuously grown in the previous years, and the new technologies that create direct and personal interaction between the brand and client are quickly increasing. Being the biggest commerce markets, China and the United States of America registered the most significant success. In SUA, the predictions are that the revenue coming from Live Stream Shopping will reach 20 billion dollars in 2022 and 55 billion dollars in 2025, according to Statista, an impressive growth sustained for the online retail segment.
In China, according to Statista, Live Stream Shopping has become the new standard of e-commerce, being considered one of the most efficient methods. In 2021, the live commerce market in China surpassed 2.27 trillion yuan (approximately 318 billion dollars), currently expected to reach 4.9 trillion yuan (around 687 billion dollars) by 2023.
In Romania, the fashion segment was among the first to implement this solution, mainly when the pandemic limited shoppers’ access to physical stores.
”Live shopping brings evident advantages for online stores, being at the border between social media, live streaming, and e-commerce. It is a kind of teleshopping in social media that helps the consumers by allowing them to see the products better and how these work, thus providing interactivity with the products and improving the buying experience. I expect social media commerce to grow, and we wanted to be present from the start in this channel and include it in our recurring projects”, states Raluca Radu, Country Manager of ANSWEAR.ro & Founder of MTH Digital.