Oveit is the first company to launch the Live Stream Shopping concept on the Romanian market, through its own technological solution, Streams.Live, which combines the concept of live video sessions with the offline shopping experience. Live Stream Shopping is an innovative alternative that supports the digitization process for offline and online retailers of products directly to the consumer, looking for new effective ways to expand the shopping experience and create an authentic interaction with the target audience.
Similar to traditional video shopping (or teleshopping) channels, Live Stream Shopping turns the e-commerce shopping process into an interactive experience. Buyers watch a live presentation of the product, ask the questions they want to be answered and at the right time buy with a simple click, without stopping the presentation session. Live Stream Shopping amplifies the benefits of impulse buying. The buttons integrated into the video facilitate the purchase of the product at the right time and reduce the risk of the potential buyer being distracted from the purchase route and leaving the platform.
A first Streams.Live video can be watched at https://vimeo.com/470472031.
“Online and offline are meant to coexist and complement each other. We wanted to develop a solution for retailers and brands that sell directly to the consumer, to adapt to the new economic context, in which traffic in physical stores and sales generated by this channel are declining. Streams.Live is a tool that integrates easily into the sales cycle, is installed by a few clicks in the seller’s website, and if he does not have his own website, the whole experience can take place on an automatically generated page system, completely customizable”, says Mihai Dragan, COO, Oveit.
In Romania, the e-commerce market is constantly rising, with great growth potential, but far from the size of markets in Asia, North-America, or other European countries, where the concept of Live Stream Shopping is already known. A report published by GPeC claims that the volume of online shopping in Romania of over 4.3 billion euros in 2019, increased by 20% compared to 2018.
“The digital retail market in Romania is dynamic and has great growth potential. But in China or the United States, for example, this concept is already very popular and has a positive influence on the e-commerce market, being considered the biggest change in trade in the last 100 years. We want to be part of the wave that revolutionizes the Romanian trade and the first option when it comes to stream shopping technology “, adds Mihai Dragan, COO, Oveit.
Oveit, known for its cashless payment solution for events, namely Digital Wallet, was founded in 2015 in Romania, and in 2019 it settled in the United States, opening an office in Austin, Texas, after receiving funding. At the NO CASH Gala, it was voted as the most promising start-up of 2019. Oveit aims to be an integral part of the digitalization of the commercial sector, as its technological solution addresses all retailers who want direct communication with their consumers. Streaming technology allows real-time interaction with the audience, translating the shopping experience from offline to online.
“We see great potential for this digital tool in helping Romanian retailers and e-commerce companies. We are currently in the stage of implementing pilot projects with 10 companies in Romania, some of the market leaders in industries such as Fashion & Beauty, Food & Beverage, Automotive, Electronics, and Home & Leisure, and we aim to have at least 100 active partnerships with brands in Romania. retail until next spring. We aim in 2021 to launch the Streams.Live solution on the US market and during the year, in South Africa, Japan, UK, and Ireland, where we already have customers on cashless and contactless payment solutions “, adds Alexandru Pană, VP Customer Success Oveit.
Live Stream Shopping – the most interactive sensory shopping experience via Streams.Live
Video content is the most interactive form of online content today, and the streamlined solution Streams.Live combines entertainment with a personalized shopping experience, contributes to brand authenticity, and influences the increase of the conversion rate of up to 5 times, compared to traditional e-commerce.
The Streams.Live solution generates 8 times more interaction through comments than other forms of content, as visitors spend 3 times more time watching a live video versus a pre-recorded video. This creates a sense of exclusivity in the mind of the consumer and belonging to the community created around the brand.
In terms of security, Streams.Live only creates the interaction between the brand and the buyer, the actual check-out process taking place in the brand platform. Customer information is processed through the system of the company using the service, thus ensuring the continuity of marketing and e-commerce processes already implemented.