Given the frequent lockdown that countries worldwide are imposing, many retail stores are forced to shut down their doors because of the unprecedented environment. While there is nothing like an in-person shopping experience, the world is slowly adapting to live broadcast, and it’s becoming an alternative for many retail businesses.
From narrating your business’s story to selling products, live broadcasting gives you ample opportunity to reach and captivate viewers.
Today, broadcasting live opens new avenues for businesses and helps brands ensure real-time connectivity with customers without meeting them in person. It is an effective customer engagement tactic and retail business that perfects this craft are likely to benefit even after the pandemic subsides.
In this article, we will discuss why live broadcasting is the communication table stakes for every online retail business.
According to a study, 80% of customers prefer watching live videos over reading blog posts. So, for retailers looking to impact and engage customers like never before, embracing live broadcasting is the best option. Still not convinced? We’ve listed five reasons why businesses that embrace live videos are likely to taste success sooner or later.
Live broadcasting was a buzzword ten or twelve years ago because it was a viable option only for early adopter brands that would connect with their customer base through their desktop.
But, today, broadcasting and streaming live videos have become a piece of cake. A broadcast can cost zero dollars but still reach millions of potential customers.
It can put your brand’s name on the world map because it allows you to invite an indefinite number of viewers to watch your live stream directly from their mobile or any other device.
So, it can grant your online business access to viewers that otherwise may never make the trek to your brick-and-mortar store. It will encourage a sizable number of viewers to attend your upcoming live video. If you’re a retail store selling clothes to a particular city, a live video can help you expand your reach to another city.
If you can build a consistent viewer base, your online business can increase its revenue generation exponentially. As your online viewers crave interesting stories, exciting posts, and out-of-the-box marketing strategies, a broadcast checks all these boxes, thereby expanding your brand’s online presence in no time.
Interesting statistics: According to research, 1 in 5 viewers discover new products and brands through social media live videos.
The content you create through a live video is always unique. Every moment of your video offers something which your viewers have never seen before. As you interact with your viewers live, it works as a platform for building direct and personal connections.
It creates a win-win situation for every shopper. Imagine if every user gets the front row at a recent Apple iPhone launch to hear what Tim Cook has to say? Wouldn’t that be great?
That’s the effect your live broadcasting can produce.
Live videos provide an effective way to communicate and engage with those viewing you through your screen. At its core, live content provides your online viewers with:
- Authenticity: The ability to watch an event or a Q&A session live and unedited makes your brand more humanized and helps in creating a genuine experience. When viewers interact with a real person instead of a Chabot, it builds authenticity and puts your brand in the minds of your customers.
- Interaction: Users can ask questions and give feedback in real-time through comments and shares. Even the presenter can comment, answer and interact with viewers in real-time. This dynamic of live broadcasting can cause a more engaging spectacle for your live viewers.
- Transparency: A live demo, product promotion, interview, Q&A, or live product launch showcases your commitment to transparency. It also helps in cementing your relationship with customers.
Interesting statistics: Live videos produce six times more interaction than traditional videos. This shows the power of broadcasting live.
Today, live shopping is a phenomenon that is grabbing the attention of every nook and corner. It’s more about how real people tell a story about products and establish a connection.
With people remaining indoors because of the ongoing pandemic, brands need to build a personal relationship to make a positive impression.
Broadcasting live product tours and showcasing your retail inventory is a great way to create personal relationships with your viewers.
For example, if you’re an online store selling baby products, you can broadcast a live video on the different clothing materials or baby products that you have. You can arrange a live interview with a child expert on how parents can keep their infants and toddlers safe from COVID.
Such live videos are a great way to cultivate trust and make your viewers feel that they are a part of a genuine and valuable engagement. Such videos bring the trust factor which pre-recorded videos cannot provide.
This way, using a live Q&A session or live interview with an expert in your field can take your brand’s trustworthiness and reliability to the next level. As your online retail business gains customer’s trust, it will gain more influence in your field because customers recommend brands they trust.
If you showcase your product or talk with an expert live regularly, your viewers are more likely to come back and purchase from your online retail store.
Interesting statistics: Watch time for live content has increased by 250% from 2019 to 2020.
Live broadcasting is an excellent testing ground for ideas. You may understand the popularity of a particular product or brand that your store sells based on the viewership, engagement, and instant feedback during the broadcast.
Furthermore, you don’t have to spend too much time or effort producing a video, yet your latest collection of products will go live. During the live video, ask your viewers about the content and what they would like to see from you as a retail brand. Do they want you to showcase products of a particular brand? Do they expect product tours for recently purchased products?
This can form the base of your next video and help you understand what your customers like about your brand.
Interestingly, conversion becomes easy with live videos as it enables your viewers to voice their concerns and openly talk about their likes and dislikes. This tactic ensures your viewers’ opinions are heard and valued.
Interesting statistics: For 43% of online viewers, interesting content is the primary motivator for live online viewing.
For retailers looking for innovative ways to increase revenue, broadcasting live opens up immense opportunities for monetization. These videos help shorten the sales cycle and enable your viewers to instantly purchase products featured in your broadcast with a simple click or comment. To drive conversions, retailers can use a range of marketing tactics like offering flash sales during the live video or providing special offers exclusive to a particular broadcast.
Here are some tactics to generate opportunities:
- Charge a small fee to your viewers for accessing a live interview or Q&A session
- Running ads through the broadcast
- Accepting sponsorship
- Promote your products
- Bring traffic to your website
You can use over one monetization model to meet your retail business goals. Over time, your videos can become a constant revenue generation stream.
Interesting statistics: 52% of live broadcast viewers prefer watching ad-supported content over subscription content.
With viewers confined to the four walls of their house, their digital viewing and shopping habits have probably changed forever. This pushes retail brands to adopt digital technologies like live broadcasting in a way they would have never considered.
Today, videos have become an integral aspect of brands looking to survive the competitive world. And, if your video is live, it’s even better. As a result, broadcasting live is a powerful tool, which retailers cannot afford to overlook.
Live online content can distinguish your brand from the crowded social scene and fast-track your shopper’s engagement level. While the advantages of broadcasting content are endless for a retailer, you must provide content that’s engaging, authentic and transforms your retail business into a broadcasting channel that viewers love to come back to again and again.
Thanks to tools like Whisbi, getting started with live broadcasting is never easier, and your retail business has lots of ways to engage large viewers. Remember that it’s not just the broadcast that’s important; the platform you use for going live can significantly impact your success.
Is live broadcasting a part of your marketing strategy? How is your business benefiting from it?
Please share your thoughts with us!
Priya Jain is a professional copywriter with 8 years of experience. She has an MBA and engineering degree. When she is not writing, you will find her teaching math, spending her day running behind her toddler, and trying new recipes. You can follow her on LinkedIn and Twitter.