Live shopping gives businesses a unique opportunity to communicate with their follower base by allowing customers to ask questions directly and at the same time get a view of how the product is being used. It also provides the opportunity for the enterprise to launch new products and services to a much larger audience than if it had been in real life. There are no restrictions on how many people can be at online events.
Influencers and brands can use livestreams to highlight products and services. During the broadcast, consumers can interact with each other and the business via, for example, a chat box and purchase the highlighted products. The experience is similar to how one would shop in a store with store staff answering questions, but now it can be done from the comfort of your own home.
Today's consumers are demanding more than ever before. Trading is no longer just trading, but should be seamless and happy to give something more and entertain. Previous examples are click and fetch, or self-service stores. In recent times, we see the use of VR and AR, and not least the popular trend Liveshopping.
Figures from other Western countries show that as many as 69% want to receive product information via video and that they are twice as likely to share a video with friends, compared to other media.Wyzowl). In addition, stores report up to 30% conversion and 150% increase in sales at Liveshopping (McKinsey). Now, of course, the starting point will be substantial, and the results will vary. But overall we're seeing good results. Especially where companies focus on good marketing and execution and that they take it out into different channels and surfaces — the opportunities are many.
Live shopping is extremely popular worldwide, and although we lag a little behind, the Norwegian market is proving increasingly interested.
There are a few Liveshopping platforms to choose from, among them is StreamFinity, which we at Oslo Digital work with. StreamFinity is Norway's first LiveShopping platform and offers businesses, customers and potential influencers everything they need.
In addition, at Oslo Digital we can produce for all channels and offer a studio as well as a professional videographer.
It is up to each individual company what they want, but we are happy to assist with both strategy, production and Liveshopping platform.
