Last summer, OCBC Business Banking published an article on why live commerce is an essential business tool. Live commerce has been popular in many countries like China for years now. Singapore has fallen behind, but the COVID-19 pandemic has created the need for advertisements and sales via livestream to mitigate crowds and keep people safe. OCBC predicts that livestream will continue to stay beyond the pandemic.
There are many reasons you should livestream, but three important ones will be discussed below.
1. Sell more products online
China gained over $177 billion in sales from live commerce alone in 2020. Why is this? While the pandemic had aided in transitioning some businesses over to this format, there is more going on. Livestreaming has a broad appeal, mostly due to accessibility. Anyone can join in and see what someone is selling. This is also an excellent opportunity for items that are traditionally sold at markets to be broadcasted to a larger audience.
2. Build a personal connection with your customers
In recent years, many customers feel like businesses have lost the personal touch when selling goods resulting in a lack of trust. In some cases, this can mean lower sales. Livestreaming gives your business a great opportunity to build back this trust by communicating directly with your audience. Numerous hosting sites have features that can make Q&A and other interactions a breeze.
3. Connect with influencers in your stream.
Prior to the popularity of livestreaming, scheduling an influencer to advertise your product was time-consuming and costly. Now they can be at home or anywhere in the world and join in. By doing this, you create an experience for potential customers, who will be more likely to buy a product when they see someone they trust using your product.
Livestreaming is an opportunity that should not be missed. As you may have seen from our other posts, we have a brand-new studio where you can take advantage of these benefits to aid in your brands success.