Going Live or Going Extinct?

Are live virtual shopping events a Corona-craze—or are they a tactic marketers should adapt ASAP?

What you’ll read: Live virtual shopping events ruled during the pandemic. Will they last once the market returns to ‘normal?’

When the pandemic crippled in-person shopping, retailers scrambled to become more online-savvy. That led to a wave of changes like more free shipping, mobile-friendly sites, and virtual events. When consumers and companies are able to return to normal (or a new normal), the question becomes: which ones of these adaptations will remain relevant and which were more of a Corona-craze?

We’ll break down whether live virtual shopping events are more of a fad or something marketers need to adapt to their strategies for the long term.

What are virtual shopping events?

Up until 2020, the first thing that came to mind for most when asked about live shopping was probably a channel like QVC or HSN. But as the pandemic transformed how consumers shop, more brands began turning to this tactic to sell products via live online shopping events.

Livestream shopping involves using live video—whether on social media or the company’s website—to show products, close sales, answer customer questions, and engage with the online audience. They also create a sense of urgency and the fear of missing out (FOMO) for consumers because once the event ends, the sales are over (most of the time).

Become the best CRMer you can:
CRM Hack: Monitoring the User’s Heartbeat
What Does It Mean to Treat a Customer’s Email With Respect?
To Lock or Not to Lock Customers (into CRM Journeys)
What the Efforts to Promote Responsible Gaming Look Like Form the Inside

Do live shopping events work?

With marketers already looking for ways to incorporate interactive video experiences, these live events have become a perfect way to pair tat instant access with a sales opportunity. Just take a look at China’s success with live events that date back before the pandemic.

China’s Singles Day, which is the biggest 24-hour online shopping event in the world, involves live events via video, live chat, and seamless purchasing. In 2019, online shopping platform Taobao’s sales during Singles Day included an eight-hour livestream with a popular influencer, attracting more than 43 million customers. And in 2020, livestream shopping was projected to generate about $136 billion in revenue in China.

One way to determine if a trend has lasting power is to see if the big brands are simply allowing it—or if they are developing solutions to give the tactic lasting power. With live virtual shopping events, major brands across the board are getting on board and looking for ways to improve the user experience.

In addition to streaming options like Facebook Live and Instagram Live, TikTok’s live option has also become a way for brands to get their products to the masses with the platform’s shoppable products.

Walmart is one of those brands testing out the livestream events on TikTok, allowing followers to purchase their fashion items directly within the app. The products were featured in content from different TikTok influencers during a “Holiday Shop-Along Spectacular.” When the products were shown during the event, pins popped up that users could tap and add to their carts. After they were finished shopping, they were directed to a mobile checkout experience. Walmart also extended the event by allowing followers to shop the products on their TikTok profile.

These live shopping events are options that brands of all sizes can take advantage of, requiring limited resources for success. Though of course, there are ways to make the events even more engaging.

How to host a successful livestream

Just like with an in-person event, you need to plan ahead for your live shopping event.

  • Write a script. You don’t want whoever leads the event to be reading from something, but they should have an outline of what needs to be covered during the event—like what products to show, the product details, how items will be displayed, CTA for followers, and a general overview of what needs to happen and how long it will last.
  • Pick a good time. Take into account different time zones, work schedules, and weekend activities when choosing when to hold your event. You can look in your CRM platform to see where the majority of your targeted audience lives to pick the best time.
  • Encourage engagement. The event shouldn’t be a boring lecture about your products. Ask followers to respond to questions in the chat, or offer a giveaway to the first who answers a question.
  • Call for backup. Hosting a live online event is a task in itself, so don’t try to also manage the audience comments at the same time. Have another team member keep track of those to let you know if there are issues or customer questions. It’s live, and you want it to feel that way.

Pitfalls to avoid with streaming events

Technically, all brands need to create a live online shopping event are products and a way to stream them. But, you will need more than the basics to bring in the most ROI. And to do that, you will need to avoid these common mistakes.

Not having a clear purchasing method. Sites like Facebook don’t have a way for your audience to directly make a purchase. So, customers must either follow links you provide or leave email addresses in the comments. However your brand chooses to handle their purchases, make sure you’re clear about what they should do from the start—and throughout the event.

People may tune in during the middle and not know what to do if they want a product. If you’re planning a 10-minute event, for example, you could remind them every few minutes about where to go to purchase something, or just whenever you highlight a new product.

Choosing the wrong influencer. It’s become a best practice to have an influencer talk about your products during the live shopping event. They tend to be more conversational and interesting than, say, an employee, and you can also reach their already large audience. But, it’s important to pick an influencer who will resonate with your customers. Because if they don’t, you’re spending money and not earning a lot in return.

Failing to promote the event. People can only attend your live online shopping event if you tell them about it. That means posting about it a week or more before, the day before, and then the day of. You can also set it up as an Event (either via email or a social site like Facebook) so that the site also sends them reminders.

Future of livestreams

Looking ahead to a post Coronavirus world, consumers are going to continue to want instant, online options—and a livestream shopping event is a great example of that. We don’t see that trend changing anytime soon, besides becoming even more of one.