How are Businesses Leveraging Technology to Power Live Commerce?
The demand for live commerce platforms continues to thrive globally, especially in the Asia Pacific region. Here is how global businesses are utilising technology to explode the live commerce market.
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A fast-paced shopping environment where customers can order a product through a live video, and brands directly engaging with their online audience, adding shades of personalisation to their overall experience. The magic of live commerce is upon us, and it couldn’t be more exciting.
In fact, live shopping broadcasts are taking social commerce to greater heights with added real-time interaction. A survey revealed that the forecasted value of the Global Live Commerce Platform Market is expected to reach $4,880.38 million at a CAGR of 20.6% between 2024 and 2032. Let’s walk through the trends of live commerce and how global brands are taking advantage of this technological revolution.
How is live commerce bridging the gap between digital and physical retail spaces?
Extremely popular amongst young consumers, notably Gen-Z and millennials, live commerce platforms represent a burgeoning sector within ecommerce. It integrates well with traditional online shopping experiences with real-time interactions between sellers and consumers. Here are the two sides of the bridge where live commerce connects.
The brand perspective:
- Enables them to place their products directly from the target audience, further enhancing brand visibility
- Helps retailers to tailor their marketing strategies by accessing valuable customer data
- Provides marketers with an out-of-the-box opportunity to foster brand loyalty and drive traffic to their online store
Customer experience anchors:
- Delivers personalised and authentic connections with which they can connect
- Offers valuable social proof, further enhancing customer’s confidence in the product they are purchasing
- Brings dynamic shopping experiences with tailored recommendations in real-time
Also Recommended: Has Live Streaming Become A Critical Marketing Strategy?
What technology initiatives are powering the live commerce market?
The demand for live commerce platforms continues to thrive globally, especially in the Asia Pacific region. It’s constantly transforming the way companies engage with their target audiences. The live commerce market is taking a rapid pace in Southeast Asian regions.
In a recent press announcement, Kozutsumi, the Co-Founder and Chief Commercial Officer at AnyMind Group, said, “Live commerce is on the rise in Southeast Asia as well. Looking ahead, the future of ecommerce is envisioned not only as a platform for online purchases but also as a space where consumers find appeal in watching videos and making purchases simultaneously. This consumer habit is becoming increasingly common.”
Below are a few ways in which global businesses are leveraging technology to boost the live commerce model:
Myntra Integrated Virtual Assistant Maya
Myntra, an ecommerce giant, introduced its virtual fashion influencer, Maya, to address its tech-savvy GenZ customers. Maya is a Bengaluru-based student and influencer who showcases new launches of Myntra in her unique style. The idea behind the concept is to introduce 24/7 live video streaming.
HKT and VTC Launched Live Commerce Talents Training Programmes
HKTV (Hong Kong Technology Venture) and Vocational Training Council (VTC) forged a strategic partnership to nurture local ecommerce and live commerce talents. With live commerce becoming an immensely popular sales model in Hong Kong and mainland China, this initiative aims to ride the wave of digital transformation in the region.
Paris Hilton and X Inaugurated Live Shopping Content Programs
Paris Hilton, an influencer and entrepreneur, partnered with X(formerly known as Twitter) to introduce an array of content and commerce initiatives. X’s live shopping products allow users to watch, chat and shop in a single window. It enabled the users to browse and purchase through a catalogue of products while watching a live stream with Hilton on X.
TikTok and CommentSold Collaborated for Live Selling Integrations
In August 2023, TikTok partnered with CommentSold to introduce new channels to its community of live sellers. This integration empowered merchants to enable multi-channel live sales across TikTok, their website, mobile app, Meta, Instagram and Shopify simultaneously.
Anymind introduced tailored AI-generated live streamers
Recently, the Anymind Group launched its AI-powered capabilities for live commerce. Its personalised AI-generated live-streamers enable businesses to conduct round-the-clock live streams that match their brand’s image.
Wrapping it up, live commerce is a phenomenal shopping revolution helping businesses connect with their customers and encouraging brand ethos. It’s an MTV promise that this trend will thrive for decades, reshaping the social commerce landscape into the new normal.
