The world of commerce has seen a considerable shift from traditional in-person buying to more seamless and interactive shopping online. This transition has forever changed how customers interact with brands. Factors like a massive push to e-commerce, buyers chasing convenience, and the widespread acceptance of the internet and online platforms are further propelling this trend forward. Now that the world has successfully jumped onto the e-commerce wagon, what’s next? With content creators emerging as the next big thing, live commerce is naturally the next frontier of online commerce.
Live commerce, which allows live streaming on digital channels, is not only revolutionising how products are being sold but also the way paid online consultations are provided to the customers. With the current obsession with video format content, the live commerce industry may reach $4-5 billion Gross Merchandise Value (GMV) by 2025, according to a research report by Zinnov.
Blurring the lines between the content and e-commerce, giving a regular income, live commerce is diversifying creators’ earning potential. Let’s understand how live commerce, along with empowering women creators and buyers, is also helping the creators make a mark globally:
The Upsurge of Live Commerce
With the constant advancement of social media platforms and live video streaming, creators serve as intermediaries between brands and consumers. Live commerce offers a more engaged and authentic interaction since consumers look up to these creators as someone they can trust. They can watch the live demonstrations and get instant responses to their queries. This has become the most convenient and time-saving approach for consumers. T
he authenticity has been furthered by the pandemic, which not only led to the expansion of online buying but also accelerated the impact of the creators. As it confined everyone to their homes, social media became the focal point of engagement. Unlike the old way of advertising, which often felt detached and artificial, live interaction fosters trust that the former can never replicate. The rise of live commerce has now expanded beyond physical product sales to encompass services, offering real-time interactions and personalised recommendations for a more immersive consumer experience.
A Major Push to Women Content Creators
Advancements in live commerce technology are transforming the landscape for female creators and entrepreneurs within the Indian market. It has blurred the lines between content and e-commerce, giving an additional income stream to women creators and diversifying their earning potential. Women creators can now interact with a larger audience, monetise their expertise live, and offer their skills more comprehensively, increasing their engagement with potential customers.
A Source of Personalized and Real-Time Solutions
Live commerce is not just helping creators, but also aiding women buyers with more customised experiences that align with their unique tastes and requirements, making personalization a priority. Reports suggest that 80% of consumers today indicate they are more likely to do business with a company if it offers customised experiences and 90% indicate that they find personalization appealing.
This demand for personalised experiences is being addressed through multiple methods with live consultation being the latest approach to offer unique and customised buying and service experiences through creators. Additionally, live consultation allows women to connect with experts anytime, anywhere, receiving seamless interactions and personalised guidance, offering 24×7 expertise and immediate emotional relief to the audience.
Fostering Global Engagement
Creators are seen as reliable promoters, as they provide real-life recommendations and experiences to consumers. They enjoy a great influence on their audience as they create a sense of authenticity that is consistent with the consumers. This trustworthiness and belief position the creators as key players in live commerce, as they have the power to shape trends and pave the way for how different brands connect with their consumers. This sense of trust not only enhances the consumer experience but also strengthens the bond between the creator and their audience.
While building trust is a major benefit of leveraging live commerce, at the same time we should also address the myriad of challenges that creators face while dealing with a global audience. To effectively engage with this diverse set of people, a blend of strategic and creative approaches is essential.
Here are some ways creators can optimise live commerce to gain maximum benefits:
Incorporating visual elements and subtitles: Emphasise creating content that resonates universally. Integrate visual elements such as graphics, animations, and demonstrations to enhance comprehension. Including subtitles or live translations can serve as pivotal tools in attracting a global audience to your content.
Cultural inclusivity: Creators have the opportunity to harness cultural insights and seamlessly integrate them into their live sessions to connect with audiences in specific regions.
Personalisation of content: Addressing the global reach of live commerce necessitates a heightened focus on personalising content, providing content creators with an avenue to deeply connect with their audience. Expanding on this notion, creators can provide customised recommendations, actively respond to feedback, and facilitate live Q&A sessions to amplify engagement and cultivate a sense of community among their global audience.
Live interactions: Incorporating features such as dynamic live chat discussions and video calls further enhances the personalization of content, enabling creators to foster more profound interactions with their audiences.
Feedback and Analysis: Collecting feedback from your live audience is essential, providing valuable insights for refining content strategies tailored to specific audience preferences.
Live commerce is opening doors for content creators worldwide to build more meaningful connections, foster communities, and thrive in the digital world. Given the rapid expansion of live streaming platforms and the growing demand for interactive content, the future e-commerce scenario is set to be dominated by live commerce which in turn will open multiple avenues for the creator economy to thrive globally. Furthermore, it will surely be crucial in enabling female content creators to fulfill their ambitions and achieve a greater sense of financial independence. It is also poised to attract more consumers given its personalization and real-time experience offerings.
The article is written by Aparna Acharekar, Co-founder, coto. Views expressed are personal.