Live stream ecommerce. The future of commerce.

Actually, I started to write apost abput the advantages of diversity in business innovation and for company culture. But today I had two very interesting discussions about (e)commerce and durig one of the discussions, I found a video about ecommerce streaming. In my former post, I have written about how commerce should be today, to stop the city centers from dying. 

Let’have a look…

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This is the latest hype in China’s commerce world.  Especially in times of Corona, this approach enables a great opportunity for entrepreneurs.

 Forrester estimates that U.S. retail can expect a 9.1%, $321 billion loss in 2020, compared to 2019 gross sales. Additionally, and equally grim, is their prediction that it will take approximately four years for retailers to overtake pre-pandemic levels.

The pandemic acted as an accelerant to the falling footfall in malls and department stores. As Scott Galloway so succinctly put it “They (departments stores) were in the seventh inning of their life. Now, they are officially in the bottom of the ninth, especially retail apparel.”

We can safely predict that going forward, the surviving retailers will substantially shrink their real estate footprint. This is attributed to the trifecta of overstoring, ecommerce growth, and fiscal survival. What is less often discussed is the need for the remaining stores to re-think their very purpose going forward.

Stores must now be reconstituted to act more like media than storerooms for stuff. Unified commerce still has a need for “product showcasing”, but not in the traditional terms of 20th Century storing. And while that showcasing will take on many different forms, strengthening the linkage to social media, in a time of social selling is imperative.

Live Steaming and The Store as a Stage

We have seen the effect that social media and influencer marketing has had on the way products of every nature are being launched and promoted across the web. This is being facilitated by both international, national, and now even a groundswell of local social media moguls, turning followings into tribes, clicks into cash and in some case fortunes.

Surviving retailers need to take note of what is happening in China, in its explosion of livestream shopping. Alibaba’s livestream network, called Taobao had 400 million viewers across over 60,000 livestream shows in 2019, which brought in over $28 billion, and has doubled every year for the past three years.

Think of it as a cross between QVC, Home Shopping Network, content marketing, influencer marketing and entertainment. The hosts are part celebrity, part micro influencers, and they actively promote products in real time, in an online selling format.

Aptos’s Nikki Baird recently noted, that China’s livestream juggernaut was facilitated in part by WeChat, which comes with a commerce-enabled platform. This allows their store sales associates to act as affiliate or commissioned sellers. And while Instagram may approach this, western companies need to get busy facilitating similar transaction capability. 

Stores might then need to consider social media acumen in future sales hires, to further maximize sales potential, both on and offline. This has a substantial multiplier effect, way beyond simply selling an individual a single pair of jeans.

Fashion Needs Local Fashionistas

What better way for retailers attempting to lure customers back into stores, than to make the stores themselves the livestream sites, and their hosts local social media influencers. Soruce: GETTY

What better way for retailers attempting to lure customers back into stores, than to make the stores themselves the livestream sites, and their hosts local social media influencers, even if they are momentarily behind plexiglass.

Whether this facilitates additional online sales or becomes a draw to bring out followers, it has the potential to promote unified commerce in a manner that is more conducive to what the “New Retail” is becoming, as opposed to what channel-centric retailing had been in the past.

It can be easily done. Just grab your smartphone, shoot a video and upload it to your social accounts. It’s easy peasy lemon squeezy 🙂

This video is stored on my hoster’s server and therefor your data won’t be tracked or collected.

The video is available for download on https://www.alizila.com/video/how-livestreaming-drives-retail-and-e-commerce-success/

At the beginning of this post I have mentioned, that I started to write an article aboutt the importance of diversitiy  projects like business innvoation. The next video is a perfect exmaple which shows how successful diversity can be 😉

This video is stored on my hoster’s server and therefor your data won’t be tracked or collected.

The video is available for download on https://www.alizila.com/how-livestreaming-is-transforming-e-commerce-in-china/

Here are some inspirational videos which show what’s possible. I know, that Chinais not so popularin Europe due to their government. But it is a fact, that the entrepreneurs know the game in perfection.

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An interview about “See now, buy now”:

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There is another HUGE shopping event in China. It’s called single’s day.

WHAT IS SINGLES DAY?

Singles Day is celebrated on November 11. It is a Chinese commercial holiday that helps single people show their pride in being single. It started as a paean to being single, where solo students at China’s Nanjing University chose November 11 (because 11/11 looks like a group of sticks) to celebrate, rather than lament being partnerless. It quickly grew into a fun, unofficial holiday in which single people across China treat themselves to nice dinners and splurge on goods they wouldn’t otherwise buy for themselves. From those humble roots, Singles Day has become the single most lucrative online shopping holiday in the world, with sales reaching $25 billion in 2017, easily surpassing Black Friday and Cyber Monday combined.

HISTORY OF SINGLES DAY

On 11/11/1993 a group of lonely, yet positive, students at Nanjing University decided that instead of lamenting their lack of a significant other, that they would instead celebrate being single. The reasoning? 11/11 looks like four, single sticks, strung together trying to make the most out of their time. 

The anti-Valentine’s Day celebration of singledom caught on and spread across universities throughout China, generally characterized by fun, harmless events. For example, one student reserved every other seat in a movie theater, prohibiting couples from sitting next to each other during a screening of Beijing Love Story, an aptly named romantic film. 

That level of mischief is the most that holiday’s celebration extends into anti-couples. For the most part, the holiday is a shopping holiday, thanks in part to Alibaba CEO Daniel Zhang, who created the first Singles Day sale in 2009, sparking a trend that has surpassed Cyber Monday in single-day transactions. 

While the holiday may have gone commercial, the celebrations and theme are still in line with its founding – to celebrate who you are, your friends, and your loved ones, regardless of what your relationship status is. 

Watch this video on YouTube.
This video is DSGVO compliant, no data will be forwarded to Youtube (Google), untill you click the play button. By doing this, you agree to the terms of YoTube (Google) . The preview image is stored on the local server and therefore has no connection to external servers. More information about YouTube Videos on this site can be found here.

Alibaba Singles’ Day sales touch $1 billion in 1 minute, $16.3 billion in less than 90 minutes

The retail e-commerce giant with a networth amounting to $486 billion is focusing on ‘new consumption,’ ‘new business’ and green action this year. More than 200,000 brands from 78 countries are participating in the festival, with one million new products on offer.

There is also an increasing emphasis on the integration of online and offline shopping experiences through digitisation. “Customers enjoy convergence of online and offline. The full integration of the two mediums is a mega trend,” Chen Xiaodong, CEO, Intime Retail Group said while addressing the media. Intime Retail is a leading department store chain and mall operator in China. In 2017, Alibaba purchased a majority share of the company and delisted it from the Hong Kong stock exchange.

Xiaodong counted IOT, high speed communication technology, new manufacture and moving from product centric to consumer centric as some of the great trends that will be the ones to look out for. “Digitisation will help in real time foot traffic, order management, inventory numbers and potential areas of bottlenecks.”

New retail is one of Alibaba’s core strategies. In China, e-commerce accounts for around 18% of total retail. Their goal is to partner with offline merchants and digitally transform 82% of the offline retail world.

Incidentally, this year Bengaluru-based Himalaya Drug Company is doing quite well on Alibaba’s Tmall, its B2C arm for cross border e-commerce. Alvin Liu, General Manager, Tmall Global Import and Export said that they look forward to identifying more Indian merchants in the coming time. “The India product is very good and China’s consumption power is really strong. Alibaba Technology can be used to tell the Indian merchants that their product will become popular in China,” he said.

Liu also spoke of Alibaba’s focus on small businesses in China’s less developed markets in this year’s 11.11.

The Global Shopping Festival, hosted annually on November 11, is the world’s largest 24-hour online shopping event in terms of GMV. The event began in 2009 with a total of US $7.8 million in GMV. It has evolved from a 24-hour sales day to a global shopping and entertainment celebration, generating US$ 30.8 billion in GMV in one day in 2018.

This is more than the sales generated in US equivalent shopping holidays Black Friday and Cyber Monday. Taylor Swift headlined this year’s opening gala alongside local celebrities like Jackson Yee.

 

With this article I wanted to show what’s possible, to be successful in the commerce domain. It is not neccessary to scale it like in China, but one could pick some features to arrive in the modern consumer world, to be ressilient against disappearing city centers

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