189: How Livestream Shopping Is Changing Retail

Livestream shopping has grown astronomically, driven by China and the pandemic. And this channel now presents a major opportunity for other retailers to engage with customers and blend the world of entertainment and retail. In this episode, Oliver Banks explores how livestream shopping connects with other new video content formats. You’ll hear examples of how livestreams are changing retail and what you can learn from them. Plus, determine if you should be experimenting with livestream shopping or not.

Listen to this episode to discover:

• Which retailers around the world are leading the way with their livestream shopping experiences?
• Key considerations why this strategy may be suitable for you.
• What does the future hold for livestream retail as a channel?

 

 

Connect with Oliver Banks and attend Productivity & Transformation 2022.

If you’re interested in attending the new event, hosted by Oliver Banks from OB&Co and Simon Hedaux from Rethink Productivity, message Oliver now.

Alternatively, get in touch with Simon Hedaux via LinkedIn or by email simon@rethinkproductivity.co.uk.

Examples of livestreaming

A demonstration of what livestreaming in China is like (N.B – this video was released in early 2020 so the market has developed even more since then).

In the episode, the Lipstick King, Austin Li is mentioned. Here is an example of one of his livestreams (in Mandarin)

Here is what the customer sees from the Judi Love livestream by Very.co.uk. Note how easy it is to explore and buy the products.

And here is what an Amazon Live looks like, powered by a Creator. In particular, note the reactions and engaged comments.

 

And something else to consider: how deepfakes could scale up livestreaming

Imagine – Tom Cruise becomes the latest livesteam superstar. But – the expert sales skills and perhaps insane knowledge that he exhibits are not himself. Simultaneously, you could also find Tom Cruise hosting many other live stream shopping experiences in different niches, different categories. Or even different languages. But the big surprise comes when you realise it’s not Tom Cruise. And in fact, Tom Cruise (the actual person) is not compliant in any way.

Of course, this is a concept and crosses several ethical and perhaps legal borders. But Tom Cruise has been the subject of one of the most “authentic” deep fakes. Take a look.

 

More episodes of the podcast to listen to

If you enjoyed this episode, then here are four additional episodes to listen to.

Firstly, in episode 181: 6 New Business Models Driven By Sustainability, we discovered that “new” business models mimic historic models. And the same is true to for new video content formats, as discussed in this episode.

Next, B2C and B2B influencer, Michael LeBlanc joined for episode 179: How Influencers Are Changing Retail. Influencers and micro-influencers present a huge shift for retail in general and are significantly linked to how livestream shopping is being used in China and in the West.

Digital transformation expert, Howard Tiersky joined in episode 171: Letting Avatars Guide Your Transformation. By truly understanding your customers via an avatar or ideal customer profile, you can focus on how to deliver a relevant live shopping experience.

And finally, Lee Woodard joined for episode 72: Being Digital vs. Doing Digital. And whilst this episode is focused on digital in a more general manner, it’s highly relevant and transferrable to this topic too.

Plus, remember to listen to episode 190 to explore how to build an operating model to deliver a livestream shopping model.