Live commerce is booming and is expected to continue growing on a global scale. By 2026, live commerce sales might account for almost 20% of all internet sales, according to experts. It is projected that the Livestream E-commerce industry would reach $35 billion by 2024, which represents a threefold increase from its 2021 figures.

Here’s proof that live commerce has increased dramatically:

Companies are actively embracing live commerce to strengthen their audience interactions; 78% of them do so.

Brand conversion rates climb by a startling 30% when live video commerce is used, which is ten times greater than with standard e-commerce.

The demand for greater digital innovation from businesses and retailers is high (66% globally), which is driving the growth of live-streaming commerce.

According to a recent study, luxury items have an amazing 70% conversion rate when sold via livestream.

Live e-commerce is now growing quickly and doesn’t appear to be slowing down. The live-streaming business is expected to continue growing in this direction.

This blog explores current live commerce trends in ecommerce web development and provides predictions for the future. Get our guide on the live commerce trends driving the growth of online buying for a deeper look at these trends and more to keep an eye out for.

Live Commerce: What Is It?

Live ecommerce development includes live commerce, commonly referred to as live shopping or live streaming shopping. It occurs when vendors use live video broadcasts to demonstrate and immediately sell goods. It’s similar to shopping on TV except that you can interact and make purchases with ease online.

Top Trends in Live Commerce for 2024:

Multichannel Live Broadcasting for Streamlined Purchasing

Comprehending omnichannel marketing guarantees a smooth purchasing experience for clients. This methodology prioritizes openness and consistency while creating a cohesive experience that spans all devices and platforms. Easily incorporating live-stream video purchasing into an omnichannel strategy makes sense.

Use these pointers for successful omnichannel live streaming while developing live e-commerce:

  • Share live video feeds on social networking, YouTube, and your own website.
  • Give viewers of the live stream simple sharing options.
  • For a more seamless experience, make transactions during live events simpler.
  • Repurpose chat conversations or snippets of videos for different channels.
  • By ensuring a consistent experience across many platforms and channels, this strategy maximizes engagement and conversions.

Increasing Brand Loyalty and Engagement

Live commerce helps companies strengthen their relationships with customers. For example, after a livestream in 2021, the Canadian store ALDO saw an incredible 308% increase in interaction and 17,000 page hits in just five days.

Live commerce insights help firms identify areas for improvement and make necessary corrections to their approach. With the daily data that live commerce systems give, merchants can concentrate on important parameters like average call time and customer happiness. Businesses can ensure personnel readiness and proficiency by streamlining their plan by closely examining these details.

Increasing Conversion Rates: Live Commerce’s Effect

Beyond engagement and innovation, live commerce proves to be a powerful source of income for brands. Businesses who have integrated live commerce have seen an average of roughly 30% in conversion rates, which is a notable increase of over 10 times over regular E-commerce rates.

Shopping in Virtual Reality: Brands and the Metaverse

Brands are becoming enthusiastic about purchasing in the metaverse using virtual reality. The metaverse can be compared to a digital environment where individuals communicate and engage with digital objects. It may have come to your attention when Mark Zuckerberg changed the name of Facebook to “Meta.”

What advantages does live commerce offer?

Sales increase as a result of live commerce.

In just a few minutes, live commerce tactics expose products to thousands of viewers, increasing revenues.

Boost conversion rates

Live commerce helps brands make a lot more money. Adopters report about 30% conversion rates, which is over ten times greater than average E-commerce rates. With the help of Viha Digital Commerce’s solutions, shops can now attain conversion rates of 20–50%, which is a remarkable 400% increase over the industry average of 2.87%.

Live shopping promotes impulsive purchases.

When participating in a private event and fearing they would lose out on the fantastic deals that are available for a short time, people can be more likely to make a purchase.

Better engagement is encouraged via live commerce.

Compared to other forms of content, video content has a greater engagement rate. Videos are shared with friends two times more frequently than static advertisements.

Live sales increase brand recognition.

You can expect that customers will start recognizing your brand more frequently if they see the face behind the company or well-liked influencers using your products.

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