Unlocking the Potential of Live Commerce: A Nordic Perspective
Live commerce is a method that has gained attention in the age of social media and internet buying. It combines live streaming and e-commerce, changing how we interact with products, services and brands.
Unlike traditional television shopping, live commerce uses the broad reach of social media platforms to sell products or services in real time, providing a distinct sense of urgency and desire. In other words, this dynamic strategy enables vendors, companies, and influencers to communicate directly with their target audience.
Live commerce is also about entertaining the audience. Hosts often engage with viewers, share stories, conduct demonstrations, or bring special guests. What separates live commerce from other social media live streamings is the clear selling purpose.
Live commerce has been a massive hit in Asia and is expected to be the next big thing in the United States. Does it have the same growing potential in the Nordics?
Marwa Ali, Drama Queen’s Digital Media Manager at the Stockholm office, believes that while live commerce may hold promise for certain industries, it may not have the same widespread impact as in other regions.
"There are more and more live commerce campaigns in Sweden, particularly in the beauty and fashion sectors. However, consumers in the Nordics tend to place a higher emphasis on a company's reputation and product quality over the immediate gratification of live shopping”, says Marwa.
Additionally, Marwa points out that the e-commerce market in Sweden is stronger than ever, with consumers becoming increasingly comfortable with online shopping.
“Brands are encouraged to focus on providing a seamless e-commerce experience while effectively integrating their strategies with social media. I look forward to seeing how live commerce develops in the Nordics in the coming years.”
Brands eyeing live commerce? Here are some key tips:
- Identify Your Target Audience: Determine whether your audience seeks products or services with a "right here, right now" appeal. If so, consider offering substantial discounts or exclusive advantages during live-streaming sessions, such as time-limited coupons.
- Initiate Strategic Influencer Collaborations: Guests (influencers) are typical in live commerce as they attract and engage the audience. When selecting influencers to represent your brand, choose those whose values align with your company's mission. While increasing sales is a primary objective in live commerce, authenticity is key. Your influencers should genuinely support your business, creating narratives that resonate with your customers.
- Prioritise Data Security and User Experience: Protect your customers' data at all costs. Information security is a fundamental requirement for any online experience. Ensure that your e-commerce platform can handle increased traffic, maintain sufficient inventory for live promotions, and offer a swift and user-friendly shopping experience.
Lastly, your brand's values and reputation are your most precious assets. While embracing innovation is commendable, it should always be approached with responsibility and ethics in mind. Are you ready to explore the dynamic world of live commerce? It could be the next frontier in engaging your audience and driving sales.
