Beyond e-commerce: ‘retailtainment’ and live shopping are the new normal
Consumers are rapidly changing the way they shop online. From the rise of the Asian e-commerce market, which is expected to reach $1.89 trillion by 2023, to the global increase expected to exceed $8 trillion by 2027, the world of digital shopping is rapidly evolving. This transformation is characterized by the convergence of retail and entertainment – also called ‘retailtainment’ – and the growing popularity of video shopping experiences.
Younger target groups, such as generation Z, are well used to interactivity and mobile options. This generation has grown up with the internet and social media and expects meaningful shopping experiences when it comes to online purchases. Traditional e-commerce is no longer enough to maintain the loyalty of a younger audience, as they need personalization and easy and secure ways to complete online transactions. Furthermore, real-time interaction becomes essential – and this is where live video commerce shines. The host of a live-streamed video can answer questions and demonstrate products in real time, and a custom platform would also allow viewers to purchase the item directly from the video, with just one click.
Retailtainment has gone beyond that, with live interactions becoming increasingly sophisticated through the use of additional features, such as games, polls and competitions, to capture viewers’ attention and provide a deeper online shopping experience.
Co-founder and CEO of BeLive Technology.
What is ‘retail’?
Retailtainment is not just a buzzword, but a new frontier in e-commerce. It represents a mix of entertainment and retail, making shopping an engaging, enjoyable activity. Why does it grow? Thanks to technological advances, the integration of social media and a shift towards more dynamic online activities. Brands don’t just sell; they entertain and engage their audiences through interactive features such as live streams, short videos, virtual tours and gamified shopping experiences. Retailtainment’s ability to convert passive viewers into active participants creates an immersive and enjoyable experience that goes beyond traditional content consumption.
Engaging features such as trivia games and polls during a live stream allow for real-time interaction with the audience, ensuring a dynamic online shopping experience. This type of interactivity also allows sellers to better understand the preferences and needs of their audience, providing a unique opportunity to tailor content accordingly.
Changes in the demands of the modern consumer
In this digital age, consumers demand speed, simplicity, personalization and security. With mobile commerce alone expected to generate $431 billion by 2022, the message is clear: consumers want seamless shopping across all devices, requiring retailers to improve their digital storefronts to meet these expectations.
For example, short videos have become a big thing on social media. They are now entering the online retail space with full force as audiences today have a short attention span. Short videos leave no room for vague messages, and it’s extremely important to understand your audience’s interests and preferences to create content that resonates.
Fortunately, short-form, shoppable video technology gives sellers access to metrics like conversion rates, click-through rates, and return on investment (ROI) so they can evaluate effectiveness. Quality feedback from viewers is just as essential for understanding their preferences, putting interactivity at the forefront of any live video strategy. With these insights at hand, you can design video and marketing campaigns that target a company’s specific audience, and provide continuous feedback so companies can adapt as needed.
In addition, fintech solutions such as embedded finance have changed the way we pay for things online, and live shopping has had to adapt to this growing trend. Offering easy and secure ways to pay can be a deciding factor in converting an online sale and minimizing shopping cart abandonment. This, combined with interactivity, is helping to reshape e-commerce.
Imagine being able to adapt your digital platform in real time and quickly adapt to the latest market trends and consumer feedback. This is the power of in-house video store solutions, something built specifically for you and your audience. Such polished solutions provide an unparalleled level of customization and flexibility – crucial in today’s fast-paced market environment. Brands like Shein and Temu are leading the way and are using these platforms to introduce innovative store formats that drive engagement and sales.
Technology has been a catalyst for change for years, and e-commerce is no different. Just a few years ago, the simple act of selling online was considered groundbreaking, but now we’re moving into an era where that’s simply not enough. The rapid development of fintech, social media and cybersecurity capabilities has now put entrepreneurs in a position where they will be left behind if they do not adapt to the latest trends.
As we move beyond traditional e-commerce, the combination of retailtainment and video shopping is not only reshaping, but revolutionizing the way we interact with brands and products online. This new standard is about creating an experience, not just a transaction. It’s about making shopping interactive, immersive and incredibly enjoyable.
We’ve highlighted the best ecommerce platforms for businesses.
This article was produced as part of Ny BreakingPro’s Expert Insights channel, where we profile the best and brightest minds in today’s technology industry. The views expressed here are those of the author and are not necessarily those of Ny BreakingPro or Future plc. If you are interested in contributing, you can read more here: https://www.techradar.com/news/submit-your-story-to-techradar-pro