10 Mar 5 Benefits of Doing Live Sales to your Business
Live selling is really changing the way people buy and sell online. More and more customers are also preferring this way of online shopping. That is why a lot of companies, big and small, are starting to adopt this new trend to their e-commerce strategy because of all the benefits of doing live sales.
As many businesses from different industries have started using live sales as a new way of selling their products and building brand awareness, you might start wondering what’s with this new trend that everyone has been talking about.
To help you understand what’s with live selling that made many businesses turn into it, we listed 5 benefits of doing live sales and why you should also start incorporating it into your business.
5 Benefits of Doing Live Sales to your Business
Live Selling lets you reach worldwide audiences
One downside of selling in a physical store is that you can only sell to people near your area. People outside your city or even from other countries still need to travel to be able to purchase from your store. It is one of the things that live selling solves. It doesn’t limit the audience or customers you can reach. Social media platforms like Facebook, Amazon, YouTube, and Twitter can give you access to millions of people each day basically for free.
Although having an e-commerce store can also solve this problem, this solution also has its disadvantage. E-commerce takes away a crucial part of the purchase process which is testing the product. Because of this, many customers return their product which will make it hard for you to gain loyalty from your customer.
Live Selling lets you have direct communication with your customers
One of the great things about having a physical store is that you can talk directly to your customers and sell them your products. You can also answer their inquiries in an instant. Now, you can still do that even if you don’t own a physical store or if you are away from your customers. Doing live selling in social media to sell your products allows you to communicate directly to your audience and answer their questions about your products in real-time.
Live Selling Reduce Product Returns
Product returns can be quite damaging to your brand, and it can be quite painful too, especially when you are not at fault. Since live selling allows you to interact directly with your customers, you’ll be able to provide them with the right information about your product. this will make the chance of them returning your product lesser.
Research shows that returns are 50% lower when a product is bought through a live sale compared to traditional e-commerce stores. This is because live selling also allows you to showcase your products live. This helps your audience understand every feature and functionality of your products before making their purchase decision.
Live Selling is a cost-effective video strategy
Video is one of the most popular forms of online content today. One may think that video production requires huge expenses and is time-consuming. However, in reality, live video production is by far the cheapest strategy.
Of course, you can still invest in your live videos by purchasing expensive tools and hiring video editors to increase the production level. But it’s not necessary and you don’t have to worry about not having all of this equipment because it won’t affect the success rate of your live sale or the quality of your video.
In fact, most live seller today just uses their phones to do their live selling. This didn’t even affect the quality of their video or their sales.
What’s more important is how you connect with the audience. Interact with them during the live sale, and offer good products that give value to your followers.
Live selling creates hype and excitement
Selling through live stream video limits the time when your customers can interact and purchase your product. This can spark FOMO (Fear of Missing Out) feeling for your customers.
FOMO is a psychological trigger human can’t help responding to.
According to trustpulse, 60% of people make reactive purchases because of FOMO, mostly within 24 hours. In other words, those people buy something just because they feel they might miss out. This is why FOMO has been used as a marketing strategy by many businesses and you can also take advantage of it by doing live sales.
Live selling doesn’t just benefit you but it also benefits your customers. This is a great advantage to you as well because when your customer is happy with your product and services, the more they will likely come back and buy again.
Benefits of doing Live Sales for your Customers
Live selling makes it easier for your customer to buy online
In the traditional way of shopping online, people will just go to an e-commerce site and make a purchase. This process may be simple however, it doesn’t have the ability to interact directly and in real-time with the seller. It also makes it harder for customers to decide which size fits them or which one will look better since they can’t see it physically. Having someone to give them assistance changes the experience in a huge way for the shopper.
Online shopping loses this customer service aspect, but live sales bring that back into the equation. Customers can buy online with someone assisting them with the product.
Live selling provides your customers instant answers
A study from Roosit shows that 57% of customers will abandon an online purchase if they can’t find a quick answer to their questions about a product. Additionally, 44% of the customers prefer to have the questions answered by a live person.
With live selling, you will be able to answer your customer’s inquiries and questions about your product in real-time. They won’t have to abandon their online purchase just because there is no one to assist them.
Nowadays, most sellers are making use of Facebook Groups to create communities and mass followers for their brand. They then hold regular live sales events on these groups. It’s a very effective technique and can be easy to get started with.
Final thoughts
Having a physical store or e-commerce has its own problem, and this problem is what live selling solves by combining the aspects of both selling methods. This makes live selling more effective than any of those two because they give businesses the best of both worlds, which is also why more and more businesses are starting to implement it in their e-commerce strategy.
With all the benefits of doing live sales, many still don’t know how to start applying it to their business. Live Butler is an all-in-one social commerce solution that can assist you in serving your customers during your live sales, which can maximize the benefits of doing live sales.
Live selling isn’t the only way you can reach and sell to your customers on Facebook. With Live Butler, you can sell through all types of content so you can always keep customers’ newsfeeds fresh & interesting. This way you won’t just reach more customers but will also make other people aware of your brand.
Live Butler is an all-in-one social commerce solution designed to automate your live selling. From accepting orders, updating inventory to sending invoices, Live Butler will do it for you.
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