I spend a lot of time considering changes in consumer behaviour, all so I can spot any sustainable trends that can help businesses to grow, or dare I say it for those unprepared - add to their decline.
One of those huge trends has been that of 'live streaming' which in China has proven to not only be extremely popular, but also pretty lucrative for several brands.
Then came 'Covid' and as more people were told to 'stay at home' this phenomena gathered even great pace. Yet its something that doesn't yet seem to have gripped the western retail hemisphere as a potential opportunity to remain 'front of mind' with consumers choosing the stay at home safety bubble rather than nipping out to the shops.
Whilst everyone is still trying to figure out the silver bullet that will get consumers out in their millions, or waiting for 'that vaccine' to arrive we still need to consider low cost, no cost innovations that might just provide an edge over your competitor.
After China took control of the pandemic and its citizens went back to their daily work routines, consumers returned to more rational consumption behaviors.
It seems it would have been hard for livestreams to maintain the booming pace they won during successive e-commerce sales holidays, both of which brought high-frequency media coverage with them.
Luxury brands that are still exploring the possibilities of this marketing tool should note that sales numbers aren’t the only important indicator for livestreams. In fact, engagement numbers usually play a more vital role in evaluating them.
In my humble opinion I would argue that as we in the northern hemisphere stroll casually into Autumn and Winter we have to also consider how willing people are going to be for sitting/standing on a cold wet pavement in order to get into the store?
So, what's your sustainable business strategy?
In April and May, when China saw steady spending growth after its COVID-19 lockdowns and quarantines ended, more and more celebrities, CEOs, and even virtual idols began jumping at the chance to present branded livestreams alongside top hosts. In June, e-commerce platforms leveraged livestreams to boost sales by handing out various digital vouchers for the mid-year 618 Shopping Festival. The selling frenzy during this period reached new heights, creating a surge of new e-commerce livestreams.