TAIPEI (The China Post) – “Live shopping” has found spectacular success in Asia as consumers grow ever fonder of live streaming. Brands and retailers have quickly understood the potential of this new communication channel, including the M17 Group.
The Taiwan-based player in the multi-billion dollar live-streaming market, which has made a massive wave in shopping and entertainment markets in China, Taiwan, Hong Kong, and is slowly making its way into Singapore, Malaysia, and India, believes live-streaming is the next-big-thing.
The leading social entertainment company just released its latest live stream shopping app “HandsUP,” aimed at providing a greater and more diverse live stream experience to its users.
“Live media is exciting because you can change the course of the content with your input. It’s what marketers need today in order to capture, retain, and convert audiences,” M17 Group CEO Joseph Phua told Tech Wire Asia.
The live streaming trend doesn’t simply stop with engaging and entertaining, HE SAID. the value it creates spans across different industries. “If you’ve got anything to sell online, you can sell it better via live-commerce.”
Live-commerce is especially interesting because it attracts an incredibly large amount of traffic, stressed Phua. China, Taiwan, and Hong Kong seem to be so sold on the concept that they actively seek out opportunities to shop for things they like on live-commerce platforms, he explained.
While the volume of inbound traffic is interesting, what really wows Phua is the fact that live-commerce creates chance, urgency, and clarity.
“Watching other people shop makes you want to shop — this provides businesses with the chance to sell. Since the live-commerce session is set to end at a particular time, it creates a sense of urgency that e-commerce platforms could never create.
“Finally, as customers can ask questions on the stream, it allows for clarity which is what customers love in this day and age. Overall, live-commerce just creates incredible opportunities for all kinds of businesses.
Phua noted that compared to ordinary e-commerce platforms, live-streaming can help brands boost sales by up to 500 percent — and believes that’s why every brand in China, directly or indirectly uses live-streaming.
What he means is, while Mercedes might not commission influencers or key opinion leaders to live-stream its products, dealers in China might do so at their discretion to ramp up sales and better engage with customers.
“From Adidas to Zara, everywhere you look, products created by the best of brands, global or local, are sold faster via live-commerce,” he concluded.