Businesses in competitive industries are always trying to explore new tech-driven angles to improve their standings, be it refining a manufacturing process or becoming more accessible to customers. Over the last few years, the tech that’s risen to the fore in this regard, particularly in China, is that of live streaming. In the opening years of this decade, it was found that live streaming was utilized by over half of the world’s companies for internal broadcasts, but now, it’s increasingly being used to reach customers and clients.
Streaming has already cemented itself in the public conscious, with the idea of streaming content via the internet without cost being normalized alongside subscription models. Primarily used for entertainment purposes, live streaming is the next big step, with people all over the world embracing technology in a variety of ways. It’s why the market is set to grow at a massive compound annual growth rate of over 22 percent through 2028. So, is live streaming the next step for your business as it has been for others?
Key selling points of live streaming
There are two primary ways in which a live stream can be used as a customer-facing application by a business. It can offer a direct live stream to the business owner or its professional employees to inform or interact in the moment. Or, live stream events can be staged to encourage a larger audience to tune in, experience the products in real-time, and buy there and then.
The latter is a method known as live commerce and China has championed the approach for years. This year, live-streamed shopping in China alone is expected to generate over $420 billion in revenues. Taobao is the major player in the market, with its famed Singles Day drawing in tens of millions of live shoppers. Essential to the platform’s early success has been the nation’s vast internet population, the rapid adoption of live streaming by consumers, and the see-now, want-now mentality, fed by live video shopping. While China is trailblazing in these regards, western markets are quickly building to similar attitudes.
On a more entertainment-driven, almost rudimentary level, the use of live streaming on social media is proving the potential of businesses going live. Not only does the streamer get immediate feedback on their content in real-time, but they also create an urgency with a need for other users to tune in or miss out. On top of this, those hosting the stream can create a closer connection with viewers, which standard videos, websites, and even stores can struggle to establish. Best of all, though, live videos on social media are prioritized by the algorithms, with live content getting as much as six times as many interactions as standard videos.
Businesses applying live streaming
Offering the greatest amount of increased value, live streaming can enhance a product, at least as on online-based service. By using a live stream, customers can arrive face-to-face with a professional to offer an in-person, authentic experience. This is the allure of the popular range of live dealer roulette games. The classic table game is live streamed to allow online players to bet at a physical table and interact with human dealers and players. It’s expanded to the extent that leading developers have even produced games with French- and Arabic-speaking dealers, broadening the tech-forward game’s appeal. On the platform, you’ll find more information on live roulette, as well as tips and guidelines for both experienced and new players.
It’s not just casino gaming that makes the most of the increased immersion and live experience offered by the tech. A new era of doctor apps is upon us, like with Babylon, in which you can live chat with medical professionals. However, it’s the live commerce that has a broader scope for businesses looking to develop further. Social media platforms like Facebook, Instagram, and TikTok (via TikTok Shop) have become very important live commerce marketplaces, particularly in western markets. Mallows Beauty is just one such example of a land-based shop capitalizing on live shopping streams.
Businesses don’t have to rely on social media offerings to take off with live-streamed shopping, though, as many people disagree with the practices of the likes of Meta and ByteDance. Instead, there are a great many new tech businesses that have opened to help integrate live commerce. The likes of Channelize, Hero, Bambuser, and Live Scale all offer comprehensive tools that can help brands and businesses to make the most of the potential of live commerce. Whether it’s to enhance an online-based product or create a new way of selling products, live streaming looks to become an ever more prevalent part of the business.