Monday, May 27, 2024

61% of consumers under 55 express interest in live shopping experiences: Agora

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Mumbai: Agora, a platform for real-time engagement APIs, today announced the results of a commissioned study examining consumer perceptions surrounding live shopping.

Live shopping is anticipated to grow into a mainstream online retail avenue, significantly transforming the consumer shopping experience. As retailers and marketplaces strategically position themselves to harness this burgeoning trend, they are shifting focus to curating immersive, unforgettable experiences that transcend the digital realm and provide a competitive edge in the evolving marketplace.

To create successful live shopping experiences, online retailers and marketplaces must first understand their customers’ behavior, preferences, and motivations. Through these insights, they can enhance interactivity and curate exclusive offerings that truly resonate with customers, going beyond selling products to create immersive experiences that redefine retail as we know it,” said Joe Kwong, director e-commerce Agora.

For the study, Agora surveyed over 1,000 consumers on their perception of interactive livestream shopping events, uncovering divergent views on interest, benefits, and influential factors across different age groups. Here’s a closer look at what they found.

Shifting Tides in E-Commerce: Interactive live streaming shopping experiences are quickly becoming a cornerstone in the future of e-commerce, with nearly half (46%) of respondents expressing interest in live stream shopping events. However, despite this increasing popularity, 28% of consumers continue to favour traditional online shopping, while only a quarter of respondents don’t see the appeal of live shopping events at all.

Taking a deeper look at these trends the survey revealed intriguing age-based differences in attitudes and perceptions towards live interactive streaming shopping events, with 61% of the under 55 group showing interest in live shopping experiences, while 71% of the 55+ group were uninterested or preferred traditional online shopping.

Despite these differences, product demonstrations, exclusive deals, and convenience emerged as key influencing factors across age groups.

While younger consumers are more receptive to the immersive and interactive nature of live shopping events, older shoppers’ reluctance to embrace this new format underscores the need to strike a balance between innovation and familiarity. By tailoring their strategies to cater to the customers’ diverse expectations, brands and retailers can create engaging and meaningful live shopping experiences that resonate across generations” said Kwong.

Key Drivers for Live Shopping Engagement Identified: Consumers are clear about what draws them to live interactive streaming shopping events. Convenience emerged as the predominant factor influencing consumer participation in these events, 40% of respondents highlighted ease of shopping as a primary motivator, underscoring live shopping events’ ability to further enhance the online commerce experience.

Product demonstrations followed closely – 36% noted the ability to products in action as an influencing factor. Nearly a quarter attributed some form of interactivity – such as, engaging with influencers (15%) or interacting with other shoppers (9%) – to their decision to participate in live shopping events.

As we look to the future of online retail, it’s clear that creating live shopping environments that not only prioritise convenience but also deliver engaging, immersive experiences is critical. Retailers who can successfully integrate features that center real-time interactions and engagement will be well-positioned to thrive in the evolving landscape of live shopping and beyond. The key lies in striking the right balance between convenience and immersion, crafting experiences that seamlessly blend the two to meet the changing expectations of today’s consumers” added Kwong.

Real-Time Interaction and Entertainment Drive Live Shopping Appeal: It’s becoming evident that live shopping is striking a chord with consumers who value its immediacy and engagement. Live commerce is rapidly becoming an important component of the online retail experience. According to the study, 27% of consumers view real-time interaction—the ability to inquire and receive instant feedback—as the principal benefit over traditional online shopping. The entertainment factor is not far behind, with 21% of shoppers finding live streams more engaging and fun, transforming shopping from a chore into an experience. Additionally, 23% are attracted by the lure of exclusive deals, often only available during these events.

Consumers are waiting for that additional nudge when making online purchases—a demonstration of value, an assurance of convenience, or perhaps a personalized experience that can pull them fully into the fold of a live shopping experience. They’re seeking more than transactions; they’re seeking connections. Live shopping’s interactive nature satisfies this desire, turning shopping from a solitary task into a shared experience” explains Kwong.

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