Remember the days of aimlessly scrolling through online stores or battling crowds at the mall? Teens and young adults who grew up with smartphones are changing the way we shop. They love a combo of two things: watching live videos about products and the phygital experience.
This isn’t just window shopping, it’s a personalized, interactive experience that’s changing the game for brands. As per the research by mckinsey that the companies that excel at personalization generate 40 % more revenue from those activities than average players.
Imagine this As you’re scrolling through a website to find the perfect fridge for your new home and you see a live video pops up showcasing the latest features of a sleek, new fridge model. After that the product expert guides you through each part of the fridge, highlighting its smart features and even compares it to similar models.
It’s like having a knowledgeable friend by your side who is making sure you understand everything before you make a decision.You can ask questions in real-time via chat, view the fridge from various angles, and make a purchase directly from the video with just a few clicks. It’s like having all the information and convenience you need right at your fingertips, making your shopping experience seamless and effortless.
That’s the magic of live video commerce, and Gen Z is leading the way in embracing this interactive shopping experience.
According to McKinsey analysis, Gen-Z spends more on luxury apparel and accessories than millennials do, for instance (averaging $926 and $789, respectively) and Gen Z derive 75 percent of their influences from social media, online content, and celebrities where millennials are a bit behind, at 63 %
Here you will get to know how Gen Z’s live video shopping habits are changing the way people shop.
- Instant delight: Gen Z is all about convenience and avoiding long waits. With live video shopping, they get exactly what they want. They can watch demos, get recommendations just for them, and buy what they love right away. It’s like stepping into a virtual store made just for them, where shopping is not only easy but also super fun and fast! Plus, they can do it all from the comfort of their own home, making it even more appealing.
- Human Connection: Gen Z, the digital generation, still values personal connections. With live video shopping, they will get the best of both worlds: convenience and human interaction. It’s like having a virtual shopping buddy who can answer questions, provide advice, and make the experience feel more personal.
- Entertainment Factor: Traditional shopping can be dull, but live video commerce is anything but! With interactive hosts, exclusive deals, and the thrill of limited-time offers, it’s like having a virtual shopping party right at your fingertips. Say goodbye to boredom and Say hello to the excitement!
Grand View Research reported that the global market size for live commerce platforms valued at approximately USD 918.9 million in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 21.2% from 2024 to 2030.
The Takeaway for Brands
Live Shopping – No More Guessing! See Products Live Before You Buy.
The rise of live video commerce demands a shift in marketing strategies. Here’s how to grab Gen Z’s attention and turn viewers into buyers:
- Be Real, Not Robo-Salesperson: Gen Z can sniff out a fake from a mile away. Ditch the script and let your hosts be themselves! Share funny stories, show genuine passion for your products, and ditch the monotone lectures. Think friendly neighbor showing off their favorite new gadget, not pushy salesperson.
- Hangout, Not Hard Sell: Polls, live Q&A, and product demos are your best friends! Get viewers involved by asking their opinions on new colors, letting them ask questions in real time about sizing or features, and doing live demos that showcase the product in action. Make them feel like they’re part of the party, not a forced commercial break.
- Limited-Time Deals & FOMO Power: Gen Z loves a good deal (and the fear of missing out!). Offer exclusive discounts, limited-edition bundles, or flash sales during your livestream to create a buzz. This excitement drives them to make purchases before they miss out!
- Show, Don’t Just Tell: Forget boring product pictures. Do live demos showcasing features, different uses, or even a behind-the-scenes peek at how you make your stuff. Spark Gen Z’s curiosity and build a connection by letting them see the real deal in action through live video.
- Leaders Today, Stars Tomorrow: Don’t undervalue Gen Z’s power. They’re already making a difference in the world, fighting for what they believe in. Understanding what matters to them is key to building a business that resonates with this influential generation.
Live video commerce is the future of phygital shopping, and Gen Z is leading the charge. By embracing this dynamic experience, you can build stronger relationships with this influential generation and unlock a new avenue for sales.
As per Forbes In the changing retail scene, e-commerce will comprise 24% of global retail sales by 2026. However, 76% of customers still value in-store experiences. To thrive, brands must bridge the physical-digital gap with a strong phygital strategy to attract and keep both customers and employees.
To Wrap up
Immerse yourself in the future of retail. Don’t miss out on the excitement of live video and phygital shopping. Join the revolution and transform your brand’s approach to customer engagement. Elevate your strategy and unlock the potential for memorable shopping experiences today.
