Beyond e-commerce: ‘retailtainment’ and live shopping are the new normal
Consumers are rapidly evolving the way they shop online. From the rise in Asia’s e-commerce market, expected to soar to $1.89 trillion USD by 2023, to the global surge anticipated to hit over $8 trillion USD by 2027, the digital shopping realm is evolving rapidly. This transformation is characterized by the merging of retail and entertainment — coined as ‘retailtainment’ — and the burgeoning popularity of video shopping experiences.
Younger audiences such as Gen Zs, are well used to interactivity and mobile capabilities. This generation grew up around the internet and social media and they expect meaningful shopping experiences when it comes to online purchases. Traditional e-commerce is no longer enough to maintain the loyalty of younger audiences, as they demand personalization and easy and secure ways to complete transactions online. In addition, real-time interaction is becoming essential – and this is where live video commerce shines. The host of a live-streamed video can answer questions and demonstrate products in real-time, and, a customized platform would also allow viewers to purchase the item directly from the video, with just one click.
Retailtainment has gone beyond that with live interactions becoming more sophisticated with the use of additional features, such as games, polls, and competitions to keep viewers’ attention and offer a deeper online shopping experience.
Co-Founder and CEO of BeLive Technology.
What is ‘retailtainment’?
Retailtainment is not just a buzzword but a new frontier in e-commerce. It represents a blend of entertainment with retail, where shopping becomes an engaging, enjoyable activity. Why is it growing? Thanks to technological advancements, the integration of social media, and a shift toward more dynamic online engagements. Brands are not just selling; they are entertaining, and captivating their audience through interactive features such as livestreams, short videos, virtual tours, and gamified shopping experiences. Retailtainment’s ability to transform passive viewers into active participants creates an immersive and enjoyable experience that goes beyond traditional content consumption.
Engaging features such as trivia games and polls during a live stream allow for real-time interaction with audiences, ensuring a dynamic online shopping experience. This type of interactivity also enables sellers to better understand their audience’s preferences and needs, providing a unique opportunity to cater the content accordingly.
Changes in modern consumer demands
In this digital age, consumers demand speed, simplicity, personalization, and security. With mobile commerce alone pulling in $431 billion USD in 2022, the message is clear: consumers want seamless shopping across all devices, pushing retailers to enhance their digital storefronts to meet these expectations.
Short videos, for example, have become a big thing across social media. They are now entering the online shopping space in full force, as audiences today have a short attention span. Short videos leave no room for vague messaging, and it is extremely important to understand your audience’s interests and preferences to create content that resonates.
Thankfully, short shoppable video technology enables merchants to access metrics like conversion rates, click-through rates, and return on investment (ROI), so they can evaluate effectiveness. Qualitative feedback from viewers is equally essential for insights into their preferences, putting interactivity at the forefront of any live video strategy. Having these insights at hand can help design video and marketing campaigns targeted at a business’ specific audience, as well as provide continuous feedback enabling businesses to adapt when needed, where needed.
In addition to this, fintech solutions such as embedded finance have changed the way we pay for things online, and live shopping has had to adapt to this growing trend. Offering easy and secure ways to pay can be a game-changer in converting an online sale and minimizing cart abandonment. This, combined with interactivity, is helping reshape e-commerce.
Imagine being able to tailor your digital platform in real time, adapting swiftly to the latest market trends and consumer feedback. This is the power of in-house video shopping solutions, something built specifically for you and for your target audience. Catered solutions like this allow for an unmatched level of customization and agility — critical in today’s fast-paced market environment. Brands such as Shein and Temu are leading the charge, leveraging these platforms to introduce innovative shopping formats that drive engagement and sales.
Technology has been a catalyst for change for several years, and it is no different when it comes to e-commerce. Just a few years ago, the simple act of selling online was considered groundbreaking, however, we are now evolving to an era where that is simply not enough. The rapid development of fintech, social media, and cybersecurity capabilities has now put merchants in a position where if they don’t adapt according to the latest trends, they will be left behind.
As we navigate beyond traditional e-commerce, the blend of retailtainment with video shopping is not just reshaping, but revolutionizing the way we engage with brands and products online. This new norm is about creating an experience, not just a transaction. It’s about making shopping interactive, immersive, and incredibly enjoyable.
We’ve featured the best ecommerce platforms for business.
This article was produced as part of TechRadarPro’s Expert Insights channel where we feature the best and brightest minds in the technology industry today. The views expressed here are those of the author and are not necessarily those of TechRadarPro or Future plc. If you are interested in contributing find out more here: https://www.techradar.com/news/submit-your-story-to-techradar-pro
Consumers are rapidly evolving the way they shop online. From the rise in Asia’s e-commerce market, expected to soar to $1.89 trillion USD by 2023, to the global surge anticipated to hit over $8 trillion USD by 2027, the digital shopping realm is evolving rapidly. This transformation is characterized by…
