Pros and Cons of Live Selling

The popularity of live selling has risen dramatically in recent years.

18:35 17 November 2022

The popularity of live selling has risen dramatically in recent years. Online shopping, made possible by the availability of the internet and mobile devices, has rapidly replaced in-store and television-based sales as the dominant method of consumer choice. 

As more individuals have access to live sales broadcasts on more platforms, such as social media, there has been increasing engagement in online selling.

Taking your business online can be appealing because of the relative ease of a live social broadcast. Although live selling can be stressful, a skilled live seller will tell you it's worthwhile. To help you make an informed decision about whether or not to pursue online selling, we’ll discuss its benefits and drawbacks.

It Reaches Many Potential Customers

Live selling can reach customers in any part of the world in real-time. Selling on a global scale is a huge feat since it speeds up building your brand, increases your potential customer base, and puts money in your pocket far ahead of your local competitors.

Livestream video material also excels since it fosters a more intimate relationship between the host and the audience than in many other formats. For instance, a video lets you see the expressions, gestures, and facial expressions of the people you're talking to. Chat windows typically appear alongside the main video window. Live conversation is now possible.

It Drives Huge Revenue

Live commerce has many advantages for brands, including increased engagement, innovation, and significant financial gains. If your marketing efforts are successful, people will be aware of and excited about your products or services. Once they've started watching and found it entertaining, they'll likely want their friends to join them. 

Your job is to give them something so exciting that they can't help but tell everyone they know about it. That's why you need to find a host for the live selling session who can captivate the audience and get them interested in purchasing your products.

Also, not everyone in your target market works traditional business hours or has time to stop by a store and pick up an item. An online store can entice people with irregular work schedules or who need more time to shop in person. This opens up a revenue stream that can generate money for you around the clock.

Many people would take out loans to finance this kind of business because of the significant return on investment it could generate. Borrow from relatives and friends or take a loan from a financial institution, like CreditNinja.

It Boosts Brand Awareness and Loyalty

When you execute effective live selling techniques, customers will have a good impression of your company. These characteristics should be incorporated into your brand's identity so that consumers can quickly identify you in the marketplace.

Building brand awareness and loyalty requires consistently engaging with your audience, whether daily, weekly, or monthly, for at least an hour and taking the initiative to get to know them. 

Displaying your logo in the background or dressing in the brand's colors are other ways to immerse yourself in your company's identity. In addition, associating your items with well-known influencers can boost publicity for your company and revenue.

Drawbacks

Now that we know about the advantages of live selling, let's discuss the drawbacks.

Technical Problems

When you go live, you may encounter specific problems while filming. The viewers may experience technical difficulties that manifest as lagging, distorted visuals and audio, or slowdowns. 

There’s a risk of unclear product presentation because many platforms can't guarantee the quality of live broadcasts. As a result, customers will have a poor impression of buying online and be less likely to make purchases.

A strong internet connection and a team with relevant experience are essential for a high-quality live broadcast. Of course, you should always allow extra time before going live to double-check your lighting, camera angles, and equipment.

Time-consuming

This can take a lot of time, and clients who leave after placing a top bid may not appreciate the effort put into producing a single package. It's also essential to evaluate your time and energy commitment before engaging in a regular schedule of live video production. It’d be best to consider whether you have the time and energy to develop fresh content ideas and concepts.

While live selling can be a profitable approach to boost sales and build relationships with customers, it does take some work to be effective.

No Room for Mistakes

Because there are no do-overs, you must be more prepared than you would be for a live video. Keep a live stream checklist on hand to double-check your gear before going live. Don't make yourself hunt for things you could have put within easy reach.

It's important to remember that you're human and that you will make some mistakes. You can make several efforts to reduce the number of mistakes. You should practice as much as possible. Thus, you can review your video and learn from your errors.

Final Thoughts

Although live selling has a proven record of increasing sales and forging genuine connections with consumers, there are some drawbacks to consider so that you can be prepared when you engage in this style of selling. With this guide, we hope you can make the most of your online communication skills and expand your business into the digital space.