Number 3 on our list: New markets can now sell online with live commerce
How would you sell a boat on a traditional ecommerce store? How about a home? Or banking services? Truth is – you couldn’t.
In these markets, as well as others, the decision is not rational. Or – not entirely rational. It does involve a rational thought process but it’s more about personal experiences and a feeling of self-expression. You don’t buy a boat because you would starve if you don’t go fishing. You buy it because you think that lifestyle is cool.
A home purchase decision for example is based on many factors and many of those are not rational. Chief among them – emotions. How did you envision your dream house? How do you feel about the agent that’s presenting the property? The factors determining customers to buy a house are social, psychological and demographic. A better photo doesn’t convey as much emotion as a trusted advisor would.
Live shopping is opening many markets that were not traditionally open to selling online. For one – these industries have been affected by the Covid-19 outbreak. But more importantly – they were in need of a new way of selling their goods. A more experience-based tool. And now there is one. Live shopping.