The Benefits of Real-Time Shopping for Consumers and Retailers

Real-time movement of highly relevant consumer data is a retail game changer. Livestream shopping offers consumers a convenient, comfortable, and personalized experience. It also allows retailers to boost revenues and improve brand loyalty.

Increased Convenience

While online shopping has grown steadily in recent years, brick-and-mortar retail thrives. It’s a more convenient option for shoppers, who can avoid the extra shipping cost, take advantage of in-store loyalty programs, and visit a physical location to manage returns or seek expert advice.
Additionally, brick-and-mortar stores offer convenience through in-store pickup options for online purchases. This allows customers to save time and travel costs while avoiding the hassle of navigating busy parking lots. It’s a win-win for retailers and shoppers, driving sales and increasing customer satisfaction.
In the smartphone age, consumers are scrolling through social media or websites to find products before visiting a store. But that doesn’t mean they want to make a full purchase online. Many still prefer to research in person and then purchase in a physical location. And this is exactly what live streaming shopping, or live stream e-commerce, is all about.
Live shopping allows sellers to showcase their products and allow viewers to interact directly with them in real time. It combines the benefits of in-person shopping with e-commerce and provides a unique, high-engagement experience driving a wave of new retail innovations. To maximize the value of these technologies for both retailers and shoppers, real-time data must power them. This enables them to react to events at the moment and provide personalized experiences for omnichannel consumers.

Enhanced Customer Service

Even as COVID-19 has pushed consumers to shop more online, many prefer the experience of browsing in stores. As more of us shop in stores, retailers must focus on providing personalized customer service to maximize the value of their brick-and-mortar operations.
This requires a deep level of personalization that can only be accomplished with a real-time customer data platform. An enterprise CDP can ingest and serve up a complete customer record across all channels in milliseconds, allowing retail associates to deliver personalized one-to-one engagement remotely and in person.
For example, a digital associate can leverage data from a customer’s mobile shopping app to provide personalized guidance and product recommendations. Similarly, an in-store associate can use data from a customer’s purchase history to provide more relevant help and advice when assisting a customer with returns or other issues.

Increased Conversion Rates

Regardless of the size of your ecommerce business, conversion rates are high on your list of goals and KPIs. Generally speaking, a conversion is any desired action a website or app receives, such as clicking a button, purchasing an item, or even simply becoming a customer.
Fortunately for retailers, technology provides a way to instantly convert conversions without needing to meet consumers or travel physically. A centralized data hub, such as an enterprise CDP (customer data platform), is a powerful tool that ingests real-time customer data from any channel and delivers it in milliseconds.
By leveraging this real-time data, brands can offer a seamless, omnichannel shopping experience that exceeds customers’ expectations. A recent study found that consumers are willing to pay more for products when they can be delivered instantly.

Enhanced Brand Awareness

A brand’s awareness level is a key indicator of its value and competitive advantage. A high level of recognition is what leads to customer loyalty, which has a direct impact on revenue.
Increasing brand awareness is one of the main reasons why companies invest in marketing campaigns. But how do they measure the success of those campaigns? Thankfully, there are many ways to track and measure the effectiveness of marketing efforts.
In addition to traditional methods such as TV and radio ads, companies also use social media and influencer campaigns to boost brand awareness. But the most effective way to increase brand awareness is to engage with your target audience in real-time. This allows your company to deliver personalized content that will capture their attention and interest.
For example, brands have embraced live commerce. This new retailing model lets consumers shop with advisors over the video, saving time and money traveling to shopping centers. In addition, this type of shopping is fun and engaging. It allows customers to connect with their favorite brands and feel like they are part of a community.
Retailers need real-time systems, especially as global pandemics and supply chain volatility impact mission-critical customer experiences. A CDP is a cornerstone for these initiatives, providing a rapid means of ingesting data from all sources, unifying and activating it at the moment, and delivering highly personalized experiences.

Click & Collect

Consumers who use click-and-collect are typically time-pressed shoppers looking for a convenient shopping experience. They’re also often tech-savvy and looking for new ways to shop online.
For retailers, click-and-collect offers are a great way to drive additional ecommerce sales and offer customers a more cost-effective delivery option than home delivery. In addition, it eliminates the costly last-mile delivery leg, which accounts for up to 53% of total shipping costs.
However, ensuring your stores are staffed appropriately is important to support in-store foot traffic and click-and-collect orders. In addition, you need to ensure your website and mobile app provide clear instructions about where to find in-store pickup locations and curbside pickup.