How live streaming and new digital channels are helping retailers?

Retailers are building compelling brand narratives by streamlining new digital channels and supporting meaningful personalizations. 

The Covid-19 pandemic has changed the way retailers operate. The brick and mortar store owners who mostly depended upon foot traffic have been reeling under pressure since the lockdown began. Even after the government lifted the lockdown, most people aren’t going back to their favorite mom-and-pop stores. Retail stores are looking at how to increase their online presence to regain their lost profits, for which they are coming up with diverse strategies. Some of them provide significant discounts on e-commerce platforms, while others use social listening to understand their customers’ wants and aspirations. And yet others are using live streaming to form a robust and long-lasting relationship with their customer base. 

This article will focus on how live streaming and new digital channels help retailers form a strong bond with customers.  

1. Build a compelling brand narrative

During the heights of the pandemic, brands that provided a compelling narrative did great business. People who could relate to the brand story bought their supplies from such brands and spread good word-of-mouth. Before going forward, let’s understand what brand narrative is?

A brand narrative is formed out of your company’s vision, mission, and values. And the more you adhere to them, the more the people build a deep connection with you.

Since the lockdown began, companies are using digital means to build a compelling brand narrative. Live streaming is one of them. Today, companies across different sectors are conducting live sessions, community meetings, and public forums to interact with their customers. Live streaming allows brands to reach out to prospects and customers through different channels like Facebook and YouTube. As the world becomes a digital village, live streaming will become an even more substantial communication mode between companies and their customers. 

2. Explore digital channels to maximize your sales.

Digital channels were on the rise even before the pandemic hit. But they have soared to new heights due to the outbreak of the virus. Live streaming has emerged as one of the best options to highlight a company’s products and services to millions of people without making significant marketing investments. In live streaming, a famous public figure — actor, singer, dancer — becomes the brand’s face. They communicate the brand ideals and share product features with their fans on their social media page. The company can leverage the celebrity’s image to sell their products. Social media platforms like TikTok and Instagram are making it easy to do this. 

Live streaming has already become a multi-billion dollar business in China. Last year, the Shanghai fashion event was conducted entirely online. It also allowed people to buy in real-time while watching the event on their mobile devices.

Also Read: Analyze Digital Marketing Efforts with CRM Software

3. Customer engagement and personalization is the key.

Customer engagement has become one of the most critical strategies for all types of companies. And the central part of it is data. The more customer-centric data you have, the better engagement strategies you will make. It calls for investing in top-notch data analytics software systems that collect essential data points like:

1. Demographic details
2. Geographic details
3. Behavioral details
4. Psychographic details
5. Past purchasing patterns
6. Wishlists
7. Customer desires and ambitions

Once you have such data points, you can brainstorm effective marketing strategies and increase your revenues. Further, it also helps to provide personalized customer experiences by giving a comprehensive outlook of customer profiles.

Also Read: Customer Engagement, Social Media and Mobile CRM

Conclusion

In the post-covid-era, investments in live streaming and digital channels is going to increase exponentially. Companies must explore new mediums to connect with their audience and deliver top-notch services across multiple touchpoints. Businesses must concentrate on building robust and long-lasting relationships with their customers, and digital mediums are the best ways to do it. They should start by implementing Customer Relationship Management (CRM) software, which provides multiple functionalities, including live streaming and delivering across various touchpoints.

At Sage Software Solutions (P) Ltd., we are home to world-class ERP software and CRM software that will solidify your business tech support fundamentals and enable you to build a customer-centric organization. To know more about it, SMS SAGE to 56767. You can also write to us at sales@sagesoftware.co.in

Disclaimer: All the information, views, and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views, or objectives of Sage Software Solutions (P) Ltd.