Live Streaming For Business: Best Trends To Use In 2024

Live Streaming For Business

Online shopping has gone a long way, especially during the pandemic when mandatory lockdowns were in place and prevented people from purchasing their essentials. As more and more turned to online shopping, the onset of live streaming for business began. With 97% of Gen Z consumers turning to social media for shopping inspiration, live streaming has opened doors for eCommerce businesses to explore. 

As a digital marketing agency, we’ve seen how live streaming has evolved from a niche medium to a central component of business strategies worldwide. For Singaporean businesses looking to engage customers in real time, live streaming offers an unrivalled opportunity to drive engagement, boost brand loyalty, and increase conversions. 

In this article, we’ll explore the benefits of live streaming, highlight key trends for 2024, and look at how AI is shaping the future of this powerful marketing tool.

What is Live Streaming for Business?

live streaming for business - What is Live Streaming for Business

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Live streaming has seen immense growth in recent years. Its growth is even expected to make up 20% of eCommerce sales in the next couple of years. Unlike teleshopping, live streaming has revolutionised eCommerce since it uses influencers and celebrities to highlight a brand’s products in the video. They have changed the format of these videos from forced infomercials to more authentic endorsements.

The growth of this online shopping experience can be attributed to China, where a significant impact has been witnessed. The first eCommerce sites that experimented with this strategy were Mogujie and Alibaba’s Taobao in 2014 and 2015, respectively. Years later, Kim Kardashian also collaborated with a Taobao streamer, which allowed her to sell 150,000 KKW Fragrance bottles during the live stream.

The broadcast had over 13 million viewers, which led to all her products getting sold out in just minutes.  

The Benefits of Live Streaming for Businesses

live streaming for business - The Benefits of Live Streaming for Businesses

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Businesses in Singapore have also ventured into this marketing strategy and reaped its benefits. With 80% of audiences now preferring to watch live videos instead of reading a brand’s blog, the success of live streaming as an eCommerce tool cannot be denied. 

Here are some of the benefits that live streaming produces for businesses:

  • Enhanced Audience Engagement: Live streaming provides an interactive platform where businesses can connect with their audiences in real-time. Whether it’s a product launch, a Q&A session, or a behind-the-scenes tour, the immediacy of live content draws viewers in. The ability to engage through live chats, polls, and Q&A sessions makes it easy for businesses to foster deeper connections with their audiences.
  • Increased Brand Authenticity: In a world saturated with polished, pre-recorded content, live streaming offers authenticity. Brands can showcase their human side, whether through live customer interactions, impromptu moments, or even the occasional technical glitch. This unscripted nature builds trust, as customers see brands in a more personal and relatable light.
  • Cost-Effective Marketing: For businesses in Singapore, especially small and medium enterprises (SMEs), live streaming is a cost-effective alternative to traditional marketing channels. With minimal equipment and platform investment, businesses can reach hundreds, if not thousands, of viewers without hefty production costs. The potential for viral reach further amplifies this value.
  • Boost in Conversion Rates: The immediacy of live streaming creates a sense of urgency, leading to higher conversion rates. Whether it’s a limited-time offer or an exclusive product launch, live interactions with viewers often encourage impulse purchases. Studies show that customers are more likely to act when they feel part of an exclusive, time-sensitive event.

Key Live Streaming Trends in 2024: When to Go Live

Live streaming is an art. It’s important that you know when best to use it for your business. Although it may be tempting to go live at every chance you get, it’s not the best idea. You have to know when the best time is to go live and what you need to talk about during that session. 

Here are the instances when your business should go live: 

1. Shoppable Live Streaming

live streaming for business - Shoppable Live Streaming

Image Credit: Restream

eCommerce and live streaming have become a match made in heaven. Platforms like Instagram, TikTok, and YouTube now offer integrated shopping features, allowing viewers to purchase products directly from a live stream. Imagine hosting a product demo and letting viewers purchase the featured items with a click—this is the future of online shopping. 

For Singaporean businesses, embracing shoppable live streaming can help turn engagement into immediate sales.

Best Practices for Doing a Shoppable Live Streaming Video:

  • Define Clear Objectives: Before going live, establish specific goals for your session. Having a clear purpose will help structure your content and keep your audience engaged.
  • Invest in Quality Equipment: Ensure you have good lighting, clear audio, and a decent camera to create a professional-looking stream that reflects well on your brand.
  • Promote Your Live Stream in Advance: Build anticipation by marketing your live stream ahead of time through social media, email newsletters, and your website.
  • Engage with Your Audience: Real-time interaction is essential in live streaming. Respond to comments, answer questions, and acknowledge viewers to foster a sense of community. 
  • Incorporate Shoppable Features: Make it easy for viewers to purchase products directly during the live stream by integrating shoppable links and demonstrations. 
  • Analyse Performance Post-Event: After each live session, review analytics to understand viewer engagement and sales performance.  
  • Repurpose Content: Record your live streams and repurpose them as video-on-demand (VOD) content. This allows you to reach audiences who missed the live event and extends the life of your content.
  • Stay Updated with Trends: The live-streaming landscape is evolving rapidly. Keep an eye on emerging trends such as AI integration and augmented reality features that can enhance the shopping experience.

By following these best practices, local businesses in Singapore can effectively harness the potential of shoppable live streaming to connect with their audience, boost sales, and create memorable shopping experiences.

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2. Interactive Webinars and Product Demos

live streaming for business - Interactive Webinars and Product Demos

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Webinars have been around for some time, but in 2024, they’re evolving into highly interactive sessions. By incorporating live polls, quizzes, and Q&A sessions, businesses can make their webinars more engaging. B2B companies, in particular, will find this useful for educational product demos or industry-specific workshops, where audience participation enhances the experience.

Best Practices for Doing an Interactive Webinar/Product Demo:

  • Know Your Audience: Tailor your content to address their specific needs and interests, which encourages participation and keeps them engaged throughout the session.
  • Choose Engaging Formats: Utilise various interactive formats such as Q&A sessions, polls, and breakout discussions.  
  • Provide Valuable Content: Deliver high-quality, relevant content that offers real value to your audience. Incorporate visuals and real-life examples to make your presentation more engaging.
  • Plan Thoroughly: Preparation is key. Create a detailed agenda that outlines the topics to be covered and allocate time for interaction. Ensure that your technology is tested in advance to avoid technical issues during the event.
  • Promote Your Event Effectively: Use multiple channels to promote your webinars, including social media, email newsletters, and your website. Highlight the benefits of attending and send reminders as the event date approaches to boost attendance.
  • Follow-Up Post-Event: After the webinar, send follow-up emails thanking participants for attending and providing access to recorded sessions or additional resources. This keeps the conversation going and can lead to further engagement or sales opportunities.

3. Influencer and Brand Collaborations

live streaming for business - Influencer and Brand Collaborations

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Influencer marketing continues to thrive, and in 2024, many influencers will be taking their audiences along with them on live streams. Collaborating with influencers allows businesses to tap into an existing, engaged audience while benefiting from the influencer’s authenticity. Singaporean brands, particularly in the fashion, beauty, and lifestyle sectors, can leverage these partnerships to reach a broader audience through influencer-hosted live events.

Why You Should Work With Micro-Influencers Instead of Big Influencers:

Reason Description
Higher Engagement Rates Micro-influencers typically achieve engagement rates of 6.6% to 8.8%, indicating that their audience is more likely to interact with their content and trust their recommendations.
Cost-Effectiveness Collaborating with micro-influencers is budget-friendly, as many charge less than $250 per post, allowing businesses to maximise their marketing spend.
Authentic Connections They cultivate genuine relationships with followers, leading to more authentic content that resonates and fosters trust, increasing the likelihood of conversions.
Access to Niche Markets Micro-influencers often specialise in specific niches, enabling businesses to effectively target particular communities and reach genuinely interested audiences.
Flexibility and Approachability Generally more accessible than larger influencers, micro-influencers are open to feedback and willing to collaborate closely with brands to create tailored content.

4. Broadcast Live Events

live streaming for business - Broadcast Live Events

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If you’re looking to share an event with your audience, live streaming is an excellent option. Broadcasting the real-time proceedings of your event creates an immersive experience, allowing viewers to feel as though they are part of the action. To enhance this experience, it’s useful to provide a clear agenda or an overview of the topics being covered, enabling your audience to follow along and engage through comments.

A survey by Livestream and New York Magazine found that 67% of viewers purchased tickets to an event after watching a similar one via live broadcast. This highlights that if your audience enjoys your live event, they are more likely to attend future events in person, potentially becoming valuable customers.

Here are the pros and cons of broadcasting your live event:

Pros Cons
Wider Audience Reach: Live streaming allows you to reach a larger audience beyond geographical limits, enabling more people to engage with your event. Potential Impact on Ticket Sales: If your event is ticketed, some attendees may opt to watch online instead of purchasing tickets, potentially decreasing in-person attendance.
Real-Time Interaction: Live events facilitate immediate audience interaction through Q&A sessions and comments, enhancing engagement and feedback. Technical Challenges: There’s no room for error; technical issues such as poor internet connection or audio problems can disrupt the experience and affect viewer satisfaction.
Cost-Effective: Broadcasting live can be more affordable than hosting large physical events, saving on venue and travel costs. Quality Control Issues: Maintaining high-quality audio and video can be challenging, especially if bandwidth is limited or equipment is inadequate.
Content Creation Opportunities: Live broadcasts create a library of content that can be repurposed for future marketing efforts, extending the value of your event. Limited Control Over Content: Unlike pre-recorded content, live streams offer limited control over unforeseen disruptions or negative interactions from the audience.

In conclusion, while broadcasting live events can significantly enhance your brand’s reach and engagement, it is essential to weigh these benefits against the potential drawbacks. By carefully planning and preparing for these challenges, your business can effectively leverage live streaming to connect with its audience and drive meaningful results.

5. Host Q&A Sessions

live streaming for business - Host Q&A Sessions

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In addition to showcasing events or products, businesses can utilise live streaming to address customer queries through Q&A sessions. All that’s required is a small space, an internet-connected recording device, and a knowledgeable speaker to host the session.

Q&A sessions are an excellent way to boost audience engagement and demonstrate that you value their input. To maximise their effectiveness, it’s advisable to focus on a few key topics rather than leaving it open to general questions. This approach helps ensure you address important concerns while maintaining the quality and direction of your live stream.

Things You Need to Know When Hosting a Q&A Session:

  • Firstly, thorough planning is essential: Organise a pre-event meeting with your team to outline the structure of the session, including the topics to be covered and the technology required. This preparation helps create a smooth experience for both presenters and viewers.
  • Next, promote your Q&A in advance: Use social media and email marketing to inform your audience about the event. Encourage them to submit questions beforehand, which not only generates interest but also allows you to prepare thoughtful responses.
  • During the live session, maintain a structured yet flexible format: Set time limits for each question to keep the discussion flowing and avoid going off-topic. Having a moderator can help manage questions and ensure that the conversation stays on track.
  • Additionally, engage with your audience in real-time: Personalise responses by addressing viewers by name and acknowledging their contributions. This interaction fosters a sense of community and encourages more participation.
  • Finally, consider recording the session for future use: Sharing the recording with attendees can extend engagement beyond the live event and provide valuable content for your marketing efforts.
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Which AI Tools Work Best in Live Streaming for Business?  

As technology evolves, so does the potential for live streaming. One of the most exciting developments for 2024 is the integration of artificial intelligence (AI) into live streaming platforms. 

AI tools are helping businesses improve the quality of live content, streamline customer interactions, and offer more personalised experiences. Here are some of the tools you need to set up before you go live:

1. AI Chatbots for Real-Time Customer Interaction

Handling hundreds of live comments during a stream can be challenging. AI chatbots offer a solution by engaging with customers in real time, answering common queries, and directing viewers to relevant resources. 

For example, an AI chatbot can provide product details or link to a purchase page, allowing businesses to maintain a high level of engagement without the need for a large customer service team.

2. AI-Powered Video Analytics

Understanding viewer behaviour during a live stream is key to optimising content. AI-powered video analytics track audience engagement, viewer sentiment, and watch-time patterns, allowing businesses to make real-time adjustments to content and marketing strategies. 

With AI, businesses can better understand what resonates with their audience and fine-tune future streams for maximum impact.

3. Automated Translations and Subtitles

Singapore is a multicultural hub, and businesses can benefit from reaching diverse audiences. AI-powered translation tools generate real-time subtitles, allowing businesses to cater to non-native speakers during live broadcasts. This can expand the reach of live streams to audiences who may otherwise struggle to engage with content in English alone.

4. Personalised Viewing Experiences with AI

AI algorithms can personalise live streaming content for individual viewers based on their behaviour, preferences, and past interactions. Imagine a live stream where product recommendations, promotions, or content are dynamically adjusted to suit each viewer’s interests. This level of personalisation can significantly increase customer satisfaction and conversion rates.

The Future of Live Streaming for Business in Singapore

The Future of Live Streaming for Business in Singapore

The uphill growth of businesses that have ventured into live streaming proves that it is not just a trend; it’s a powerful tool that continues to shape the future of businesses. From shoppable streams to AI-driven personalisation, 2024 presents exciting opportunities for businesses to capitalise on live streaming to engage their audiences, build trust, and drive sales. 

Whether you’re just starting or looking to enhance your current strategy, live streaming should be at the forefront of your marketing efforts. Singaporean businesses that embrace these trends will be well-positioned to stand out in an increasingly competitive digital landscape. Call us today to learn how we can help set up your strategy for live streaming for business. 

Frequently Asked Questions

What are the main benefits of live streaming for business?

Live streaming offers several key benefits for businesses. It enhances audience engagement by allowing real-time interaction, which helps create a more personal and authentic connection with viewers. Live streaming also provides a cost-effective marketing solution as it requires minimal resources compared to traditional media.

Additionally, businesses often see a boost in conversion rates, as live demonstrations and exclusive offers encourage impulse buying. Overall, live streaming helps build brand loyalty and reach wider audiences.

What are the top live streaming trends for businesses in 2024?

In 2024, the leading trends in live streaming for business include shoppable live streams, where viewers can purchase products directly from the broadcast. Interactive webinars, influencer-hosted streams, and AI-driven enhancements like real-time analytics and chatbots are also prominent trends. These tools help businesses create more engaging, personalised experiences that can directly impact sales and customer satisfaction.

How does AI improve live streaming for businesses?

AI is transforming live streaming by automating customer interactions through chatbots, providing real-time data analytics to optimise content, and offering personalised viewer experiences. AI can also generate automated translations and subtitles, helping businesses reach global audiences. These innovations allow businesses to deliver more efficient, engaging, and tailored live streaming experiences with minimal manual effort.

What platforms are best for live-streaming business events in 2024?

The best platforms for live-streaming business events depend on your target audience. For consumer-focused brands, Instagram, TikTok, and YouTube offer excellent shoppable live streaming features. For B2B businesses, LinkedIn and Zoom are ideal for webinars and professional presentations. It’s essential to choose a platform where your audience is most active to maximise engagement.

How can businesses ensure successful live-streaming events?

To ensure successful live-streaming events, businesses should choose the right platform, prepare engaging content, and actively interact with viewers throughout the stream. Using AI tools to automate responses and analyse audience behaviour can enhance efficiency.

Additionally, offering clear calls-to-action, such as shoppable links or special offers, can drive immediate engagement and sales. Proper planning, audience engagement, and leveraging the latest technology are key to a successful stream.

About the Author

tom koh seo expert singapore

Tom Koh

Tom is the CEO and Principal Consultant of MediaOne, a leading digital marketing agency. He has consulted for MNCs like Canon, Maybank, Capitaland, SingTel, ST Engineering, WWF, Cambridge University, as well as Government organisations like Enterprise Singapore, Ministry of Law, National Galleries, NTUC, e2i, SingHealth. His articles are published and referenced in CNA, Straits Times, MoneyFM, Financial Times, Yahoo! Finance, Hubspot, Zendesk, CIO Advisor.

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