Social commerce and live stream shopping have seen a significant increase in popularity in recent years. But as we move into 2023, there are several key challenges that businesses will need to overcome in order to continue to thrive in this space.
1. Stay on top of rapidly changing technology
One of the biggest challenges facing social commerce and live stream shopping is the need for businesses to stay on top of rapidly changing consumer preferences and trends. With countless social media platforms and the increasing use of mobile devices, consumers have more options than ever before when it comes to shopping online. This means that businesses will need to stay up to date on the latest trends and technologies in order to remain competitive.
2. Navigate complex regulations and compliance requirements
Social commerce brands often have a hard time navigating the complex regulations and compliance requirements that come with operating in this space. Businesses need to ensure that they are following all relevant laws and regulations in order to avoid legal issues and protect the privacy of their customers.
3. Create effectively personalized shopping experiences
There’s a need to effectively personalize and tailor the shopping experience to the specific needs of individual customers. With the rise of social media and other digital channels, consumers are becoming increasingly accustomed to receiving personalized and tailored content. Businesses will need to use data and analytics to understand the unique preferences and needs of their customers and ensure that they provide them with a personalized shopping experience.
4. Deliver frictionless shopping experiences
E-commerce businesses need to provide a seamless and frictionless shopping experience for their customers. With the rise of social media and other digital channels, consumers increasingly expect to be able to shop from anywhere and at any time. Businesses will need to ensure that their social commerce and live-stream shopping platforms are optimized for mobile devices and that they are able to provide customers with a seamless shopping experience across all channels.
5. Invest in the right technology and infrastructure
With the increasing popularity of live stream shopping, businesses need to invest in the right technology and infrastructure to support live streaming. This includes investing in high-quality cameras, lighting, and sound equipment, as well as having a solid internet connection. Additionally, businesses need to have a dedicated team to handle the technical aspect of live streaming, such as troubleshooting, monitoring and managing the live stream, and engaging with the audience. This challenge can often be overcome by choosing to outsource the work to an outside creator. Logie’s technology makes it this
6. Find an effective way to collaborate with influencers
Another challenge that businesses will face is the need to effectively partner and collaborate with influencers and other industry leaders. Social commerce and live stream shopping rely heavily on influencer marketing and partnerships to drive sales and engagement. Businesses will need to develop effective strategies for identifying and working with influencers and other industry leaders in order to drive sales and engagement. Our technology at Logie addresses this challenge by using Artificial Intelligence to link each brand to the best-performing influencer in the specific niche.
7. Effectively measure and analyze performance
Brands must effectively measure and analyze the performance of their social commerce and live-stream shopping efforts. With the rise of social media and other digital channels, businesses will need to use data and analytics to understand the effectiveness of their campaigns and to identify areas for improvement.
Social commerce and live stream shopping are rapidly evolving and becoming more popular, but brands will need to overcome a number of key challenges in order to continue to thrive in this space. Businesses that are able to effectively address these challenges will be well-positioned to succeed in the rapidly evolving social commerce and live stream shopping landscape of 2023.