Undoubtedly, yes. Aside from the emerging and novel nature of this marketing technique, its characteristics can certainly place it within the realm of the Growth Hacking methodology.
Live Shopping Streaming
But before explaining how and why we associate this LSS technique with the GH method, let's understand what this phenomenon called Live Shopping Streaming is all about , which has been causing a stir around the world for several years.
The first thing that stands out is that it was born and expanded from China, although many might think it was predictable that it would have jamaica mobile database emerged in Silicon Valley. Things are undoubtedly changing, and some trends are starting to come from the East rather than the Wild West.
It all started on “Guanggun Jie” or Singles’ Day (the famous 11.11 invented by Alibaba ) in 2010 to create a kind of Black Friday and justify a day of “wild discounts” under the pretext that every Chinese citizen would have the opportunity to buy themselves a treat if they were single, although, currently, it is a Valentine’s Day that is given to couples and even loved ones.
In 2015, when Taobao , a platform also created by Alibaba, broadcast a spectacular gala on TV and streaming platforms to celebrate November 11th, it created a dynamic of sweepstakes and participation in which people could purchase certain products at incredible prices from the comfort of their homes. This video explains it well.
At this point, the Chinese giant's ideologists discovered that a combination of eye-catching offers, product explanations , and a dash of entertainment could boost sales and turn any day of the year into a "nearly 11/11," spurring exponential growth in e-commerce.
Between 2017 and 2019, sales grew 150% annually on Taobao thanks to Live Shopping, boosting the adoption of this new sales channel in other countries. In Europe, the expansion coincided with the COVID-19 phenomenon, which gave everyone more time to explore new developments and pay attention to these phenomena. 2021 will undoubtedly be the year of LSS in Spain.
As a starting point, this technology, developed in China, uses creativity and analytical thinking alongside engagement data, as it features a spectacular metrics panel that helps understand user behavior for each offer.
Principles of the Growth Hacking Methodology
Using all these metrics and analyzing their abundant data provides the opportunity to create a strategy for each product, boosting sales and faster business growth. In other words, it's based on the principles of the Growth Hacking methodology, and it's no coincidence.
Another phenomenon that can be extracted from the wealth of data from each Live Shopping Streaming broadcast is predictive selling. It's relatively easy to predict quantitative models based on the information collected in each LSS, the statistics, metrics, and percentages of the observed phenomena, to identify how each product is perceived by its target audience. This serves as a forecast of scenarios in future LSS, and, again, applies principles of the Growth Hacking methodology.
Finally, repeating Live Shopping Streaming, on a weekly or at least monthly basis, allows us to gain a deeper understanding of our buyer personas' psychology , allowing us to precisely identify the stimuli to which each user responds, making adjustments to offers, achieving the potential for hyper-personalization, creating LSSs dedicated to specific profiles, and impacting sales of certain products, stocks , or driving new launches. As we can see, the level of affinity with the Growth Hacking methodology is very high.
Can we consider the new Live Shopping Streaming technique a Growth Hacking tool?
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