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On 11th of January 2021, our Prime Minister has announced a second Movement Control Order (MCO) hoping to curb the spread of COVID-19. The MCO will start from 13th to 26th of January initially and further extended to 4th of February, many influencers were affected due to not being able to go out for work as they are not considered as essential economic sectors.
Promoting products through live streaming has become an important promotional tool during the pandemic. Other than influencers, we have also seen celebrities or entrepreneurs are hopping on the bandwagon. One of the examples would be the Singaporean actor – Wang Lei who started streaming on his Facebook page to sell seafood and made hundreds of sales with his fame and humourous way of speaking. Today, we will be discussing how the new influencer + live streaming trend can help your business to grow.
The rise of the live streaming industry
According to statistics, 52% of the netizens across the Asia region and over 33% of Chinese netizens have experienced live streaming using broadcasting software, showing that live streaming is actually common in Asia. Due to the COVID-19 pandemic, the industry has been expanding rapidly. It is estimated that the industry will gain revenue of over 70 billion dollars by the year 2021.
Live streaming has changed the way influencers interact with their audiences forever, for they are able to respond to their comments instantly through the screen. Study shows that 50% of the broadcasters think that online interaction is just as important as face-to-face interactions. Cloudbreakr has also found that among the different categories of influencers, gaming enthusiasts and vloggers have the highest average engagement rate, which is 3.71% and 3.38%. Brands who have used live streaming as their promotional tool has gained huge success in terms of exposure and converting sales due to the instantaneity of live streaming.
Trusted and reliable method of promotion
79% of marketers agreed that live streaming is reliable, for the interaction between influencers and audiences are instant. According to the statistics from Facebook Live, people spend more than 3 times longer watching Facebook Live videos compared to pre-recorded videos, and the comments on the live-streamed videos are 10 times more than pre-recorded videos. Hence, Live streaming is more effective in delivering a brand message and spreading the brand’s philosophy.
Besides, brands are able to slot in a Q&A session during the live stream, allowing influencers to respond directly to the questions from the audiences. It also allows the audiences to provide constructive feedback and improve the relationship between brands and their customers.
A great tool to develop e-commerce
It is not a secret that online shopping platforms have been expanding rapidly in recent years, and we believe that e-commerce still has a lot of potential for the upcoming years in the Malaysian market. Zalora, Lazada, and Shopee are currently the top 3 online shopping platform in Malaysia. According to Janio Asia, Malaysia’s consumer goods eCommerce market hit US$4.3 billion in 2020 and is expected to grow to US$5.9 billion by 2024, making it one of SEA’s strongest eCommerce markets.
The second-largest economy in the world, China has contributed around RM260 billion in 2019 alone and it is still growing at a staggering rate – the sales and marketing potential for Malaysian brands looking to sell to China are obvious.
According to Bernama News, in 2019, a group of live streaming influencers were invited to promote a selection of Malaysian brands to the China market, as part of Alibaba Group’s annual ‘Malaysia Week’ campaign. The live streaming approach was wildly successful, with more than 80,000 bottles of birds’ nests sold in five minutes, and more than 3,000 units of Boh Tea packs sold in just three seconds.
The 2020’s Malaysia Week extended the success of promoting local brands through live streaming. More than 80 million viewers tuned in on Taobao Live at the peak, contributing to staggering sales milestones like 20,000 packs of durian snow skin mooncakes selling out in just seconds, 2,000 Musang King durians snatched up in 15 minutes, and well-known bird’s nest brand, PT Swift selling over 120,000 grams of dried bird’s nest in five minutes.
Through live streaming, influencers are able to present the product and provide instant feedback, which is more convincing compared to a sponsored post. Brands can also make a limited time offer to urge the audiences to make a purchase, ultimately increasing sales.
Enhancing the brand’s reach on the internet
By only using a smartphone with internet connectivity, live streaming has allowed the brand to reach out to audiences from another region and exploring new markets while maintaining the relationship with the existing customers. At such a rate of development for the live streaming industry, we believe that brands will continue to allocate more resources in it to use it as part of their online marketing strategy and the potential of the industry is limitless.
In order to keep up with the trend of live streaming, Cloudbreakr has introduced the Live Streaming Package for SMEs alongside with the SME Package 2.0 we have just launched in early 2021. Aiming to help you to increase brand awareness and boost sales. For more information, feel free to SIGN UP now and get a FREE business consultation TODAY!