George Minakakis

Welcome to the future of retailing, one continuous giant experiment. Is livestreaming another disruptive component in retail? We have to keep in mind that China moved a lot faster on e-commerce and livestreaming because they did two things. First, they skipped a lot of technological learning curves and jumped right into mobile phones, bypassing the infrastructure pain and limitations of landlines. According to iresearch.cn in 2019 mobile transactions were approximately 85% Chinese consumer purchases.

Chinese consumers are protective of their free time from work, looking for greater convenience, and are very health conscious. I am not surprised at livestreaming being popular, couple that with the pandemic suddenly 30% of the population is watching. But there is an art to this. A colourful host/influencer, product that is attractive and in short supply on the product that creates a sense of urgency, as a must have in your wardrobe or in your home. There is a lot of production planning, creativity, execution, and the ability to respond to live requests. It must be engaging and entertaining or your platform can lose interest fast. Retailing in China continues its evolution as it did when I led and built a 200-store chain there.

George Minakakis is the CEO Inception Retail Group Inc. and author of The New Bricks & Mortar – Future Proofing Retail. He’s also a co-host on The Business of Retail podcast.

Gary Newbury

Retailers continue to be at the digital/physical crossroads as they look for more engaging ways to attract consumers to their proposition beyond their store and website, especially during the lockdowns. Social channels, including Instagram, Twitter and Facebook continue to be a strong source to attract consumers and their orders during this period, however, “more live” aspects, as facilitated via apps like TikTok have really caught consumers’ interest. Livestreaming is a natural progression of this, especially with its high adoption in China, where we tend to look for what’s coming down the digital wire to North America.

Linking livestream and the appropriate influencers looks like a winning formula for retailers, especially in apparel, fashion and luxury who have been placed in and out of lockdown restrictions many times over the last fifteen months. The success of this event should be a signal to other market participants within these categories and beyond, continuous innovation is required to keep top of mind for consumers. The key now, beyond the promise of value, is to make sure consumer orders are fulfilled with the delivery options and convenience they expect.

Gary Newbury is a GTA based Senior Exec On Call at RetailAID, focused on helping consumer driven supply chains to be agile, be innovative and be digital through supply chain transformation. Gary is a Co-Host on The Business of Retail podcast.

David Ian Gray

“It has great potential and makes a lot of sense for the right brands and shopper situations. However, there are cautions. The first adopters in their categories will create lots of buzz. I have no doubt it will generate sales if executed decently. However, once every brand is doing it, it will quickly overwhelm shoppers and not be special anymore. Just like apps. Consumers only use about 5-6 third-party apps on their phones. Yet how many businesses say, ‘we need to create an app’? At that point, it will be the ones who are strategic and purposeful with why they are doing it and how it bridges customer and business needs. Just bolting it on as a sales tactic won’t meet exec expectations long run without purpose and support.”

David Ian Gray is the Founder/Principal of DIG360 and is a Co-Host on The Business of Retail podcast.

Farla Efros

I believe strongly in the value and benefits of livestreaming in reaching consumers. About 80% of people are more likely to watch a video versus reading a blog. The massive increase in the amount of video content consumed, which has led to video and live streaming features from Facebook, Instagram, Twitter, Snap Chat etc.

The key benefits of livestreaming as a key tool for retailers as described below:

• Accessibility- this allows consumers to get to know and trust a brand before spending money
• Larger Audience – this allows brands to engage with people that do not know them. Livestreaming can attract people you did not know and provide them with a “behind the scenes” experience so they can build a stronger connection with your brand
• Rise of Smartphones and Unlimited Data — as virtually everyone has a smartphone, allowing people to watch livestreams any time and any place
• Improved ROI—livestreaming is interactive which both draws more viewers and is viewed as much as three times longer than a standard video
• Build Relationships with your consumers, giving your brand a personality, a face and voice which can translate into increased credibility and trust.
• Working with Influencers more effectively to become your brand ambassador and host the livestream to keep the audience tuned in and draw more eyes & clicks to your brand.

Farla Efros is President of HRC Retail Advisory, a leading retail consulting firm focused on enhancing retail profitability.

Bruce Winder

“I have read a great deal about live streaming events in Asia and the US and think it is a great example of how a Canadian retailer can innovate. Bravo!

We have all witnessed the growth of e-commerce during the pandemic and it is safe to assume a great deal of it will continue on after this nightmare ends. The livestreaming medium also offers the potential for tremendous excitement and capitalizes on impulse sales through mobile technology.  The event helps customers engage with the brand and telegraphs that something is different about Aldo as they look to reinvent themselves.

I think we are going to see an explosion of sales in fashion as customers have, for the most part, been confined to their dwellings for the last year plus – wearing track pants, sweatshirts and slippers. It sounds like a cliché but I anticipate a roaring twenties-esque social scene for at least a year after we open up our economy. People will be buying fashion like never before and making up for lost time to live their best lives.”

Bruce Winder is a Retail Analyst – Author of RETAIL Before, During & After COVID-19 (Available on Amazon), Consultant, Speaker, Instructor, Neurodiverse, Artist