Everyone has different purposes and goals with their investment in live shopping. Some get intrigued by the possibility of going live, having fun with the format and receiving some engagement as a bonus. Others have crystal-clear KPIs that control every aspect of the events. This article will show you what metrics you can measure with Streamify’s informative dashboards – and real data examples for our clients.
If you don’t measure, you’ll never see results and can never improve. But as we just mentioned, brands have different goals with live shopping. Because of that, it’s entirely up to you what metrics to focus on.
For example, you may want 5,000 viewers at your live event. In that case, you must focus on driving traffic from other existing channels, such as social media and e-mail. You may want to answer at least 15 questions during every event to increase engagement. Then, you have to implement a strategy where viewers are encouraged to ask questions (and have a moderator who can answer them).
Setting goals is always a hypothesis. If you haven’t gone live and have no available data, looking at existing channels is the way to go. Let’s assume your brand has 50,000 Instagram followers, 8,000 Facebook followers and 1,500 people on your email list. Considering this is a new format for your brand – what’s reasonable?
Naturally, it all depends on the time you spend and the efforts you make. Even getting 300 viewers for your first live shopping event could be a challenge if the theme is very niche and you’re trying to reach a particular segment of your target group. But that number could quickly increase to 5,000 engaged viewers in weeks if you’re consistent and use available data to strategise accordingly.
Some of the stats you’ll see below will seem quite high. But if your results are on the lower end, you shouldn’t despair. Because, as we’ve mentioned, all brands have different purposes. Some want many viewers to increase brand awareness, some already have strong brand awareness and only want engagement, and some might only use their live shopping for campaigns and want to drive as many purchases as possible.
The above statistics are from one of our clients in the fashion industry. They’ve been broadcasting live shopping for approximately one year and have managed these beautiful results.
Live statistics are exactly what they sound like. Compared to on-demand statistics, it’s the statistics connected to viewers watching live. In this section of the Streamify dashboard, you’ll see the following statistics:
The graph above shows an example of on-demand statistics, specifically for a broadcast that was made on the 29th of August. As you can see, there is no activity on the broadcast before the date of the live event.
However, the amount of people watching after the live event is not zero. It’s actually not until about one week later that there’s no one watching the broadcast. This is why it’s so important to turn your finished events into a converting live shopping library – or the views and sales afterwards will be lost.
For those that really appreciate data and statistics, our Professional and Enterprise licenses are the way to go. With these licenses, you get a personalised performance report, with additional advice on how to improve your live shopping events.
Below, you’ll see four examples of stats being reported to four different clients on their report.
While these statistics are great, we’re constantly working to improve the way in which our customers can evaluate their investment in live shopping. Follow us on LinkedIn or keep your eye open on our Explore page for all our news and updates.
Have questions about Streamify or our dashboards? Don’t hesitate to contact us.