Just last month, Singapore‘s first “网红” (internet celebrity) was borne. Lerine Yeo, or affectionately known in the online community as the ‘S-hook sales lady” sold 100 pieces of “holey” shirts and shot to fame in just a few days, garnering more than 2 million views. She had just demonstrated the huge potential of live streaming.
So how did she do it?
In our recent Alibaba Global Course Series: New Marketing in April 2018, we shared about the new trends in marketing and one of the hot topic was live-streaming, which blends entertainment into e-commerce, giving the buzz word, entertainmerce. According to Chinese Renaissance Securities, in 2016 live-streaming produced revenues of more than 30 billion yuan ($4.3 billion). This figure is to increase by more than 300% by 2020.
What about Singapore? Platforms such as Facebook Live, YouTube Live Streaming, Instagram Live and others are just some avenues you can explore.
Interaction with consumers is the key ingredient for entertainmerce success, allowing customers to interact real-time with the host, akin to chatting with your friends.
SIRS analysed the 3 things Ms Yeo has done right and how you too can apply to your business:
1.Know your audience and relate to them:
She uses terms that are very relatable to her Singapore audiences. From her natural Singlish to the everyday life scenarios such as buying “kueh png” (chicken rice) at the market and having “no hands to carry”.
Identify your target groups based on your product by analysing their age, preferences and shopping habits.
2.State the unique selling points of your products
While it was merely a black top with some holes, but she was able to creatively highlight the selling point to her targeted group of female shoppers who have difficulty holding on to the many things bought during shopping.
What pain points do your products solve for your audience? Can you creatively bring out the features of your products? React honestly to your audiences’ feedback and questions.
3.Create your personal brand
She has established herself as someone candid. Her sense of humour was entertaining and made her audiences feel that it was not just a sales pitch but an entertaining comedy. They can trust her with their honest opinions and feedbacks.
Creating your personal branding allows the right brands to look for you for brand endorsement. Your personal brand also enable your consumers to remember you .
*SIRS brings you a four-part Alibaba Global Course Series to deep dive into key topics that allow you to make the most of New Retail to achieve your e-commerce success. Keep a look out on our Facebook for the second series ‘New Retail’, happening in March 2019!
The retail industry has undergone massive transformation in the last 10 years. The use of social media, flexibility of payment, improved logistics, and the prevalent use of smartphones have contributed to the rapid growth of the online retail scene.
Since the 1990s, internet companies such as Yahoo, eBay, and Amazon have been providing excellent platforms for information sharing on brands and prices to potential consumers overseas. In the early 2000s, forums like CozyCot and Flowerpod provided platforms for strangers with common interests to communicate. These two developments became the essential factors for a “spree” to take place; strangers with a common buying interest come together online to meet a minimum order quantity required by overseas sellers and share the delivery cost. Consumers were the driving force of the start of online purchasing.
At the same time when forums were emerging, online weblogging, or ‘blog’ in short, was also gaining popularity. Individuals shared their views and opinions using user friendly templates on platforms such as BlogSpot and LiveJournal. Soon, these platforms became another avenue for blog owners to sell their products, thus leading to the birth of the blog-shop. Product images and information including specifications and price were readily displayed on blog-shops. Buyers could email their orders and make payment through bank or ATM transfers to the blog-shop owners. Blog-shops are also known as digital retail shops, with payment and back-end functions done offline.
As online retailing activities grew, it stimulated the development of online retail content management system (CMS) and digital payment methods. An online retail CMS through third party vendors, e.g. Shopcada, could be installed into a blog-shop, thus providing a more professional and easier to use interface for shoppers, with functions such as itemised pages in categories and add-to-cart check out. There would also be a back-end database that allowed sellers to track sales and inventory, and generate reports, transforming blog-shops into professional e-commerce websites. Local digital payment methods, such as iBanking, are also preferred over PayPal, an international digital currency that was common in the early days of Amazon and eBay.
In recent years, e-marketplaces like Qoo10, Alibaba, Taobao, and Lazada, are seeing increasing popularity with consumers. These websites provide buyers with a one-stop shop convenience, allowing consumers to buy from many different retailers under one website. Coupled with strong marketing efforts including festive promotions, customer relationship management, membership status rewards, customer reactivation campaigns, search engine optimisation and search engine marketing, these e-marketplaces are fast becoming favourites of sellers. The zero set-up cost and user-friendly templates of these e-marketplaces have also kept the barrier of entry to this business low in Singapore.
What is the next development in e-retail world? Will you be the next entrepreneur?