The past year has been called the “retail apocalypse” by many, as the industry saw a record number of retail store closings and numerous high-profile bankruptcies. While some sectors of the economy struggle for survival in a sudden, new, harsh reality, e-commerce is again faced with massive demand.
In today’s environment, technology companies are creating innovative solutions to keep up with the changing retail behavior and demands from consumers, and it’s apparent that retail will never be the same. With millions of people confined to their homes in 2020, e-commerce experienced massive demand. The number of people buying goods online reached an all-time high.
With a retail model that is outdated and disappearing, ringID is leading the way toward an all-new e-commerce model that has gained momentum in recent years. It has developed a sophisticated live streaming ecosystem that is a mix between product education and entertainment.
RingID is redefining commerce by connecting manufacturers, wholesalers, and brands to consumers directly through live, interactive videos. These platforms also encourage and reward the user for regularly opening the app, bringing their friends to the platform, and achieving high scores in participating in casual entertainment that is native to the app.
The spread of COVID-19 and strict movement measures have given the rise to more instances of online shopping and spurred further growth in e-commerce. In particular, live streaming had gained prominence in recent years as a viable to market, communicate and sell products online. Consumers are shifting away from the traditional mass media and looking to mobile and electronic devices for information and entertainment.
Entertainment commerce offers a valuable solution to the problem of fashion brands burning their unwanted designs to keep them out of discount stores. Live Streaming platforms like ringID have exploded because they offer higher sales conversions and because “hosts,” or the streamers, are making money by running businesses from their bedrooms, warehouses, shops, or markets.
In fact, Major e-commerce and short-video platforms are now combining entertainment, commerce, and instant communication to create highly interactive shopping experiences. The old retail model is becoming a thing of the past, and it seems that the now all-too-familiar and dull experience of buying online is also getting an upgrade. It is clear that this new form of commerce has distinct advantages.
Therefore, the familiar and dull experience of buying online is becoming a thing of the past. Even before people were forced to spend more time at home, there were two key trends in ringID radically changing e-commerce, by adding entertainment to the mix: social buying and live commerce.
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