When Live Goes Digital, Businesses Have Opportunities To Thrive
Live video technology has grown in importance with businesses transitioning their people to work from home and consumers’ behavior changing due to lockdowns and social distancing restrictions. With that in mind, how can the local SME community leverage the technology to keep connecting with their customers and to keep growing their business despite these challenging times?
While live streaming and video conferencing are relatively recent developments, these technologies have already experienced a new lease of life and become part and parcel of our everyday lives. This was not necessarily the case till perhaps even a year ago when it was still viewed as a novelty – limited to either youths who followed the live streams of their favourite social media influencers or those in the workplace who mainly used it for video conference meetings.
Now, because of the COVID-19 pandemic, this has all changed and the live streaming and video trend has reached new levels of applications and adoption. More and more big brands and small businesses are turning to live streaming on social media to connect with their customers and sell their products through platforms such as the Facebook Marketplace Community while Instagram Live and Stories has trialed the Checkout feature that allows users to browse, shop and pay for products without leaving the app. In addition to this, live commerce – a fusion of live streaming and e-commerce – is also fast transforming how people shop and providing businesses more possibilities and opportunities to survive and thrive.
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The versatility of video conferencing
Once confined to the corporate jungle, live video conferencing technology has been set free from the business world wilderness and is now used in all sorts of environments. One such example is in the field of education where Singapore schools, across all levels, had to implement Home-Based Learning during the Circuit Breaker period.
This also led to an increasing number of local tuition and enrichment centres adopting live video conferencing together with interactive digital tools such as virtual whiteboards like Google’s Jamboard – in order to cater to concerned parents and motivated students looking to fulfill their learning needs despite the enforced closures and limited lesson and school going time.
Even with the reopening of these education and enrichment centres, live video conferencing still proved popular as there were only a limited number of physical spaces available due to the smaller classroom sizes because of social distancing rules. In addition to this, many anxious parents would also rather their children not attend classes in-person but prefer them to learn in the safety and comfort of their own home.