The Future of Ecommerce is Video Commerce. Here’s Why.
Shoppable video and video commerce is the future of ecommerce. Quite redundant, right?
Well, that’s the reality of things as they stand. Platforms like YouTube and Twitch have grown significantly in the past few years.
The algorithms of these platforms made creators flock towards the platforms to get their voice heard.
The video commerce phenomenon is not limited to the west. It’s a huge trend the world over.
With the growth of internet and local streaming platforms, the video
Creators and companies have partnered with one another all over the world to advertise their products and services.
Shoppable videos are videos intended for conversions. Sounds a bit too simple, doesn’t it? Well, at its surface, that’s what shoppable video is all about.
You have a video featuring or sponsoring a product. With the product pitch, you have a link that users can click to purchase the product. Usually, the link comes with a discounts incentive to give the users a chance to purchase.
With video content being more engaging these days, sites have integrated systems through which you can click on a video, and then be led to the product itself.
The video ads are clickable and once you click on it, you are redirected from Facebook to the product.
Speaking of Facebook, it’s sister companies Instagram, and video content competitor YouTube are ensuring that the video commerce trend takes off. It makes sense since it’s innovative, and comes under the major umbrella of entertainment commerce.
Now, how would you go about setting up a shoppable video?
Well, it depends on what you’re trying to do. You can set up a simple ecommerce video highlighting the benefits of the product.
If you have a big enough budget, you can get more technical with the production of your video. In both cases, you need to have some way for users to purchase your products. This makes adding a link to your profile very important.
To get the most out of your videos, you need to understand the semantics of it.
Besides having a presence on YouTube, Facebook, Instagram, and other platforms, having a platform dedicated solely to your ecommerce store without having any third-party app is beneficial.
With a video commerce platform, you can host your ecommerce videos on your website without having to rely on YouTube or any other app.
Of course, you can embed the video content to display it on the platforms. But in general, it allows users to stay within the bounds of your site, watch the video, and purchase it directly from there.
This is a great way to increase the shopping time and conversion rates of your store.
A video ecommerce platform allows you to tap into a massive business opportunity that not many people are not getting on board with. The best course of action is to take action now.
With the pandemic, most of the business world came online.
The likes of Amazon’s soaring profits have led many to take their ecommerce operations more seriously.
Companies are now investing heavily on a concept called Shoppertainment: a combination of shopping mixed with a touch of entertainment.
You can see it with the Netflix effect which led to an increase in the sales of green tracksuits and chessboards that were displayed on their respective shows.
Besides that, you have interactive video content. Taking the example of Netflix again, you have the likes of Netflix’s Black Mirror: Bandersnatch, which is an interactive movie and entirely up to the player to decide the outcome.
Now, this isn’t specifically related to commerce but rather a unique way to present video content.
Speaking from a purely commercial perspective, video content is very powerful.
If you’re a business looking to target the younger generation of the demographic, then video content is your prime solution. With platforms like YouTube seeing 500 hours of content being uploaded every minute, it makes sense that you invest in the prospect as quickly as possible.
There are many locations you can point to for this. The first one is obviously the rise of video platforms like YouTube and Facebook Watch, and TikTok. But there is a second correlation that we can point towards: the rise of mobile phone usage and the internet.
Smartphones and the internet is cheap today than it was before. Because of this, people are getting connected to the internet in huge numbers.
It’s become a part of their daily life. Since the majority of entertainment is found on the platforms that we’ve discussed before.
Companies and individuals present on those platforms provide users with curated content that is monetized either through the platform itself or through a sponsor.
As a business operating for profit on these platforms, you can either take on the role of an influencer yourself. Alternatively, you can become the sponsor.
The beauty side of YouTube and Social Media is filled with such examples. Companies partner with influencers to promote their products.
From cosmetics to clothing, there are no shortage of influencers and sponsors available. The end goal is to use the platform to jumpstart the business.
As a brand, you need to ramp up your content creation as much as possible. While streaming services can be used to advertise products and services, there is no denying the importance of original content.
In our post on minute burger, we discussed how companies can leverage entertainment content to sell more products. In a similar manner in Asia, Alibaba has partnered with Bilbilli to leverage video content to their advantage. You also have the likes of WeChat, which is slowly dominating the ecommerce sphere after becoming one of the major payment platforms in China.
Whatever industry and whatever region you’re in, the modern consumer requires personalization. With the recent rise of video streaming, there is almost an endless reservoir available to you at this point.
At this point.
Yes, that’s the keyword here. You need to work on it as quickly as you can since there will be people who will jump on the video commerce trend and establish themselves before you do.
To get your website equipped with video commerce, you need a solid development partner with you. Codup provides web development services that delivers a seamless integration for video content. Contact Codup today to get started.