Futurists have long dreamed of consoles in every home where you could ‘browse catalogs’ via a screen and order merchandise with the touch of a button. But imagination was no match for the limitations in technology and cost. Remember the Picturephone? Bell Labs predicted video calling to be a billion-dollar business by 1980. We all know how that turned out.
In the 80’s we had TV networks like QVC, and later HSN devoted to nothing but shopping. These networks had devoted followings and made massive profits. The owners of these networks sought out novel products and inventions and launched them to a nationwide audience. QVC and the like can be considered the grandfather of DTC brands. While not exactly ‘shoppable video,’ it was a precursor to interactive eCommerce.
Fast forward to the present day. The barriers and limitations to interactive video have been broken. Video is quick, persuasive, and easy to consume. We now consume more video than any other type of medium.
The rapid pace of mobile technology has put the world’s information at our fingertips and the opportunity to buy anything from anywhere in the world. A mobile consumer base exponentially increases the potential market share for any eCommerce brand that can leverage video content.
The current COVID-19 world has put eCommerce front and center in retail. Businesses have experienced massive growth – and according to Adobe Insights have ‘accelerated growth by 4-6 years’ in just a matter of months.
The use of video in eCommerce is increasing exponentially. Consumers now rely on product demos, reviews, and unboxing videos for their product recommendations. Influencers increasingly use video for their product endorsements. And brands, who know that video is easily consumable, create, deploy, and remix shareable video segments to increase engagement.
A recent survey by the Interactive Advertising Bureau (IAB US) of Direct to Consumer brands found the number of brands that planned to integrate shoppable video into their ad strategies grew by 10% from 2018 to 2019.
This number is expected to rise as brands seek to capitalize on more screen-focused consumers during COVID-19 restrictions.
This phenomenon only presents more opportunities for savvy eCommerce brands and merchants to leverage more creative selling channels like shoppable video.
A prime example of shoppable video is when the shopping experience meshes with other types of content. Imagine watching a show or a video and seeing a product within the shot that catches your eye. Instead of heading to Google in hopes of finding that same object, you could instead click on the object in the video and be taken to a purchase page. These experiences require visual cues to let the viewer know there’s a purchasing opportunity. The downside is that many of these experiences can be offputting to viewers.
Brands themselves produce other types of shoppable videos. This is different from overlaid shopping experiences on Over the Top (OTT) streaming video services. The consumer has arrived at the brand via search or intention, but using video can seal the deal to persuade potential consumers to buy.
Research shows that mobile shoppable ads with a call to action work better than those that do not include that type of message. One of the research’s key findings is that consumers like being presented with ads that allow them to shop - but before they hit that ‘Buy Now’ button, consumers typically want access to more information.
Video is here to stay, and the stats prove it:
You don’t have to be a top tier brand to offer shoppable video to your customers. There are now many platforms and tools available that can help you create awareness and upsell your products with shoppable video and social media tools.
We’re still in the early days of shoppable video. But as technology evolves and brands and agencies create new and immersive content and experiences, you can be confident that consumer adoption will only grow.
Photo by Kon Karampelas on Unsplash
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