Over the past year, interactive video formats have rapidly developed. Shoppable video and livestream video have been key tools for brands to use to connect with customers. But how do they compare and is one better at engaging than the other?
Let's take a look at the key differences and benefits of each format and how brands are using them to engage, inform and convert!
Summarising Shoppable Video:
Shoppable video is a clickable, interactive and monetised format that allows viewers to purchase products directly. Interactive video platforms can help brands turn new or existing video content into shoppable experience by adding a clickable overlay. Here, it is possible to tag videos with product information via URL's, images, text, Product API, Product Feed or manually. Once tags are added, hotspots will be created and brands will be able to share their interactive video on their e-commerce sites and across social media.
Here is an example of Smartzer's partnership with Dior to create a shoppable video for an email newsletter:
Summarising Livestream Shopping Videos
Instead of adding links after the video has been created, Smartzer's livestreams require creators to add links prior to the stream. Brands plan what products they want to debut during the stream. Products can be added to the video by connecting product catalogues and requesting information by SKU or by adding the products manually. Once products are added, creators can build a shoppable carousel to display alongside the stream. After this, brands can connect their chosen interactive video platform to their broadcasting service of choice. Each new livestream has a stream key and RTMP link which can be embedded on e-commerce.
What are the key differences and similarities between shoppable video and livestream shopping?
There are several differences and similarities between the two formats, so let's break it down in a list...
- Livestream shopping videos occur initially in real time while shoppable videos are pre-recorded, looped videos that support interaction 24/7.
- Hosts can communicate with viewers through live video chat rooms while brands have less of a live connection through shoppable video unless they use chat bots
- Shoppable videos are often gamified so users can customise their experience in the video, what happens in a livestream is controlled by the host.
- Products in livestream are added before the video is created whereas with shoppable, products are added after the video is created
- Shoppable videos can be made out of old pre-existing video content while livestreams are fresh, current videos.
- Both allow viewers to shop products exhibited in the video
- Both provide links to brand e-commerce
- Users can make purchases without leaving the videos
- Both can be implemented on e-commerce and across social media
- Complete livestreams can be repurposed as shoppable video on e-commerce sites to be replayed at any time.
- Both provide an engaging, immersive and interactive experience helping customers to feel closer to their favourite brands.
- Both can be seamlessly designed to fit brand ethos
- Both successfully inform and educate giving consumers the confidence to buy online
- Each highlights products clearly and provides a human feel to a digital experience
- Both can successfully replicate the benefits of in-person shopping online.
Metrics and Statistics
Here's how livestream shopping and shoppable video, engage, inform and convert
- Typically engages 3-4 x more than standard video, viewers are engaged and educated early on in the video, shortening the path to purchase.
- Incorporating shoppable video into email marketing can increase click through rate by 300%
- Social sharing can increase click through rates up to 150%
- Typically converts 400% more than standard video
- Every action that occurs in the video can be tracked, providing valuable insights for marketers to adapt their strategies
- Add to cart conversion can be as high as 19%
- Landing page conversion can be as high as 83%
- Conversion rate of Chinese retailer, Taobao Live grew by 150% three years in a row and the conversion rate in 2019 was 32,000 items added to cart per million views
- Livestream lets brands reach thousands of viewers at once, engaging and educating
- Kim Kardashian partnered with Chinese influencer, Viya and managed to sell 150,000 bottles of perfume in seconds via a shoppable livestream
- See now, buy now philosophy encourages quick sales and conversions
- Engagement can be as high as 55%
- Click through rate can average 18%
Prior to their AW20 campaign, Smartzer helped Brown Thomas set up shoppable livestreams ranging from beauty tutorials with Charlotte Tilbury, Christmas tree decoration, present wrapping and clothes styling. Viewers could sign up for tickets to attend the livestreams and shop along in real time. The bespoke, personal experience provided a community feel and connected customers and brands. These videos were then repurposed as shoppable videos to be re-watched again and again on the brands e-commerce.
To find out more on how to create your own livestream shopping experience or shoppable video visit our website here!