Using video for e-commerce can boost your business to new heights. Attention grabbing virtual content encourages increased engagement, higher dwell times on sites and a rise in conversion rates.
Interactive Video e-commerce and the Purchase Funnel
Widely known in marketing strategy, the purchase funnel is a consumer focussed model featuring four stages of awareness, discovery, consideration and conversion.
In the awareness stage the customer’s attention is initially grabbed by creative, captivating and clickable video ads. For example, shoppable video or customisable video. They can then enter the discovery phase by clicking the interactive hotspots to learn more about the products shown. The viewer may be shown pricing details, images, descriptions and even a call to action. They might view a carousel alongside the video that shows other items being featured. The viewer indicates consideration of the product by clicking a call to action button such as “Buy Now” or “Learn More” to be taken to the product page. A conversion will occur when the viewer places an order, books an appointment or downloads a document.
Brands now utilise conversational commerce, video e-commerce and live shopping to provide a new and memorable shopping experience for the customer increasing the likelihood of conversion.
3 innovative technologies that are revolutionising ecommerce:
1. Conversational commerce is the practice of using social interaction to sell products or services. Virtual shopping app, Hero, harnesses conversational commerce to connect brands with customers via text, chat and video. This gives a human feel to computer-driven bots as teams can chat, schedule store visits and interact with shoppers via 1 on 1 video calls. When buying online, customers are considerably less likely to make a purchase than they are in physical stores. This is due to the lack of in person assistants to provide the answers and advice that gives customers the confidence to buy. Through virtual consultations, personalised advice and recommendations, the benefits of in person shopping are brought to the customer’s fingertips online. With the chatbot market set to be worth over $1.34 billion by 2024, conversational commerce is the future for developing customer-brand relationships.
2. Smartzer makes videos shoppable for e-commerce sites. Brands can use their quick and easy tagging platform to easily add an interactive overlay to all their content making it shoppable across their e-commerce site, livestream, social media, and video ads in minutes. When watching a video the customer can click items to instantly see more details about the featured product and add it directly to their shopping cart without leaving the video. By using Smartzer’s shoppable video technology, brands saw a 50% increase in engagement rates and were able to quadruple their conversion rates.
3. Live shopping bridges the gap between offline and online. Bambuser offers an add-on that enables brands to embed a code in their ecommerce sites to stream live through the Bambuser app. Using the app, brands upload the URL’s of the products that they plan to showcase in the live stream then go live to broadcast content to potential customers. If a customer sees an item that they want to buy, they can click the image shown in the side-bar and add it to their basket without leaving the stream. Bambuser also offers a one-to-one live shopping experience so customer service agents can interact individually with customers for tailor made experiences with product display, product comparison, add-to-cart and CRM APIs.
These three innovative and shoppable video technologies are transforming e-commerce helping to build customer trust and bring the offline online.