HOW COVID TURNED LIVE STREAMING INTO A KEY RETAIL STRATEGY
Updated: Jun 1
The pandemic has forced everyone to adapt. Retailers have been among many who are facing permanent change even after COVID 19. The key change? A big move from offline to online solutions.
The global shift towards online selling and buying has highlighted the importance of the internet and how vital it is to drive immense revenue. In particular, the power of online video has to turn viewers into informed customers.
There has been a considerable surge in brands delving into streaming commerce formats. With no traffic to physical stores, brands needed to use different online methods to drive traffic to ecommerce. Brightcove’s Q1 2020 Global Video Index showed that retail and video content marketing views were up 135% year over year. Even with restrictions easing and the re-opening of the high-street, views continued to rise by 82%.
Using video content in marketing campaigns and on ecommerce is a great way to show products in a dynamic, exciting, engaging and clear way. Customers trust videos as they often give a 360 degree view of a product in action. This builds consumer confidence and encourages them to make the sale. Understanding the benefit of video, brands have looked towards advanced video solutions for showcasing products. For example tag videos that display detailed product information when clicked ie, shoppable videos. Additionally live streaming commerce formats that allow viewers to watch sales events in real time.
The beauty of interaction videos and livestream shopping
Streaming commerce consumption on smartphones increased by 235% this year, with time watched up by 83%. With more access to the internet than ever, customers are seeking better connections with brands. Shoppable video and livestream shopping has provided an online answer to this.
Interaction videos are 2-3 x more engaging than standard video, holding the attention of the viewer for over 80% longer. It is also 32% more memorable. The clickable aspects mean that the viewer is no longer passive, but an active participant in the content. Consumers can make their video experience highly relevant by selecting their favourite products, choosing a colourway, size and more to gain an understanding that pushes them to buy. Interactive, tag videos can be created using platforms like Smartzer.
Using livestream shopping in streaming commerce strategies can drive multiple sales in a short space of time. In the face of the pandemic, livestreaming has provided the closest solution to in-person shopping. Hosts can now broadcast to customers in real-time to showcase products and sell them straight from the stream. Watchers can click popups as items show and add them to their bag without leaving the video. This has been proven to drive impulse purchases, especially if hosts are celebrities or influencers.
Even with the prospect of life (eventually) getting back to normal, these formats have demonstrated success. With bricks and mortar stores opening, brands are definitely not looking to give these online solutions up. This is largely because the pandemic turned store shoppers into online shoppers with many realising the convenience of having a variety of products delivered to their doorstep. The online demand remains and will remain high, so features like shoppable video and livestream won't be going anywhere. Trends will continue to evolve to provide even better marketing solutions that generate revenue. For businesses looking to adapt a more digital approach to selling, video provides an engaging, memorable and extremely measurable format. The powerful metrics generated by streaming commerce and interaction videos mean that brands can learn and change to become bigger and better.
For more information on how to tag videos to make them interactive and shoppable, visit smartzer.com