Why Shoppable Video Platforms Are So Popular in 2023

In recent years, the rise of e-commerce has transformed the way consumers shop and interact with brands. Traditional brick-and-mortar stores are no longer the only option, as consumers increasingly turn to online shopping for its convenience and ease. According to eMarketer, shoppable media is the future with 43% of buy-side decision makers planning to focus on shoppable ads in 2023. One emerging trend in the e-commerce space is the use of shoppable video platforms. These platforms allow brands to showcase their products in a visually compelling way, while also offering a seamless and convenient shopping experience. The popularity of these platforms has exploded in 2023, among brands and consumers alike.In this blog, we will explore the factors driving the popularity of shoppable videos and why they have become such a powerful tool for e-commerce businesses.

Always-on, digital storefront on the brand's own website

Shoppable videos have transformed static websites into interactive digital storefronts that provide customers with a more engaging and immersive shopping experience. Shoppable video platforms offer an always-on experience on a brand's own website, allowing customers to shop at any time, without being restricted by the operating hours of a physical store. This means that brands can showcase their products 24/7, providing customers with a convenient and seamless shopping experience.However, shoppable videos provide a more dynamic and interactive way to showcase products, allowing customers to see products in use and better understand how they work. By turning static websites into interactive digital storefronts, shoppable video platforms have created a more compelling and engaging shopping experience for customers. This approach not only improves the customer experience but also helps brands to stand out in a crowded online marketplace, attracting more customers and increasing sales.

The Fresh Market leverages on-site shoppable videos to enhance its engagement journey, aiming to bring the warm, fun experience of its in-store shopping to its owned digital properties. After embedding short shoppable videos on its website, the retailer saw a massive uplift, increasing engagement rates for videos by 113% and session time by 115%.

Shoppable videos shorten the sales cycle

Shoppable videos have revolutionized the way customers engage with brands online, by providing an instant and seamless purchasing experience. With the ability to make purchases directly from a video, brands are able to convert the moment of discovery or inspiration into a moment of purchase, shortening the sales cycle and reducing the likelihood of losing customers in the consideration phase.Shoppable videos eliminate the need for customers to leave the platform in search of a product page or navigate through multiple pages to make a purchase. By enabling customers to instantly purchase products, shoppable videos offer brands the opportunity to capitalize on impulse buys, boost revenue, and improve customer satisfaction. With shoppable videos, brands can simplify the customer journey, reducing the number of steps in the purchasing process and providing a frictionless path to purchase.

Stolen Stores deployed shoppable video across the entirety of its website, leveraging a variety of formats to engage visitors and spur conversion with one-click purchasing. This led to 10% increase in average order value.

Adeptly demonstrating product value

Shoppable video platforms have become popular because they allow brands to show customers what their products can do, rather than just telling them. By visually showcasing products in use, brands can demonstrate their value and benefits to customers, making it easier for them to understand and appreciate the products. This approach not only helps customers make more informed purchasing decisions, but it also builds trust and credibility with the brand.Shoppable video platforms provide a more engaging and persuasive way for brands to communicate their products' features and benefits, which can be especially important in highly competitive markets. Ultimately, by showing rather than telling customers what their products can do, brands can create a more compelling and memorable shopping experience that leads to increased sales and customer loyalty.

By embedding shoppable videos on its website, Angela Caglia, a leading celebrity beauty brand, was able to build trust by enabling their customers to find the right products for their skincare needs. The videos ranged from skincare tips to product education. The brand recorded a 4X increase in session times through vertical video

Personalized recommendations and targeted advertising

Shoppable videos give brands better control over first-party data, which can be used to facilitate personalized recommendations and targeted advertising. By tracking customer behavior and purchases, brands can collect valuable data that can be used to make product recommendations and deliver targeted advertising.Shoppable video platforms make it easier for brands to collect this data, as customers can interact with products directly in the videos. This allows brands to collect more accurate data on customer behavior, such as which products customers are interested in and which products they purchase. By leveraging this data, brands can create more effective marketing campaigns, leading to higher conversion rates and improved customer satisfaction.

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Natori hosts shoppable videos on its website to boost customer engagement and in turn drive conversions.

‍Natori, a designer brand specializing in women’s apparel, lingerie, and sleepwear, drove a 141% increase in conversion rates by adopting shoppable videos and livestream shopping on their website.

Takeaway

In conclusion, the rise of shoppable video platforms in 2023 reflects a significant shift in how brands are leveraging technology to connect with their customers. By offering a more immersive and interactive shopping experience, shoppable videos have transformed static websites into dynamic and engaging digital storefronts. This has created new opportunities for brands to showcase their products and connect with customers in a more personalized and intuitive way.As brands continue to invest in these platforms, they will be better equipped to leverage customer data to provide more targeted and personalized recommendations, ultimately leading to increased customer loyalty and satisfaction.The rise of shoppable video platforms is a testament to the power of technology to transform the way we shop and engage with brands. As such, it will be exciting to see how this trend evolves in the years to come.