Understanding Video Commerce
In the realm of health and wellness, there’s an exciting trend taking root that simply can’t be ignored: video commerce. In 2023, a staggering 87% of marketers agreed that video marketing had a profound impact on boosting sales. Yet, not all brands in this sector are harnessing the full potential of this game-changing method. Let’s delve into the world of video commerce, its various forms, and how health and wellness brands can capitalize on its power and reach.
Through video content, brands can offer consumers a holistic product experience, even in the absence of physical stores. The versatility of video commerce allows for a myriad of formats, including both live and prerecorded content, catering to a wide array of business objectives.
Live vs. Non-Live Video Shopping
As the name implies, live video shopping happens in real-time, engaging with an ever-growing audience of live viewers. In fact, the global livestreaming ecommerce market is projected to exceed $247 billion by 2027. Live video shopping allows health and wellness brands to provide instant answers to queries and offer crucial information, significantly speeding up the path to purchase. Furthermore, it taps into the modern consumer’s desire for authenticity in a market saturated with impersonal interactions. An added bonus: livestreams can live on indefinitely, thanks to AI-driven real-time interactions.
On the other hand, non-live video shopping is prerecorded, offering brands complete control over their shoppable videos, from production quality to the conveyed information. This level of control is crucial because poorly managed live content can backfire. Additionally, it grants customers the ability to shop at their convenience, making it an effective tool across the entire customer journey.
Benefits of Video Commerce in Health Marketing
In an era of evolving technology, video commerce is flourishing, introducing new tools, techniques, and audiences for health and wellness brands to tap into. Brands now have the opportunity to elevate their digital video experiences, creating a seamless path to purchase. For health and wellness brands, it’s imperative to recognize that video commerce isn’t a luxury; it’s a necessity.
So, why should health and wellness brands embrace video commerce?
Information Without Overload: Video commerce enables brands to deliver comprehensive information to potential customers without overwhelming them. Customers are more likely to skim through images and videos for insights rather than reading lengthy product descriptions. Video commerce offers a way to provide consumers with all the essential details in an engaging and accessible format. [Source: Oberlo]
Connecting with Customers: Over the past few years, the digital transaction boom in ecommerce has led to a disconnect between customers and brands. Video has historically been a format known for driving engagement, and video commerce takes this to the next level. Authenticity is paramount, especially among younger consumers like Gen-Z, where 92% consider authenticity extremely or very important. Video commerce allows brands to engage with young consumers authentically, building brand identity and trust. [Source: Convince & Convert]
Enhanced Customer Engagement and Experience: Trust and loyalty with customers are unattainable if a brand can’t engage with them. Video commerce not only drives engagement but also enhances the customer experience. Interactive browsing through video commerce offers customers a deeper understanding of product features and benefits, bridging the gap between static images and lengthy descriptions. [Source: Shopify]
Going ‘Phygital’: Blending the benefits of physical experiences, such as tactile exposure to products, with the convenience of the digital realm is termed ‘phygital.’ Health and wellness brands can capture their in-store experiences and deliver them to the digital marketplace through video, fostering stronger connections with customers. This approach provides more sales opportunities and a superior customer experience. [Source: Business Insider]
Key Uses of Video Commerce for Health and Wellness Brands
New Product Launch: Use video commerce to unveil new health and wellness products, building excitement and anticipation among potential customers. Live shopping events can demonstrate product features and benefits while generating buzz.
Product Tutorials: Create video tutorials that guide customers on using health and wellness products effectively. Step-by-step instructions or demonstrations can enhance customer understanding.
Humanizing Interaction: Video commerce helps health and wellness retailers establish personal connections with customers. Livestream videos enable real-time interactions, addressing questions and offering personalized advice.
Community Building: Use video content to foster a community of health and wellness enthusiasts. Host live Q&A sessions, product demonstrations, and encourage user-generated content to strengthen customer loyalty.
Shoppable Ads: Video ads can reach potential customers and drive sales. These ads, displayed across the open web, include calls-to-action or links that facilitate purchases.
Video Commerce Best Practices for Health and Wellness Brands
- Create high-quality, engaging, and informative videos with good lighting, sound, and a compelling message.
- Make videos shoppable by including links or calls-to-action for instant checkout.
- Establish a livestream shopping video cadence aligned with customer behaviors and brand occasions.
- Utilize store associates as livestream hosts for authenticity and better ROI.
- Simulcast live videos on social media to reach existing audiences and drive traffic to your website.
- Optimize videos for search with relevant keywords and tags.
- Continuously analyze video performance data to refine your video commerce strategy.
- Consider partnering with micro- or nano-influencers to reach specific audiences and generate exposure for your products.
Mistakes to Avoid in Video Commerce for Health and Wellness Brands
- Avoid creating low-quality or poorly-produced videos that can harm your brand’s image.
- Keep videos concise and focused; avoid overly long or complicated content.
- Promote and amplify your videos to ensure they reach your target audience.
- Leverage first-party customer data from video content to improve your strategy continually.
- Don’t be afraid to experiment and innovate with your videos to showcase your health and wellness products in unique ways.
- Choosing the Right Video Commerce Solution
To learn more about how Firework can help your health and wellness brand, contact us today!
