Video marketing has come a long way since the days of Flash ads that would start autoplaying abruptly and unmuted.
Initially driven on by social media platforms, video has emerged as the undisputed format of choice when it comes to targeting and engaging consumers. However, video marketing is no longer just about video content on social media that influences purchase decisions.
Shoppable Videos to the Forefront
The new-age marketer realizes the importance of anchoring a brand’s video marketing strategy on the brand’s own website. And this has primarily taken the form of shoppable videos – not surprising since every shoppable video also doubles up as an extension of the brand’s digital forefront.
Customer engagement, much like video marketing, has evolved in the digital era. Customers not only consume more video content but are also increasingly aware and wary of the content they are subjected to.
Beyond Yoga deploys shoppable videos for consumer engagement and driving conversions.
As video content pivots to drive engagement with the new digital consumer, the shoppable video format ensures that any engagement greatly increases the probability of conversion.
So, What Exactly is a Shoppable Video?
The key thing that makes a video “shoppable” is the customer’s ability to purchase the goods or services featured in the video, instantly, without having to leave the video player unit.
Shoppable videos may vary in length and creative direction, but the end goal is always the same: offering consumers a streamlined purchase experience, from decision to checkout.
In a recent survey, 81% of marketers revealed that video has helped directly increase sales. This impact is further amplified by shoppable videos, by cutting out the time taken in the discovery-consideration-intent-decision-purchase path that consumers have to take.
In 2023, there is no industry or sector out there that does not stand to benefit from adding shoppable videos to their marketing mix. Check out our business guide on shoppable videos here.
Engagement is the Name of the Game
Direct-to-Consumer (DTC) is one of the sectors that has leaned on shoppable videos to drive engagement and conversions, and has done very well at it.
DTC brand FluffCo partnered with Firework to deploy shoppable videos across their website, and the results speak for themselves:
- 359% increase in Average Session Times
- 89% rise in Conversion Rates
- 98% increase in Average Order Value
Each of these metrics directly reflects one of the three ways how the engagement driven by shoppable videos translates to real-world impact.
1. Better Engagement
It is undeniable that video trumps all other formats when it comes to engaging consumers. In fact, customers want to see more videos!
According to recent research, 54% of consumers want to see more video content from the brands they support.
Higher engagement rates are always good news. A captive, engaged audience is likely to spend more time on site, i.e. better session times, which can translate to higher sales with the right conversion tools.
2. Better Conversions
Every marketer knows that while engagement is good, conversion is even better; after all, conversion is the end goal for all marketing campaigns.
Video is already very good at driving up conversion rates.
84% of consumers in a survey said they were convinced to buy a product or service after watching a brand’s video.
With consumer intent high after watching a video, why allow for a cool-down period and let customers reconsider? Shoppable videos turn engagement into sales by flattening the funnel from discovery to purchase.
3. Better Value-Add
Including video content on a website adds considerable value to the overall customer experience. But there is no rule that says that brands and retailers cannot derive value from it at the same time.
A good shoppable video encourages engagement and drives conversion, ensuring that the time and effort going into creating video content delivers maximum ROI for brands.
The impact created by shoppable videos goes beyond just one-time conversions. The engagement from shoppable videos helps build customer loyalty and encourages them to keep returning for more content they can shop directly from, giving a significant boost to customer lifetime value.
The Wrap Up
In a crowded digital marketplace, attracting consumers with stellar video content is no longer enough. Almost everyone is doing video now, and while engagement is good, sales remains a net-zero game.
As marketer focus shifts to video content that also converts, the “shop” in shoppertainment takes precedence like never before. Firework offers shoppable video solutions for businesses looking to grow and revamp the omnichannel experience on offer for their customers.
Curious to discover what shoppable videos can do for your brand. Reach out to us today!