Build The Next Generation Customer Experience With Video
Today, customers seek omnichannel experiences, combining physical and digital shopping into a phygital seamless whole.
Ikea, the world’s largest furniture retailer, recently announced its plans to spend €3 billion on its retail stores to adapt them for e-commerce. A few years ago, this move would have seemed radically futuristic. Today, it seems obvious because the pandemic has dramatically changed the face of commerce. The initial days saw a steep rise in e-commerce, naturally, resulting from lockdowns and restrictions. But we know now that shopping online isn’t the same as having a multisensory in-store experience with family and friends.
Social media investments are on the rise
To address this, brands are spending millions of dollars on digital channels — social media, especially. Social media adspend is expected to reach $177 billion this year, growing to $225 billion by 2024, accounting for 26.5% of all advertising!
Video is the world’s favorite format; short and straight winning all the way
Reels, Instagram’s vertical short video format, is the fastest growing feature on the platform. TikTok, another video-first social media platform, has 1 billion users spending an average of 52 minutes on the platform, with GenZ spending as much as 90 minutes. Snapchat, Facebook Watch, WeChat, etc., are catching up. Even traditionally text-based platforms like Twitter and LinkedIn are prioritizing video.
Live experiences trump static video
Gartner finds that China’s live-commerce market grew more than 280% between 2017 and 2020, reaching $170 billion; it is expected to reach $423 billion this year. The rest of the world is slowly catching up too. German beauty retailer Douglas, lifestyle brand Tommy Hilfiger, and multi-brand retailer Walmart are all investing in live commerce and seeing impeccable results.