Is Your Customer Engagement Strategy Ready For A Video-First Future?

Priyam

Did you know that in a recent survey by McKinsey & Company, 75% of consumers reported trying out a new shopping method they fully intend to continue post-pandemic?

Not just that, 80% of the respondents tried out a new digital shopping method, and they are relatively confident that they will keep using this method in the future. 

Source: McKinsey 

 

In today’s digital-first world, one of the biggest challenges for brands is to curate a customer engagement strategy that can help them ensure customer stickiness. 90% of marketers in a survey agree that their digital engagement strategy changed during the pandemic, and they feel pressure to innovate and enhance their digital capabilities. 

As a brand, are you doing enough to ensure you have your customer’s attention and loyalty in this post-pandemic digital landscape? 

If not, we have some suggestions for you. In this article, we will walk you through how you can evolve your customer engagement strategy to keep up with the changing needs of the modern consumer.  

Know Your Audience: What Do They Want?

If you look at the latest data points in consumer trends, you will notice that the consumer market is divided into specific categories and each category has its personal shopping preferences.

Boomers are not spending a lot, so they aren’t your primary target audience. On the other hand, Gen Z and Millennials are the biggest trendsetters regarding consumer trends. 

If you are looking to build loyal and lasting relationships with your consumers, your strongest demographic is Gen Z. Why so? Simply because this valuable segment is entering adulthood and will soon have the largest purchasing power and influence in the market. Their shopping preferences will dictate trends of the market at large. In the US alone, this group holds over $44B in purchasing power annually, and it is slated to increase.

Source: Oberlo

Now that you have identified your target demographic, it’s essential to modify your customer engagement strategy based on the preferences of this demographic. So, what do they prefer?

According to Cisco, video will account for 82% of global internet traffic by 2022, and live video, in particular, will grow 15-fold to account for 17% of video traffic on the internet during the same time. 

Clearly then, the key to luring Gen Z consumers is through mobile-optimized video content since half of all video content is viewed on mobile devices. This new generation of shoppers demands highly engaging, entertaining, and video-powered shopping experiences that add value to their lives. 

Customer Engagement Trends For Today’s Modern Shopper 

In recent years, the rise of short-form video has transformed the way people create and consume content. Every digital-first brand is eager to leverage the power of short-form videos in curating entertaining and dynamic shopping experiences for consumers.

Considering 84% of people reported being convinced to buy a product based on the brand’s video, it makes sense for brands to have a video-first, shoppertainment strategy at the front and center of their brand marketing. However, the video commerce trend has gone a step further with the rise of the more immersive live-commerce shopping experience. 

Inspired by the tremendous success of live-commerce in China, whose market size is estimated to be $423 billion in 2022, brands worldwide have leveraged this rising trend in their e-commerce strategy. This is an intelligent strategy, considering two-thirds of Chinese consumers reported buying products via Livestream in a 2020 survey. 

Source: eMarketer

 

The future of eCommerce is an omnichannel Livestream strategy that transforms the traditional shopping experience for modern-day consumers. Major brands like Nike are experimenting with live, video-powered retail stores to offer customers a phygital experience. It is no surprise then that their online sales jumped by 50% in Q4 of 2021.

Since the demand of Gen Z and Millenials is for a more humanized and personalized shopping experience, live-commerce is the ideal digital tool to give them what they want. 

Rise of Live Commerce: Why Make It a Part Of Your Customer Engagement Strategy?

Back in the day, the leading paint point of marketers was the massive gap between the ends of inspiration and purchase. You see the ad for a product you may find interesting on a billboard, but by the time you are at the store, you have forgotten all about it.

Livestreaming in e-commerce has collapsed this distance and has offered the opportunity for instant gratification. When Ariana Grande said, “I see it, I want it, I like it, I got it,” she summed up perfectly what the live commerce experience feels like for the modern consumer.

For Gen Z and Millenials, their phones are their priority regarding devices they use on the go. The popularity of mobile shopping has even led to the coining of a new term Mcommerce. By 2024, Mcommerce is expected to dictate 42.9% of the e-commerce market. Therefore, your customer engagement strategy must include shoppable videos, fun and short swipeable web stories, and live commerce, all optimized for a mobile experience. 

The good news is live commerce provides an optimal mobile-first experience, which seamlessly integrates content consumption, purchase, and payment. It creates a frictionless digital environment that ensures a smooth customer journey from inspiration to the point of sale without leaving your phone.

Is Your Customer Engagement Strategy Future-Proof?

Another major trend in today’s digital landscape is the gradual elimination of cookies. Brands will have to rely on social media for second-party data on consumer behavior, which isn’t always the most accurate source in a cookieless world.

This data is crucial to track your brand’s performance, identify the right marketing strategy for your consumers and generate essential insights on consumer preferences for your brand. In the past year, 88% of marketers responded in a survey saying that first-party data collection is their priority. 

Fortunately, integrating a live-commerce solution can help you collect accurate first-party data. Live Commerce will draw audiences to your brand’s website and capture their attention by integrating content and commerce to curate a highly entertaining shopping experience for consumers. You can then collect valuable first-party data about your customers, such as time spent on each video, customer hotspots, comments + reactions on live videos, etc. 

So not only will the consumer visit your site, but they will stay to watch the fun and lively short-form video and ultimately make a purchase while staying on your brand’s websiteHaving access to this valuable customer data will constantly help you revise your engagement strategy and ensure its sustainability in a cookieless future.

Conclusion

This is a crucial time for brands to adapt or perish. If your customer engagement strategy does not feature a live-commerce vertical, you will be left behind in the video-first future that we already find ourselves in.

As a contender in the e-commerce space, you need to curate a fun, engaging, and valuable customer shopping experience for your consumers. By leveraging live, short-form videos in an immersive video-powered digital environment, you will be able to cater to the modern consumer. By being omnipresent on all digital channels, curating a more humanized experience, and providing value-added content to your consumer, you can ensure a solid customer engagement strategy that will work wonders for your brand.

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