Video marketing refers to the process of using videos with the aim of promoting and selling products and services over the internet. Videos guide consumers throughout the buying journey and help them make suitable buying decisions. Given the significant consumption of video content by Gen Z consumers, it makes sense to use this medium in your overall marketing strategy.
What is Gen Z and What Does it Want?
Generation Z comprises people born during or after the mid-1990s and up to the early 2010s. Data indicates that they already comprise 40% of the global consumer population, and it’s fair to expect them to have significant spending power in the years to come. Consequently, businesses and marketers need to up the ante when it comes to building relationships with this generation.
However, Gen Z consumers are not the same as their predecessors because they have grown up in a highly digitalized world. As a result, they have considerably high standards surrounding what they do with their time in the online world.
Given the potential that businesses and marketers see in Gen Z, various studies have already tried to analyze how people from this generation behave as consumers. Here are some numbers released in the 5WPR 2021 Consumer Culture Report.
- Gen Z consumers are spending 43 minutes more per online shopping experience than before the outbreak of the COVID-19 pandemic.
- 77% of Gen Z consumers feel they’re able to discover products of new or small businesses when shopping online.
- 47% of Gen Z consumers who watch videos on YouTube use this platform to find out about products they wish to buy.
- YouTube is Gen Z’s most favored online platform, followed by Snapchat and TikTok.
In addition, while 87% of Gen Z consumers want personal shopping experiences, 72% have purchased products online in the last month.
Why Video Marketing?
Data released by HubSpot shows that 66% of consumers watch videos to learn about brands, products, and services. The videos may relate to product unboxing, product demonstrations, frequently asked questions, testimonials, or explainers. Stats shared by Survey Monkey show that 47% of Gen Z consumers turn to YouTube for researching products. Instagram follows at 29%, and then comes Facebook, at 21%. HubSpot also points out that:
- 13% of consumers turn to videos for exploring their interests or passions
- 11% of consumers turn to videos with the aim of learning something new
Given that most interests and passions (arts, music, traveling, etc.) revolve around some type of product or service, these consumers serve as the ideal target audience for businesses from across sectors. By presenting what you have to offer through well-crafted videos, you get the ability to attract and retain a much larger consumer base.
Taking Video Shopping One Step Further
While Millenials tend to prefer experiences over products, Gen Z consumers don’t have the same mindset. Besides, the latter would rather get through purchases as quickly as possible. One problem that video shopping faces is that consumers typically need to click links within or after videos and get to other web pages in order to make purchases. However, this is now easy to override.
Now, businesses and marketers can give Gen Z consumers the ability to add items to their carts and even complete the checkout process without interruptions, even as they continue to watch videos. This is bound to improve conversion rates because users no longer need to visit other pages to make their purchases. While this feature is set to be a game-changer in the world of eCommerce, its applications also extend to other fields such as real estate, travel, and law.
Given the inclination that Gen Z consumers have to shop online and their penchant for watching videos, it makes sense for businesses to turn to video marketing to capture the attention of this rather important demographic. Making the shopping experience easier will benefit brands and consumers alike, and giving people the ability to make purchases while watching videos is definitely a step in the right direction. However, since this is a relatively new way to go, it’s crucial that you partner with a company that knows how best to leverage this technology to suit your specific needs.