eCommerce continues to evolve at a rapid pace, and it’s plain to see that consumers now have way more choices than they did even a decade ago. Consequently, this has caused marketing strategies to shift in more ways than one. In today’s fast-paced online marketplace, it’s important for businesses to be able to differentiate themselves from their competitors in the first few seconds. Fortunately, you may look forward to improving customer experience by giving your target audience the means to indulge in video shopping.
The Growth in eCommerce
The fact that an increasing number of people now turn online to shop is not lost on anyone. Statistics collated by Oberlo show just how much this sphere has grown.
- More than 80% of consumers turn online to research products/services before making purchases.
- 28% of American consumers use their mobile phones to compare prices, look for discounts, and check product reviews when shopping at brick-and-mortar stores.
- Close to 219 million American consumers will make an online purchase or more in 2023.
- 8% of global retail sales in 2023 will come through eCommerce.
Video Marketing to the Rescue
With YouTube being the second biggest search engine, only after Google, it’s safe to say that people turn to videos for more than just entertainment. For example, according to Wix, YouTube has seen a 70% year-on-year increase in people carrying out “how to” searches.
Data shared by Oberlo further highlights the growing importance of video marketing.
- The number of Americans who watched videos crossed 244 million in 2020.
- 54% of consumers want the brands and businesses they support to provide more content in the form of videos.
- 86% of marketers make use of video marketing.
- On social media, consumers prefer brand-related video content over other types of content.
- 88% of video marketers feel satisfied with the return on investment (ROI) that their efforts generate.
Coming Up With a Video Shopping Strategy
Building an effective video marketing strategy requires paying attention to different aspects. To start with, you need to establish your goals. These may include attracting new customers, engaging with your audience, and nurturing prospects. Identifying and researching your target audience follows. Next, you need to determine the types of videos you wish to create. For example, you may create demo or explainer videos that highlight the benefits of your products/services.
No matter what types of videos you create, it’s important that you keep them short and contextual, ensuring that they provide some value to viewers. Including solid calls-to-action (CTAs) in your videos is crucial, failing which you might not be able to convert viewers into customers.
Interactive Video Shopping is the Way Forward
Until recently, video shopping has required people to wait for videos to get over or click in-video links to get to other web pages so they may complete their purchases. However, an interactive video can now give shoppers the ability to make purchases even while they continue watching the content. This gives businesses the means to improve customer experience significantly.
How the process works is simple. While your video continues to play, consumers can add products to their shopping carts, and even complete the checkout process. Integrating your eCommerce platform with your videos is possible. Another possibility this newly developed technology offers is live shopping, through which consumers may make purchases while they watch your live streams.
Given that there’s fierce competition in the online world, you need to determine how streaming services, eCommerce platforms, and product placements can help boost sales. Video shopping gives you the ability to meet consumers online and simplify their desire to see, want, and buy your products. Interactive videos help improve customer experience even more.
Turning to interactive videos that help simplify the buying process for consumers is the obvious way to go if you wish to remain ahead of your competition. However, it’s crucial that you partner with a company that specializes in integrating eCommerce and video platforms.