Do you know that Google Adwords, the world’s first online search advertising tool, was launched in the year 2000? From the first electronic transaction carried out by Michael Aldrich in 1979 and the launch of the first eCommerce business, Boston Computer Exchange, in 1982, the world of online shopping has come a long way. The evolution is fairly clear to anyone who has shopped online over the last few years, and the latest technology to take the eCommerce system by storm is video shopping.
Numbers Don’t Lie
Retail eCommerce sales have grown consistently over the last decade, as highlighted by data released by Statista. It shows that global eCommerce retail sales accounted for $1.3 trillion in 2014, and increased to $5.2 trillion in 2021. This number is set to cross the $8 trillion mark by 2026.
While the upward trend in online shopping is clear to see, what’s interesting to note is that video shopping is quickly becoming the new rage. According to stats put together by Wix:
- The possibility of consumers making purchases after watching product videos increases by 85%.
- Calls-to-action (CTAs) placed within videos get up to 380% more clicks.
- Landing pages may see an increase in organic traffic by more than 150% through videos.
- Searches for “how to” videos on YouTube have witnessed a 70% year-on-year increase.
Video Shopping Takes a Leap
Until recently, people watching product videos needed to wait for the videos to get over before they could click on links that would take them to different product pages. That is no longer the case. Now, you may get a customer to make a purchase within your video. How this works is simple. Once consumers start watching your video, they get the ability to add products to their shopping carts and complete the checkout process without leaving the video.
Giving customers access to discount codes generated through your eCommerce platform via your videos is possible. Customizing the timing in and timing out of different elements within your video is fairly simple, as is running them on platforms such as YouTube, Facebook, and Twitter.
Giving consumers the ability to make purchases within videos comes with multiple benefits.
- Real-time results. Businesses may showcase their products/services in videos and give their target audience the opportunity to make real-time purchases.
- Heightened engagement. Video shopping is more engaging than adding items to a cart through a typical eCommerce website, which is why it comes with higher conversion rates.
- Building social trust. Displaying reviews, testimonials, and recommendations helps probable customers overcome objections and it may also guide them through the buying process.
- Early adapter advantage. Video shopping is still a relatively new concept. Consequently, it gives early adapters the ability to stand out from their competition.
Businesses that hope to make the most of the online marketplace need to adapt to evolving technologies, or fear losing out on their share of the pie. With an increasing number of people now turning to videos, embracing this marketing channel is the obvious way to go. What’s also important is that you simplify the buying process for your customers by letting them make purchases within your videos. To make this happen, you need to collaborate with a company that specializes in integrating videos with eCommerce platforms.