We’re witnessing a massive evolution of online sales. With the introduction of new and more advanced technology, a new way consumers buy online is emerging.
Despite innovative technologies, many e-commerce companies have not upgraded their shopping experiences. For them to remain relevant, it’s crucial that they upgrade and adapt to using new shopping technologies at the earliest.
Gone are the days of simple product images and text description. Today’s consumers expect more engaging and personalized online buying experiences. They are looking for more interactive experiences than just text and pictures. According to reports, 66% of consumers want retailers to use more innovative digital strategies.
That’s where live shopping and shoppable video come in the picture. Live and non-live video commerce is THE catalyst for immersive e-commerce experiences with deeper customer interactions.
We already know that videos can drive 10X conversions. Combine this with immersive technologies and interactive shopping experience to gain in-depth data-driven user insights so online businesses can reach new markets and create buzz for their brand.
This article will describe what is video-led growth and explain how wannabe e-commerce players and online sellers can leverage the power of video to build a future-proof shopping experience and stay ahead of time.
What is Video-Led Growth?
Video-Led Growth is an innovative concept coined by Vimmi to represent the huge revenue impact of Video on e-commerce businesses of all sizes.
“Presenting shoppable live and non-live video touchpoints at each step of the purchasing journey – from product showcase at discovery phase, through to promotions and personalized messaging to the cash out and order fulfillment phases – will have tremendous effect on sales.”
– Eitan Koter, Co-CEO, Vimmi
Video has the power to transform random viewers into engaged buyers!
Benefits of Using Shoppable Live and Non-Live Videos
From discovery and awareness to engagement and purchase, live and non-live videos can be implemented at various stages of the e-commerce platform to accelerate sales and boost customer engagement.
Some obvious benefits of using shoppable videos are:
- Videos can improve your website’s SEO helping it rank higher and drive traffic.
- Videos improve brand awareness.
- Use videos to educate, entertain, and engage buyers.
- Video creates new leads.
- Create better and interactive product demos.
- Target more buyers in new markets.
- Create a buzz for your products and brand.
Why Video-Led Growth is Important
Consumers want creative methods to make online shopping more smooth, more fulfilling, more immersive. And since online buyers cannot touch or feel the product, video closes this gap and provides an interactive buying experience. Early days of e-commerce and product selling involved product listing with good description followed by the inclusion of images. Then came video and revolutionized online shopping forever.
While there are many potential benefits of live commerce, like collecting customer data and boosting conversion rates, the top reason businesses utilize livestream selling is to have deeper interactions with their customers.
Technology has made it possible for online sellers to use live and non-live videos on their own e-commerce website in an interactive way to help improve e-commerce conversion rates and customer experience and having the ability to retarget buyers post-event.
Videos have numerous applications in marketing, and are a powerful way to improve sales and conversions.
Some Interesting Stats that Prove The Importance of Livestream Shopping and E-commerce Videos:
- By 2024, the US livestream market is anticipated to be worth $35 billion.
- Driven by FOMO and high level of interactivity, live stream e-commerce is gaining significant traction in China. According to a Globe News Wire research, consumers in China watch live streaming e-commerce three to five times a week.
- According to eMarketer, livestream shopping in China is expected to bring in over $479 billion in 2022 and more than $623 billion in 2023.
- Companies that use livestream selling strategies are seeing conversion rates of up to 30%. That is 10 times higher than the average ecommerce conversion rate.
- Apparel and fashion are by far the most popular live commerce category, accounting for 35.8% of livestream selling events.
- 60% of consumers who used live streaming for their purchases thought it enhanced their shopping experience.
- The average conversion rate for luxury goods sold via livestream is 70%.
- According to 28% of shoppers, more livestream commerce would positively influence them to buy through social media.
- 66% of consumers worldwide want retailers to use more innovative digital strategies.
- 87% of marketers claim that using video has increased their traffic.
- Marketers who use videos report an 82% increase in dwell time.
- 94% of marketers believe that using video has improved customer knowledge of their goods or services.
- According to 86% of marketers, video has helped in lead generation.
- 81% of marketers agree that using video has directly increased their sales.
- 93% of marketers claim that video has helped them boost brand recognition.
- 87% of them feel video has helped them achieve good ROI.
- 96% of consumers have viewed product videos to learn more.
- 88% of consumers claim that watching a brand’s video encouraged them to purchase.
How Video-Led Growth Can Help Ecommerce and Retail Brands
While a collection of pictures taken from various angles is useful, a video can provide context.
Customers can see a real person using the product in a video, which helps them understand the product better.
Some Ways to Use Shoppable Videos:
Brands, retailers and enterprises can create video-based e-commerce or marketplace, offer livestream shopping and shoppable videos to their customers, co-host with others and collaborate with influencers, and do much more.
- Consider a scenario in which a consumer was about to complete a transaction on an e-commerce website but decided against it and left the site, what is known as “cart abandonment.” At this stage an auto-play video pop-up can be shown on the page with a video testimonial by a happy customer or an explanatory video to encourage purchase.
In addition, cart recovery emails can be triggered to be sent out soon after cart abandonment and include videos of the product and testimonials from real users that explain product features and benefits.
- When a consumer visits a product page, an interactive video of that same product can be launched and keep users engaged and entertained.
- Embed video carousels on the store page and allow visitors to buy directly by clicking the Buy-Now button on the video player and close more sales.
- Organize live shopping events and live product demonstrations streamed on your website and social media.
- Collaborate with influencers and co-host in real-time, and perform remote production for broadcast grade live shopping events.
Get Started With Video-Based Ecommerce Platform
Choosing the right e-commerce partner is critical for your business.
If you’re looking for a reliable, safe, future-proof, economical, video-based e-commerce solution, try Vimmi’s enterprise-grade e-commerce platform as a service (EPaaS).
We work with businesses of all sizes — from large to small and medium e-commerce brands and offline retailers and malls to accelerate their video-led growth single store or marketplace.
We help our customers to:
- Launch and manage video-based online stores and marketplaces.
- Create shoppable videos and video testimonials embedded in the ecommerce website..
- Create and manage livestream shopping events on websites and social media.
- Partner with influencers and co-host virtual events.
- Gain in-depth user analytics and behavior.
- Manage payment and shipping in one place.
- Use live chat functionality to interact with fans and buyers, and do much more!
Vimmi’s low latency, private video CDN makes sure your content is always up and running so that you can host your videos worry-free and make sales.
Talk to us to learn how we can help you achieve exponential growth and success.