When it comes to online marketing, there is little doubt that content still remains king. However, the evolution over the last few years is clear, and it’s plain to see that videos have taken over the proverbial throne. Now, if businesses wish to attract, engage with, and retain audiences, using interactive videos and offering video shopping and live shopping experiences is the way to go. What’s also important is to keep up with the changing times.
We’ve Come a Long, Long Way Together…
It may well be that Norman Cook (popularly known as Fatboy Slim) penned the lyrics of this song for video marketing. Well, he didn’t, although video marketing has definitely come a long way in a relatively short span of time. One can see this through the rapid growth of social media platforms that support sharing of videos.
Consider these numbers put together by HubSpot and Oberlo.
- In 2020, the U.S. was home to 244 million people who watched videos over the internet.
- In 2022, 66% of consumers watched videos to learn about brands, products, or services.
- 13% of consumers turn to videos to explore their passions/interests, whereas 11% do so with the aim of learning new things.
Data collated by Wix highlights the benefits that businesses may look forward to through effective video marketing, be it through product videos or live shopping.
- A landing page can witness an increase of over 150% in organic traffic through the suitable use of videos.
- Watching product videos increases a consumer’s possibility of making a purchase by 85%.
- In-video calls-to-action (CTAs) can result in up to 380% more clicks when compared to links in other places.
What Does 2023 Hold for Video Shopping?
Video shopping involves using video content with the aim of promoting brands, products, or services. This content already comes in various forms and spans across a buyer’s purchase journey. For example, product videos help businesses bring their products to life by providing 360-degree and close-up views. Live shopping, on the other hand, lets businesses live-stream content and capitalize on consumers’ “see now buy now” mindset.
Data presented by a Shopify author shows that live shopping in the U.S. accounted for $5.6 billion in sales in 2020, and it’s expected to get to around $25 billion by 2023. Further predictions suggest that live shopping will make up for around 20% of China’s eCommerce by 2026. These numbers show that businesses hoping to make the most of the online world might benefit by offering live shopping solutions to their audiences. What also helps is that consumers may now make in-video purchases, without waiting for videos to end or needing to go to other web pages.
User-generated content is not new, but its importance in 2023 is not lost on any of the top digital marketers. According to a report by Realeyes, user-generated videos on TikTok do better than brand videos, conventional advertisements, and Facebook ads. It highlights that user-generated videos score 22% higher than brand videos on the same platform, 32% better when compared to Facebook ads, and 46% better than conventional ads. Therefore, if you wish to make inroads in the world of social media, user-generated videos are the way to go.
3D, Augmented Reality, AI, and Metaverse
In a post about the future of eCommerce, BigCommerce suggests that the use of videos, 3D technology, and augmented reality (AR) is set to grow. Not far behind are artificial intelligence (AI) and the metaverse. Consider this – while demo videos give your target audience easy means to get a better understanding of your products, AR gives them the ability to get three-dimensional experiences. Moving forward, the metaverse is set to offer an amalgamation of physical, augmented, and virtual realities, and businesses may well start looking at how to offer their products and services in computer-generated life-like environments.
Videos give consumers the means to have immersive eCommerce shopping experiences and learn more about the brands they favor. On the other hand, improving customer experience remains at the forefront of all digital marketing strategies. Fortunately, giving your target audience the ability to indulge in video/live shopping and make in-video purchases is an easy way to augment the overall customer experience.
All you need to do is collaborate with a company that knows how to integrate videos with eCommerce platforms, and then, you may watch your brand cross new frontiers.