Download the 2023 Future of Retail & Video Report today. Learn how retailers can use video to create a seamless shopping experience.
Technology has revolutionized our lives, from communication to entertainment and everything in between. One area where it’s had a significant influence is how we shop.
Online shopping has made it easy to browse through thousands of products from the comfort of our own homes. But, the sheer volume of options available can be exhausting and overwhelming to the modern consumer. Leading to decision fatigue and abandoned shopping cards – retailer’s worst nightmare.
To ease the pain, technology has brought us a new way of online shopping: video shopping. Video shopping is the latest trend in the eCommerce world, making online shopping even easier and more convenient.
Keep reading to learn what video shopping is and how leveraging video tech can enrich the online shopping experience.
What is Video Shopping? And How Does it Work?
Video shopping is a new approach to eCommerce that uses video content and stories to educate, promote and sell products or services online.
Unlike traditional product images and descriptions, video shopping delivers a more interactive, immersive and engaging experience.
With video shopping, eCommerce retailers can give consumers tons of information about their products and services, which makes it easy for shoppers to make quick purchase decisions.
Another layer of video shopping is the ability to add a shoppable functionality to videos. This increases the likelihood of shoppers buying because they don’t have to take another action. By clicking a button directly in the video, shoppers can head to the a retailer’s product page and buy.
What Are the Advantages of Video Shopping?
More retailers are slowly turning to video to improve their eCommerce websites because of its advantages for consumers and retailers. For example;
Video delivers information quickly and makes it digestible. Consumers don’t want to scroll to find what they’re looking for. They want info instantly. Video content makes it easy to give consumers just that. It’s probably why 73% of consumers prefer watching a short video to learn about a product compared to 11% who prefer to read.
Video increases conversion rates. The ultimate goal of any retailer is to make a purchase. Video increases the odds of purchase decisions significantly. For example, adding a video to a landing page can increase conversion rates by 86%.
Video gets higher engagement than any other content. Consumers love videos because they’re entertaining, easy to watch and highly shareable. 51% of people are more likely to share video content with their friends than any other type. Meaning videos on eCommerce sites are way more likely to be interacted with than static images or text.
Video on websites is data-driven and measurable. Retailers have to be equipped with the tools to make fast strategic decisions. Embedding data-driven videos on websites allows them to measure critical video data like CTA engagement and time spent on page. All of these reveal valuable info about video performance to be optimized to meet goals.
Video is easy to produce with the right technology. When brands hear ‘producing video,’ they think expensive and time-consuming. But that’s the old way of thinking. Today, brands can lean on video technology – like StoryTap’s video platform– to do the heavy lifting for them. By producing user-generated, brand-led videos, it’s easy to get tons of video content at a fraction of the cost.
Video Shopping Platforms
Now that you’re up to speed on video shopping let’s explore some popular video shopping platforms.
YouTube Shopping: YouTube launched a new feature called “Shopping Ads,” which allows retailers to add product links to their videos. Consumers can click on the links to buy the products directly from the video. Learn how to turn your StoryTap videos shoppable with YouTube.
Instagram Shopping: Instagram’s shopping feature allows retailers to tag products in their posts and stories. When consumers click on the tag, they are directed to the product page on the retailer’s website.
Amazon Live: Unlike YouTube and Instagram, Amazon’s live streaming platform allows brands to showcase their products through live videos. Consumers can ask questions and interact with the hosts in real time, making the shopping experience more engaging.
Your Website: There’s no place like your digital home. Adding customer video reviews to your PDPs is a great way to increase online sales. To drive even more conversion, turn the videos shoppable.
Get Started With StoryTap’s Video Technology
As technology continues to evolve, video shopping is becoming an increasingly popular trend in the eCommerce world. It offers shoppers a more engaging and seamless experience while helping online sellers increase their conversion rates.
But, brands need to invest in the right video technology to produce videos.
StoryTap is an end-to-end video platform for eCommerce that automates customer-powered video reviews, helping brands sell more faster.
Online sellers can use the technology to produce customer videos reviews and video FAQs. Then, seamlessly embed the videos on their PDPs or distribute them to other video shopping platforms with integrations to YouTube and more.
Chat with us to learn more about producing customer video reviews using patented video technology.
For more information about retail and video, download our exclusive report to access data you won’t find anywhere else: The Future of Retail & Video.
