So you’ve tried everything.
From including top-notch images to creating titles for your new eCommerce website—you’ve done it all.
Still, some pieces feel out of place. Your conversion, sales, and engagement rates are stagnant. It’s 2021, and although you can easily set up a Shopify store in 8 easy steps, there’s still a lot of work that needs to be done.
It’s important to realize that you can rush through all the steps, do everything right, and still not get the desired results. One of the biggest reasons is that consumers are expecting new ways to interact with brands.
New eCommerce stores are dominating social media with video marketing. This can make your brand interactive, engaging, and rewarding. These new interactive shoppable videos are booming in the eCommerce industry because they can triple your conversion and engagement rates.
So, let’s explore how these shoppable videos can skyrocket your eCommerce business.
What Are Shoppable Videos?
Shoppable videos are digital content that empowers users to shop the products featured in videos in real-time. Consumers can easily shop the products seen in the video while still watching the video. These videos unlock doors of endless opportunities for eCommerce brands. Forbes suggests that 72% of people favor discovering a product through video instead of text.
The best part is viewers are more likely to buy the product after watching the video. The video format is attention-grabbing and convincing enough for people to make their first purchase. With the help of video, customers can see the diversity of products and select the perfect ones. Amazon Live is a platform that takes the fun and interactive nature of live videos and combines it with online shopping.
They use features like product highlighting and live promotions to boost sales and engagements.
Why Are Shoppable Videos Crucial for Your Business?
Richard Branson said: “The key is to set realistic customer expectations and then not to just meet them but exceed them—preferably in unexpected and helpful ways.”
Shoppable videos create realistic expectations for your customers and help them make informed shopping decisions. This improves the brand’s loyalty since customers can now look behind the scenes at your products. Your brand becomes more transparent since there’s no filter.
Even the best eCommerce platforms suggest that shoppable videos can escalate your business. Here are 4 reasons why shoppable video is crucial for your business.
1. Boost Sales
Using videos on your website’s landing page can catch your customers’ attention. Recently, the award-winning automotive company Land Rover applied the same strategy. They showed the exterior of the vehicle, including interactive buttons for consumers’ ease.
The video allowed people to click and see the details easily. This type of interactive menu helped their customers explore the entire car in just 2 minutes. They can tap on the desired product and purchase it right away.
2. Simplified Shopping Line
People love visual content, which is why it’s easy to sell products via videos. A shoppable video helps you to reduce the shopping path for your customers. A popular fitness clothing brand, Outdoor Voices, launched a campaign known as “Use Your Outdoor Voice.”
This campaign accompanied the brand’s outdoor collection. From exercise dresses for workouts to layered pieces for quick temperature drops to full-on sweater weather mode, Outdoor Voices covered it all. This campaign helped the brand encourage consumers to build their activewear wardrobe practically for various activities while suggesting clothing from their new collection as a solution.
If the consumer likes the product, it’s easy for them to purchase from the video. They can then add it to the shopping cart and proceed to watch the video.
3. A Robust Marketing Tool
Some brands are taking risks and going into the new age of eCommerce. Channelsight, an eCommerce intelligence platform, represented the London-based clothing brand Ted Baker. This creative brand produced a short film recently based on the James Bond movie that features their latest collections.
Sounds exciting, right?
People can click on icons hovering over the clothing items and add them to their shopping cart easily. This process includes creative videos that give a more cinematic feel beyond a simple product video.
This makes shoppable video a robust marketing tool that can guide your customers through every stage of buying. It also uses embedded links for instant click and purchase. On the other hand, it also helps brands replicate the customer’s experience by simplifying the buying funnel.
4. Retargeting Customers
One of the most crucial aspects of a business is retargeting. Irrespective of what devices your customers use, shoppable videos can give them a 360-degree view of every product.
Glossier’s recent campaign “Wowder featuring” is a great example. This campaign retargeted 3 videos for their millennial audience. The videos were deployed on their YouTube channel, website, and social media handles.
It worked as a reminder for their audiences. A clear CTA was added at the top of these videos, which would take viewers directly to the product page.
Why Do Shoppable Videos Work for eCommerce Products?
Hubspot estimates 87% of video marketers reported that video gives them a positive ROI (return on investment).
For this reason, it’s likely that shoppable videos will continue to be an integral part of eCommerce marketing. It is effective because it satisfies the need for engagement and increases customer retention.
Shoppable videos work because of these 3 reasons:
- It removes the gap between consuming content and buying a product. For instance, there’s no need for consumers to remember a product they like. They just need to click on the product within the video and make the decision to purchase.
- The flexibility of shoppable videos is undeniable. In these times, brands are focused on building stronger connections with their audiences for both online and virtual events. They require interaction from the viewers, which is going to hold their attention better.
- Shoppable videos can be included in an advertising strategy. This is because it helps your brand to stand out on social media. Live shoppable video is growing since eCommerce utilizes influencer marketing and social media to boost sales and product awareness. Recently, Walmart teamed up with 10 TikTok influencers for their first live shoppable event. This event resulted in not only high engagement, but their TikTok following also increased by 25%. Even better, they received 7x more views on their videos than normal.
How to Create Shoppable Videos That Convert
There are a few important steps you need to take to create a shoppable video that converts.
Step 1: Warm Up Your Audience
Warm up your audience to prepare them for your shoppable video. It’s best to connect early on with your audience and create an interactive environment. Give them information about your video by including a poster frame and calling out all the features upfront.
For example, brands like Made merge user-generated and shoppable content. They know how to create videos that help their audience see how furniture or homeware looks in real life before making any decision.
Step 2: Add a Shoppable Element
Adding a shoppable element within the first few shots is key. If you can create a seamless buyer’s journey for viewers by adding a click and purchase button without customers leaving your site, you’re on the right path.
Let’s take the example of the recent campaign for Promod’s jeans. They included a clickable overlay marked with products using the product import feature. The brand also added a shoppable group pop-up and carousel for mobile optimization. Their engagement went over 55%, and CTR was over 10%.
Step 3: Provide More Value With Fewer Elements
Always remember that less is more. A recent study by Omnisend showed that 2-3 CTAs had the best conversion rates for BFCM (Black Friday, Cyber Monday) campaigns, whereas more than 3 showed the click rate falling. Therefore, you should focus on 2-3 things so that you don’t overload the audience with too many options.
Your shoppable video should be hosted on specific landing pages. This will most likely be the first and only point your audience will reach and interact with before going to their shopping cart. Include all the essentials like a product description, images, and price, to help your customers make an informed decision.
Step 4: Invest in Storytelling
Storytelling is the route to your customer’s hearts. Use your creativity to craft an engaging shoppable video.
Alibaba is a great example of how to creatively showcase its products. Recently, they broadcasted their latest collection for Met Gala looks featuring various celebrities.
During this broadcast, people were able to actively participate by purchasing or saving items to their lists. Shoppable videos can take real-time interactivity to the next level.
Step 5: Use Clear CTAs
Keep your CTA clear and to the point. It’s crucial to convey a single CTA effectively to reduce ambiguity.
The Valentino Spring 21 Diary Collection introduced a bright, colorful video featuring clickable areas for consumers. But the highlight was their CTA. When clicking on a group carousel, it would show the option to visit product pages and a CTA to ‘add to shopping cart.’
What Metrics Should You Measure in a Shoppable Video?
40% of marketers now use shoppable video ads to support the new storeless economy.
After you’ve created your shoppable video, it’s time to assess the fruits of your labor. Here are 4 metrics you should keep in mind to measure the results of shoppable videos.
1. Engagement
If you want to understand how many times your video has been watched and rewatched, your engagement rate can inform you by showing you the percentage time of your viewers that watched the video.
With this engagement data, you can see when viewers are falling off and decide if you need to update your creative for future videos.
2. Click-Through Rate
Your CTR shows how valuable your video is at encouraging viewers to take action. Make your CTAs clear. People most likely won’t click on your CTA if they didn’t watch the full video of your products.
This means that your video should be interesting enough to keep your engagement and click-through rate high.
3. Exit Rate
The exit rate helps you to find out the exact page where a visitor loses interest. It’s vital to track this metric to understand why your visitors spend more time on one page but lose interest after visiting a few.
For instance, your customers may be adding products to their shopping cart but not completing the checkout process. This implies that your checkout process may be missing a critical point that was included in the video, such as pricing, offerings, colors, etc.
All of this can be improved if your shoppable video has captivating text, descriptive images, videos, and cross-selling functions. However, it could also be that your checkout process is missing a payment method, or your customers are having trouble making payments without registering. Altering your videos won’t solve this problem, as it’s much more general.
4. Conversion Rate
Conversion is the real king. If you gain more leads and conversions with your video marketing, it shows your shoppable video content is working. There are various ways you can track your conversion rates.
This rate counts attributes like video count, conversion of the viewers, subscribers, and the number of people who might have filled out different forms on your website.
Sites that support video can boost conversion rates by 80%. This leads to higher levels of engagement and conversion, and the video yields a high ROI. These numbers can also be manifested as a percentage of all viewers that convert.
Creating Shoppable Videos Is the Way to Stand Out
If you want to stand out in the eCommerce world, personal branding should be your priority.
And most importantly, video marketing should be an essential part of your branding strategy.
It not only gives you plenty of opportunities to communicate through your product or service. It also helps your customers to do the same. This saves customer’s time, energy, and the decision to see whether your deal is worth it or not.
It’s time to stop waiting and start executing shoppable video strategies to improve your sales, conversions, and brand loyalty.
Our Start and Scale course will provide you with dozens of tips to find success in the eCommerce world by award-winning eCommerce expert Gretta van Riel.
Most importantly, you’ll get the formula Gretta used to launch one of her new brands to $1 million in sales on Day 1. Want to know how? Learn about it here.
The post How to Create a Shoppable Video That Converts (For Your eCommerce Product) appeared first on Foundr.
via https://AiUpNow.com November 25, 2021 at 12:26AM by Bernard Meyer, Khareem Sudlow,
