By Jessica Bergmann, Worldwide Marketing Content Manager
Video commerce – also known as shoppable video or video shopping – is an emerging trend proven to convert visitors at 5x the rate of visitors who only browse product listings.1 The significance for retailers? Shoppable video has the power to directly translate brand experience and engagement into a transaction.
- The Internet serves as the new generation TV set, with 78% of consumers watching at least one online video per week and online video accounting for 50% of mobile traffic, according to Singh Cassidy.
- Content and commerce convergence is here. Brands can now perform storytelling and selling in one functional platform.
How Shoppable Video Works
With a video shopping player, retailers can display products featured within a video in an adjacent carousel window at timed cues. Shoppers can watch and shop simultaneously by adding the product to their basket with a single click.
Demandware client Michael Hill, a contemporary jeweler, uses shoppable video to make its style journey a truly immersive experience, capturing the “what are you wearing and where can I buy that” moment within the brand’s digital space.
The functionality at Joyus takes this experience a step further, allowing shopping capabilities and real-time inventory to travel with the player, regardless of where it is embedded or shared on the web.
How to Make Video Commerce Work for You
During the IRCE 2014 keynote presentation, Singh Cassidy emphasized that video commerce lends itself to more aspirational products and defined it as the “art of selling special.” She also stressed that video commerce is about depth, not breadth.
Here are her recommendations for a winning video strategy:
- Find your hero products. Video commerce should focus on discovery – what is unique, fascinating or timely about your most effective products. She recommends no more than 3 unique selling points and a range of 1 to 4 products per video, while noting that single product videos perform best.
- Story sell, don’t tell. Don’t just list off product features. Video affords the opportunity to build brand affinity, trusted expertise and “how to” guides to help consumers get the most out of the product. Offer viewers an insider’s look or lesser known tips and tricks associated with your product.
- Measure ROI. Video commerce requires significant investment, so you have to justify what works and what doesn’t. Consider tracking ROI using Direct RPV (revenue per view) and Direct VVCR (video view conversion rate). Effective videos demonstrate a VVCR of 0.5% to 5% and an RPV of $.50 to $2.00.2
- Drive ROI through aggressive distribution. Incredible video content is nothing without the views to support it. Organic search, native advertising and syndication partnerships are key components to driving viewership and ultimately, ROI.
For additional insights on video commerce success, download Retail TouchPoints’ “5 Steps to Video Commerce Success” here.
1“Joyus data featured on http://www.bloomberg.com/video/how-to-shop-using-a-video-shopping-site-YTXX7DIcQ3qjP4I6PWX1lQ.html
2IRCE Keynote Speech “How the Video Experience is Transforming the Way People Shop” by Sukhinder Singh Cassidy, CEO of Joyus, June 12, 2014