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Discovery Commerce Via Shoppable Videos: "Let Product Find People"
Today, we’re diving into the exciting world of discovery shopping and how it’s taking the online retail space by storm. But that’s not all – we’ll also be exploring the rise of impulse buying and the power of shoppable videos to revolutionize your shopping experience. So, sit back, relax, and let’s embark on this shoppable adventure together!
What is Discovery Commerce?
Imagine stumbling upon an incredible product that catches your eye while scrolling through your favourite social media platform or watching a captivating video online. That, my friends, is what we call discovery shopping. It’s all about stumbling upon something new, unexpected, and utterly delightful that you can’t resist adding to your cart.
The Impulse Buying Epidemic
Impulse buying has been on the rise in recent years, fueled by the convenience of online shopping and the enticing allure of one-click purchases. With just a tap of your finger, you can have that irresistible item on its way to your doorstep. It’s no wonder impulse buying has become so prevalent!
According to a study by MarketingSherpa, impulse purchases account for nearly 40% of all consumer spending.
An Animoto study found that 84% of consumers have been convinced to make a purchase after watching a brand’s video.
Why Do Consumers Abandon Their Shopping Journey?
But here’s the catch: Does the bouncing rate of your website and shoppers abandon In the middle of your shopping journey? You’re not alone! There are several reasons for this, such as slow website load times, complicated navigation, and limited product information. These roadblocks can be frustrating and may lead to cart abandonment – the arch-nemesis of online retailers.
According to Baymard Institute, the average cart abandonment rate across industries is a staggering 69.57%.
Now, let’s talk about a game-changer in the world of online shopping – Shoppable Videos!
Suppose a shopper “Emma” scrolls down the product page of your fashion brand and discovers additional shoppable videos featuring the dress. One video shows a fashion influencer styling the dress with accessories and sharing helpful tips. Another video showcases real customers wearing the dress in different settings, giving Emma a better idea of how it looks in real life.
Engrossed in these videos, Emma helps but envision herself in that dress, feeling stylish and confident. Emma is convinced that it’s the perfect addition to her wardrobe.
With a click of the “Add to Cart” button, Emma’s desired dress is now securely placed in her virtual shopping cart. As she proceeds to the checkout page, the shoppable video remains accessible, reminding her of the dress’s allure and reaffirming her choice. The seamless integration of the shoppable video within the website creates a captivating shopping experience for Emma.
Filled with anticipation, Emma provides her shipping and payment details. Within a few clicks, her order is confirmed, and she eagerly awaits the arrival of her new dress.
Emma’s shopping journey, powered by shoppable videos, demonstrates how seamlessly discovering a product within a video can lead to an effortless and enjoyable shopping experience. By combining visual appeal, relevant information, and convenient purchasing options, Chic & Trendy has successfully captured Emma’s attention and transformed her discovery into a satisfying purchase.
Benefits of Using Shoppable Videos on an E-commerce Website:
1. Enhanced User Experience: Shoppable videos create an immersive and interactive experience for consumers, allowing them to seamlessly explore products and make purchases without leaving the video. This convenience leads to higher customer satisfaction and a smoother shopping journey.
Studies have shown that incorporating shoppable videos on e-commerce websites can increase time spent on the site by up to 2.5n times, resulting in a 40% higher conversion rate.
2. Increased Engagement and Conversion Rates: Shoppable videos capture viewers’ attention and encourage active participation. By showcasing products in action and providing direct purchase options, brands can significantly increase engagement and conversion rates.
Brands that have implemented shoppable videos have witnessed conversion rate improvements ranging from 15% to 30%, indicating the powerful impact of this interactive shopping experience.
3. Seamless Integration with Social Media Platforms: Shoppable videos are perfectly suited for social media platforms, where brands can engage with their audience and promote products directly within the video content. This integration enables brands to reach a wider audience and increase brand visibility.
Research has shown that social media posts with shoppable videos receive 18% more engagement and generate 80% higher click-through rates compared to traditional static posts.
4. Harnessing the Power of Influencer Marketing: Shoppable videos can be a valuable tool for influencer marketing campaigns. By collaborating with influencers and incorporating shoppable videos into their content, brands can leverage the influencer’s reach and credibility to drive sales.
Brands that incorporate shoppable videos in their influencer campaigns experience an average increase of 30% in purchase intent among consumers.
Shoppable videos tap into consumers’ desire for instant gratification, triggering a sense of excitement and urgency. The seamless integration of product information and purchasing options creates a seamless and enjoyable shopping experience, satisfying consumers’ need for convenience and impulse buying.
According to a survey by Wyzowl, 68% of consumers prefer to learn about a product or service by watching a video.
A study by Brightcove revealed that videos with interactive elements, such as shoppable features, generate a 4-10 times higher click-through rate compared to traditional videos.
Shoppable videos have emerged as a game-changer for online retailers, combining the excitement of discovery shopping with the convenience of impulse buying. By seamlessly integrating products into videos, brands can captivate consumers and transform their shopping journey into an engaging experience.
So, keep your eyes peeled for those shoppable videos, my fellow shoppers. The next time you stumble upon an irresistible item while watching a video, you just might find yourself a few clicks away from.
Ready to boost engagement & accelerate conversion with your website visitors?
