Video commerce, or rather the influence of video on e-commerce, has already begun to revolutionize the way we buy and sell products and services–and it will only do more in the future.
The rise of technology has changed the way we live and work. From online shopping to virtual reality experiences, the e-commerce industry is constantly evolving to provide customers with new and innovative ways to engage with products and brands. One technology that is poised to change the future of e-commerce is video.
From the way that products are presented and explained, to increased engagement that both brands and consumers get, to the ability for improved customer service, to the promise of technologies like virtual reality and alternate reality, and to the increased accessibility that comes from video–commerce strategy will never be the same.
Whether we’re talking about live video on streaming platforms like YouTube and Twitch, or pre-recorded videos on YouTube, Vimeo, or other social media platforms, creating videos has never been easier, and live streaming has never had the attention it’s currently getting. The ability for potential customers to engage in live commerce, with live chat during explainer videos, or livestream shopping for e-commerce products is at an all-time high.
The Growth of E-commerce and Video Marketing
It is estimated that total e-commerce, which in 2022 ran roughly $1.03 trillion dollars in sales, will find an exponentially growing foothold. Live e-commerce shopping is expected to hit $55 billion by 2026.
But what about video is driving sales? What makes video so perfectly suited to selling products and services? We’ve identified five main areas:
Enhanced Product Presentation
Video provides an opportunity for businesses to showcase their products in a dynamic and engaging way. By demonstrating the features and benefits of a product in motion, video can provide customers with a more comprehensive understanding of what they are buying. This is particularly important in the e-commerce space, where customers are unable to physically touch or try on products before making a purchase. Video can help bridge this gap by providing customers with a more realistic and interactive experience.
Video content has been shown to increase engagement levels, with customers spending longer on websites, commerce platforms, and social media channels that feature video. This increased engagement can lead to higher conversion rates and increased sales for businesses.
Furthermore, video can also help to build brand awareness and loyalty, as customers are more likely to remember a brand after watching a video about their products.
Improved Customer Service
In addition to enhancing product presentation and engagement levels, video can also play a role in improving customer service. Businesses can use video to provide customers with tutorials, product demos, and even virtual consultations. This can help to answer common customer questions and provide support, even when customers are unable to visit a physical store. Video can also be used to personalize the customer experience, making it easier for businesses to build strong relationships with their customers.
This can also be done in real time, in live streaming videos where the presenters are engaging with the consumers, and able to answer questions about the products and services. This all makes live video to be much more engaging than a static product page.
Virtual Reality and Augmented Reality
The rise of virtual and augmented reality technology has the potential to revolutionize the way we shop online. With virtual reality, customers will be able to experience products as if they were in a physical store, allowing them to see and interact with products in a more immersive way.
Augmented reality, on the other hand, will enable customers to see how products would look in their homes before they make a purchase. This will help to reduce the number of returns and improve the overall shopping experience.
Finally, video can also increase accessibility for customers, particularly those with disabilities. By providing audio and visual information, video can make it easier for customers with visual or hearing impairments to access and engage with products. Additionally, video can also provide a more accessible way for customers to shop online, making it easier for everyone to participate in the e-commerce space.
The Rise of Video and E-Commerce
In conclusion, video is set to play a major role in the future of e-commerce. From enhanced product presentation to improved customer service, video will provide businesses with new and innovative ways to engage with customers.
As technology continues to evolve, we can expect to see video playing an increasingly important role in the e-commerce industry. Whether it’s through virtual reality experiences or increased accessibility, video will help to shape the future of e-commerce and provide customers with a more dynamic and engaging shopping experience.
Stay ahead of the trend and incorporate live video into your e-commerce shop with help from Bloo Kanoo. Request a demo today!