As an innovation that has a projected sales value of $423 billion in China for 2022, and a growing presence across the US, the ‘Live Shoppable Video’ phenomenon has become a lucrative marketing strategy for retail brands. The UK and Europe looks to be the next area of growth for the technology.
The pandemic of the past 18 months has only increased the demand and desire for this new way of shopping, as consumers are confined to their homes and engaging with their smartphones and computers more than ever before. But what exactly is live shoppable video, why is it so impactful, and how can brands benefit from it?
At Groovy Gecko, we see the huge potential in live shoppable video’s growth, particularly in the UK. Combining the ease and low maintenance of online shopping with the fun of an interactive, shared event, viewers are able to see products being shown and used in real time, with interactive elements such as questions and live polls offering live feedback.
The value that live shoppable video can bring to e-commerce brands across many industries is broad – but increasing brand appeal, sales, and consumer engagement are three of the main impacts brands can expect.
Know your market – will live shopping ‘work’ for them?
Currently, the biggest market for live shoppable video is China, followed by the US, where the movement is steadily growing in a number of sectors, including fashion and beauty. British brands such as Pretty Little Thing, H&M and John Lewis are now starting to pilot the technology, hoping to capitalise on the interactive digital and at-home merged experience.
Live shoppable events allow consumers to view new product launches first and buy products directly, or be offered unique discounts with COVID-19 only accelerating the appeal to at-home buyers, given its reminiscent elements to in-person shopping.
Consumers also want the exclusivity that comes with a live event – knowing they are amongst the first people to see and purchase a product is enticing, creating a buzz around the event as well as the items themselves. Exclusive, limited-time discounts can be offered too, furthering the feeling that the shopper is getting a special, insider deal.
A popular demographic for live shoppable events is Gen Z, who are used to sharing their lives constantly on social media. A Global Web Index report revealed that the majority of Gen Z consumers use social media as their top source of shopping inspiration, and most brand interactions take place on social media. Interestingly, more Gen Zs have watched a video made by a brand (29%) than liked or followed a brand on a social network (26%) or visited a brand’s social network page (23%).
Millennials are also big fans of live shoppable video – research in the UK by Influencer Marketing Factory revealed that almost half (40%) of both Gen Z and millennials have bought an item while seeing it on a livestream on a social media app…More
