Why live, shoppable video is the future of eCommerce?
According to statistics, online merchants that leverage video can boost conversion rates by up to 80%. In a survey conducted with marketing professionals worldwide, 51% named ‘video’ the type of content with the best ROI.
Attention is the new currency in the world of sales and marketing. You tell us, whether it is easier for you to capture the ‘attention’ of your customers through a plain, boring product description or by pitching them your product with all your passion and conviction?
Undoubtedly, the second approach is more likely to help you close the sale and get the fantastic cash in. But, why this new way of selling is so good?
Simple, Frictionless Buyer Journey
The ultimate advantage of selling through a live video for the customer is a direct, seamless buying experience. Earlier, the process involved watching the product demonstration through a social media or communication channel and then going to a different platform to execute the ordering process.
With integrated platforms, such as Baaz, a customer can place the order on the same screen while watching the video. It significantly reduces the number of steps a customer must take before making a purchase. The overall experience prompts the customers to go smoothly through the entire buyer journey and drastically enhances conversion rates for a merchant.
Establishing Authenticity of the Product
30% of all products ordered online are returned compared to 8.89% in brick-and-mortar stores. The key reasons behind these statistics are incorrect expectation settings, substandard product quality, and order inaccuracies.
The principal difference between an online store and a brick-and-mortar store is the ability to provide a potential customer with a real-time product usage experience. Even though a live video session might not offer a buyer the product’s physical feel, a human face providing an assurance of the same goes way beyond a stamp on a product image.
Therefore, when you or any seller attaches a face to the product, it is a much better method to assure authenticity and quality for a customer.
Delivering a Personalized Experience
Personalization in eCommerce is nothing new. But the ability of live video commerce to adjust and alter personalization for a customer in real-time is game-changing.
According to research, 80% of consumers are more likely to purchase from a brand that provides a personalized experience. And live video shopping is the closest a seller can get to replicating the personalized experience customers get when they shop in-store.
Showcasing the Brand Story
A video format enables a seller to illustrate the craftsmanship behind the merchandise and interact with the customers to convey the product messaging clearly.
When users interact with a brand, they make instant decisions about the worth of that interaction and choose brands for a value proposition that relates well to their real world. While browsing on a conventional eCommerce platform, a subconscious evaluation occurs, where they try to gauge answers for queries, such as: What is its story? Do I care or want to give it a second thought? Why should I pick this product or brand?
However, as a seller, a live video gives you the opportunity to address all these questions and respond positively to your potential customers to easily convert them.
Establishing Brand Loyalty
A substantial challenge for retailers is to attract and keep customers engaged. A shoppable video would allow them to showcase actual uses of products and offer an enhanced experience to their customers beyond geographical limitations.
When a merchant onboards to a platform like Baaz, they don’t even need an existing online store to avail themselves of the live video functionality. Instead, they get a custom page to display their products and interact with their customers.
As the entire customer experience improves, so do sales, conversions, and thus brand loyalty.
Are you looking to 10x your eCommerce business with a revolutionary interactive storytelling and shoppable video platform? Book a demo with Baaz right away!