How video redefines relationships between brand and consumer | The Financial Express

How video redefines relationships between brand and consumer

A recent report, shows that 85% of consumers find videos helpful as they shop online, and seven in ten consumers agree that video helps them better understand the potential purchase

How video redefines relationships between brand and consumer
While video offers multiple benefits, most online shoppers today have a short attention span, making them less tolerant of delays.

By Subhasish Gupta

Online shopping has become the norm for consumers worldwide, and the trend holds equally true for India. With the rapid increase in internet and smartphone penetration and the government’s digital push for a cashless economy, the Indian e-commerce industry has witnessed a significant upswing in the last few years. By 2034, India’s e-commerce sector is expected to become the second largest e-commerce market in the world, according to IBEF estimates. This acceleration in online shopping has resulted in an increased number of new players entering the market. However, as shopping options increase and consumers’ attention spans decrease, leading retailers are embracing new technologies and opportunities to create engaging new experiences at scale in this competitive landscape.

Consumers today demand accessible, informative, and enjoyable shopping experiences. The emergence of online video and its capabilities to bring a product to life and deliver an immersive shopping experience holds an enormous promise for retailers. From helping discover new products online to increasing their confidence in a purchase, video is proving to build customer trust in the brand, further resulting in a positive impact on the business bottom line. A recent report, ‘Using E-Commerce Video to Drive Sales,’ shows that 85% of consumers find videos helpful as they shop online, and seven in ten consumers agree that video helps them better understand the potential purchase. Additionally, as shoppers increasingly explore and interact with products online, shoppable links and the ability to rate different products eliminate friction from the customer journey. Eighty-three percent of big spenders agree that interactive features such as click-to-purchase links are helpful in their online shopping journey, which is a testimony to video making it easier for consumers to complete their online purchases.

While video offers multiple benefits, most online shoppers today have a short attention span, making them less tolerant of delays. The same report states that two-thirds (64%) of consumers will wait no longer than four seconds for a video to load. This expectation for flawless video delivery has put retailers in a hot seat to ensure their videos are responsive and load instantly on any device to keep the viewer’s attention. By adopting a trusted, reliable, and robust video streaming solution that offers no-fail content delivery, retailers can capture consumer attention and provide a more authentic experience.

Below is a rundown of the top four ways retailers can utilise video to build long-lasting connections with their consumers and drive sales more effectively:

  • Immerse shoppers in the story: Today, videos empower brands to tell their stories on their terms. From product demonstration and how-to videos to product overviews and demos, unboxing videos, and testimonials, video enables retailers to provide a full 360-degree view of the product, giving more insights than an image ever could. Providing such different e-commerce videos builds confidence in future customer purchases.
  • Capitalise on livestream and virtual shopping events: Today, with consumers worldwide attending livestream events, retailers have an opportunity to create anticipation and greater demand for their products. The report shows that 80% of big spenders made a purchase during a livestream or virtual shopping event they attended. Livestream events have thus emerged as an opportunity for retailers to expand their business into new markets and drive further sales.
  • Engage everywhere, all the time: According to Brightcove’s report, 81% of consumers in the Asia-Pacific region shop in the evening or late at night. With the changing lifestyles and ease of access to the internet, consumers are shopping around the clock, enabling retailers to create deeper connections with their audiences continuously.
  • Incorporate video across all touchpoints: With the growth in the number of channels available, customers are progressively diverting to different channels from where they initially started shopping online. The report shows that consumers more frequently complete purchases on a retailer app or website, and only an average of 25% of consumers who start shopping in a marketplace make the end purchase there. Hence, it is critical for retailers to be available wherever consumers are and provide consistent, impactful, and informative experiences and content.

Video is not only engaging across all channels and touchpoints but can also be easily tracked and measured. A robust, intelligent video engagement platform provides insights into the video assets which are performing well and customer engagement levels. Such video analytics enable retailers to measure the return on video investment and target consumers better to deliver more personalised content. Videos are thus empowering businesses to make long-lasting connections with their consumers with a click of a button.

The author is managing director – sales, India, and SAARC Region of Brightcove. Views expressed are personal.

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