It goes without saying that visual social commerce is growing very quickly, and that is due to the popularity of image-centric social networks. But does that mean online retailers should only focus on discovering ways to make still images work for them? Not at all! In fact, when done correctly, video marketing for eCommerce unleashes a totally different kind of beast. To back this, the following insights were gathered by visual storytelling company Adelie Studios:
Social video generates 1,200% more shares than text and images combined
Companies using video enjoy 41% more web traffic from search than non-users
In January of 2016, before the launch of Facebook Live Videos, Facebook reported seeing 100 million hours of daily video watch time, and later also announced the willingness to fund original video programming from creators and media companies. That was all in an effort to keep the growth going on and strong. As impressive as that may sound, it still pales in comparison to YouTube, which boasts 650 million hours of videos viewed each day.
At this point, you might be wondering where eCommerce comes into play. Allow us to explain.
All these advances in technology (and the popularity from it) has not only led to images becoming shoppable, but videos as well, only in a different way. At the most basic level, you don’t really need AI to create videos that will allow users to shop for items that are seen in them. There are multiple firms that allow assistance with that if needed, and big names such as Kate Spade have created multiple viral shoppable video campaigns.
Ted Baker also launched a interactive video marketing campaign, which featured shoppable window displays with Google voice search. Tags were added to each video, which made it shoppable. Other options included displaying an overlay, or adding to a wishlist. About this campaign, the sales director of Google UK commented, “We know that mobile plays a key role in any shopping experience acting as the connector between digital and in-store. So we worked with Ted Baker to bring their latest campaign to life using a simple and fun interaction on your smartphone. Placing voice search at the core of the campaign is a creative tactic that fits perfectly with the espionage theme and enhances the consumer experience in a mobile first world.”
Now we know that we previously mentioned AI is not needed to create such video campaigns, but that does come at a cost: time. Without AI, you will have to manually configure and label all content, then sync it with all the landing pages. Offhand, that may not seem like much of an investment in time, however it will get tedious very quickly for most online retailers. That is because eCommerce is seasonal and trends change very quickly. As such, the efforts need to be repeated over and over again to stay relevant. These videos are not evergreen. AI helps save online retailers from that hassle.
With AI, shoppable labels can be populated by algorithms that are trained by machine learning, thereby dramatically reducing the need for manual upkeep by online retailers on the backend. In the greatest case scenarios, AI can even allow purchases to be made straight from the catwalk, as previously done by Burberry.
As shoppable videos becomes more widely adopted by online retailers, it won’t be surprising to see the bulk of videos in the near future being used as a vehicle for selling goods that are featured in it, or at the very least, displaying similar products at various price points. This will be a revolutionary point in the world of eCommerce, considering the 750 million+ hours of videos streamed daily. It would serve as an outstanding revenue stream for the sites that are publishing the videos, content creators, and of course brands and online retailers as well.
Today, we’re happy to share that Syte raised $21.5 million in Series B Funding. Viola Ventures lead the investment, alongside high-profile investors Storm Ventures, Commerce Ventures, Axess Ventures, and Lyra Ventures. The total funding to date is $30 million.