Get out of my streams and into my cart.
Get out of my streams and into my cart.
Whilst the economy is in a state of flux, retailers are constantly searching for new ways to connect with consumers across digital touchpoints.
In an over-saturated digital world, where ads are prevalent in every inch of multimedia, vying for the attention of consumers, retailers are searching for digital alternatives where they can maybe reach their customers without any intrusion or friction within the user experience.
One particular media outlet that advertisers have yet to fully embrace is Shoppable TV, both in app and streaming services. This is due to a lack of adoption from a consumer standpoint.
Although, as marketers become increasingly desperate to branch out, video commerce is fast becoming a likely avenue to advertise products and act as a fresh point-of-sale.
Video Commerce could revitalise momentum and potentially entice advertisers beyond big-hitting retailers such as Walmart and those with an interest in tracking how much their consumer-facing messages translate into actual sales.
The C19 pandemic affected everything for retailers and consumers alike. For video commerce, it did however, eventually break down two of the biggest barriers to shoppable TV.
It removed the ability of the consumer preference to shop in brick-and-mortar stores during lockdown(s) along with other variables and factors post-lockdown. This is where digital came to play and eCommerce growth soared.
There was also a lack of education regarding QR codes along with an unfair dismissal of their true potential in a retail world. Both obstacles required addressing in order for businesses not only to innovate, but to function and adhere to life post-covid.
From being a shiny new toy to potentially becoming a staple of the TV and streaming business; shoppable tv (or video commerce) might provide both aid and opportunity to retailers and customers alike.
Shoppable TV isn't an entirely new concept, but the ability for consumers to buy products directly from their TV screens is entering a new stage in its development.
The pandemic made QR codes and online shopping far more accessible and widespread, resulting in shoppable TV evolving beyond the confines of traditional dedicated shopping channels like QVC and 0800 number advertisements.
Advertisers are largely still testing TV campaigns that feature a way for people to purchase a product through the ad. Some advertisers are seeing shoppable TV ads’ not only meet, but even exceed their expectations across digital and retail media platforms.
However, a more detailed measurement is required for shoppable TV and interactive advertisements to gain broader adoption by retailers.
Retailers will need to see conclusive evidence that people are willing to happily interact with shoppable TV ads and subsequent programming, especially in comparison to proven channels like eCommerce platforms, search and social media.
Our (NBCUniversal) shoppable TV campaigns, on average, fetch a 73% higher conversion rate than the industry benchmark for commerce-enabled campaigns, which averages around a 1.5% conversion rate.Josh FeldmanCMO of NBCUniversal’s Advertising & Partnerships Organisation
Unlike traditional ad formats where audiences take the position of a passive viewer, interactive ad formats are immersive and are defined by sheer audience participation and the variables that come with it. This is achieved through interactive, hands-on elements that are built into the ad format.
Shoppable TV - ITV's Love Island x Boots collaboration.
The development of these formats has ramped up in recent years, with most digital platforms now including interactive offerings in their ad solutions.
This has made interactive advertising a lot more accessible and has moved it from what was a novel format used in one-off cases to a more regular practice.
Interactive ads can help brands can bridge the gap between instore and online shopping by providing consumers with an experience that stimulates, entertains and engages customers, and helps mimic that tangible 'touch-and-feel' instore experience - all whilst building greater brand trust and loyalty.
Although the adoption of interactive ad formats has been significant in recent years due to an influx of easily accessible off-the-shelf formats, interactivity in digital advertising is still in its infancy because it's not easily adoptable for every high-street business.
However, with huge amounts of investment being funnelled into developing technologies such as Augmented and Virtual Reality, you can expect to see a spill over into the world of digital advertising with more sophisticated offerings making themselves available to eCommerce retailers.
As the majority of digital ads will be interactive to some degree in the future, retailers should strongly consider implementing this revitalised interactive touchpoint into there marketing arsenal. Get a headstart with the formats that are readily available and actively research how they can be utilised to enhance online shopping experiences on their consumer's big screen.
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