Video Commerce for the Enterprise: A Comprehensive Guide
Develop a robust video commerce strategy for your enterprise with the help of this comprehensive guide.
Social media is becoming consumers’ primary channel of discovery, and as they scroll their feeds, engaging video content is a strategic way to reel them in. In this article, Kuntal Shah, VP of engineering at CommentSold, discusses how enterprises can develop a strong video commerce strategy.
Not long ago, when we wanted information quickly, we used to open our web browsers and go straight to Google. But now, especially among younger generations, the first impulse may be to open TikTok or Instagram to find what we’re looking for. In fact, over three-fourths of consumers use social media to discover new brands and products. Social media is no longer simply a place to connect with our friends and colleagues – it’s a thriving marketplace of shoppable content that companies can use to their strategic advantage.
Of course, there are risks inherent to receiving so much of our information filtered through peers and performers. Our mom’s friend’s Facebook posts and paid influencer endorsements aren’t always reliable sources. However, the rising popularity of video-first social commerce reifies people’s massive trust in their peers over institutions and companies.
Enterprises must invest in the power of personality in this way, utilizing human connection to shatter barriers to understanding and communicating the true value of their product. Otherwise, if they stick to dry, clinical strategies, they will find themselves miles behind their competitors and bereft of new leads.
Video commerce presents an extraordinary opportunity for enterprises to leverage the power of influencers. However, video commerce can take many forms, and with a plethora of technology options available to help, companies may not know where to start. While the specifics of your strategy will depend on your company’s size, the product you’re selling, your consumer audience, and your overall business goals, current trends point to a few best practices that can help you develop an engaging video commerce program.
See More: What Is the Future of Video Marketing?
Building a Video Commerce Suite
Video commerce provides an incredible opportunity to tell a product story directly to your audience, so building your video commerce capabilities must always start with your audience in mind. Ask the question: who do I want in my virtual crowd? Then, make a plan to reach them.
An important part of that plan is to have the right equipment and setup. Technology solutions are evolving day by day, and while it may seem easy enough to upload a video or go live on social media, more investment is required to be truly effective and successful. Thoughtful, targeted, audience-centric videos will build trust with potential customers and leave a strong impression to drive conversion and repeat visits.
With this in mind, I’ve narrowed down three key components of a competitive video commerce suite:
The content studio
The content studio describes the technology and materials needed to create video commerce content that is on-brand, entertaining, and consistent. It consists of two halves: physical and digital.
The effectiveness of shoppable videos and live broadcasts often hinges on the authenticity and alignment of the filming space with both the brand and the host. This includes considering the location, equipment, production assistance, and any relevant props or merchandise. Regardless of your budget or team size, the physical studio must reflect your product’s and brand’s essence, cultivating an authentic atmosphere that builds trust with your audience.
The digital half of the content studio is the software used to record, edit, and distribute video commerce content. Having the right technology and equipment is paramount for creating effective shoppable clips. Creating shoppable content can be as simple as using an iPhone, and viewers will often appreciate the authenticity of this approach. The social media integrations you have in place will heavily define the reach of your content, so it’s crucial to use those that will get your content in front of the right audience.
Live selling
According to Coresight Research, the live selling market is set to hit $32 billion in the U.S. alone by the end of this year, and for good reason: the current state of live selling has evolved far beyond its roots in QVC and HSN, allowing for unparalleled two-way engagement over video. Customers can interact with your brand from the comfort of their home or office, and it allows your company to be far more entertaining and impactful than it would in a typical sales presentation.
Some ways to make the most of your livestream sales include:
- Special and exclusive deals: A successful live sale requires healthy attendance. Entice viewers to your sales by offering exclusive deals they won’t get if they connect with your brand through other means. At the same time, choose solutions that allow you to make certain deals available after the livestream through recorded, short-form bites.
- Interactivity features: When choosing a third-party platform to help host your live sales, look for ones that allow maximum audience engagement. This can include multi-source features that enable hosts to bring audience members on screen to be a part of the show or automated audience insights that allow hosts to deliver customized greetings in real-time.
- Tie-in with a company event: Hosting a conference? Livestream on-location for those who can’t make it in person. It’s inclusive and can significantly drive leads.
AI features
Artificial intelligence can augment your video commerce strategy in a myriad of ways. For example, the social media content team might benefit from using ChatGPT to brainstorm ideas for verbal commentary. AI tools could help create subtitles in native or other languages or create the most effective promotional clips without significant human effort.
AI video generation could extend the imagination beyond what is possible due to physical constraints – like showing how beachwear will look at the beach. Additionally, AI models powered by data collected from past live sessions could help select merchandise, content, and style that drive more engagement and conversion.
Long-form vs. Short-form Video Commerce
Both long-form and short-form video commerce can be powerful avenues for conducting sales. However, the challenge is knowing when to employ which tactic, why, and for whom. This all connects back to the idea mentioned above of designing the experience for the audience. Consumers and end users may be more willing to sit through a longer live sale, especially if it’s rife with exclusive deals, while a busy executive may just want an extract of the highlights.
Short-form videos can also be created from long-form content. Look for solutions that make it easy to quickly clip shoppable live recordings for repurposing into short-form content. Learning to stretch your content to the fullest is one of the most important skills when working with video commerce.
Ease of purchase is also critical in this case. Any tools that reduce sales process steps will improve conversion and make for a more enjoyable experience. Most of the technology we interact with is evolving to remove the barriers to gratification, and any video commerce strategy should seek to model that convenience. Otherwise, prepare for dried-up leads and abandoned carts.
What tools have you used in your organization to improve the customer experience? Let us know on Facebook, X, and LinkedIn. We’d love to hear from you!
Image Source: Shutterstock
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