The Future is Digital: How Video Helps Retailers Keep Up With Market Trends
In the first quarter of 2020 alone, video views for retailers were up 135% and rising as more consumers filled their shopping carts from home in response to the global pandemic. With an anticipated closure of nearly 25,000 retail stores across the U.S., retailers are heightening their focus on the digital marketplace to stay relevant and, more important, stay in business.
The digital marketplace is growing, and it’s not slowing down
Retailers in almost every category witnessed a skyrocket in online Q1 sales, with a 110% increase in grocery sales, a 58% increase in electronics sales, and a 34% jump in apparel sales. As people looked for safer shopping experiences, their eyes were now being drawn by digital engagements as opposed to traditional ones.
There was a time when retailers spent millions optimizing their in-store experiences, from physical displays and catalogs to print materials. However, now more than ever, retailers need to shift their focus toward online and video marketing experiences to keep up with current demands.
Nearly 150 million more digital-buyers will enter the e-commerce market this year, marking a 6.9% rise in online shoppers that are demanding a more modern, convenient, and personalized experience. That’s why most of today’s leading businesses, such as Zappos, North Face, Wayfair, Nike, and others, are already ahead of the game, using video to connect with their customers and enhance their overall shopping experience.
Video brings products to life for online shoppers
By incorporating video into your e-commerce strategy, you can provide your online shoppers with a more authentic experience. It allows them to see everything from how fabrics look while the wearer is in motion to even a full 360-degree view of the product, giving more insight and detail than a static image ever could.
Tying video data to your eCommerce platform helps provide ultimate visibility
Just as video gives your customers enhanced visibility into a product, it also gives you a deeper understanding of their customer journey. It can give you a unique perspective on how often a video gets watched or how long buyers spend watching content before making a purchase. Tying that insight into your e-commerce platform helps to show areas of content performance or optimization on your product pages. So you’ll know exactly how each video is driving revenue for your business, and which kind of video gets all the attention.
Seize current and future market opportunities
With the market in such a rapid transition and the upcoming holiday season around the corner, it’s the perfect time for retailers to gain a foothold in the new video economy. In fact, 71% of US adults say they’re planning to do their holiday shopping online this year—and there’s no better way to bring their attention to your products than through video.
Video is one of the most engaging and effective forms of communication, and it’s critical to gaining the attention and the trust of your customers in today’s market. Be a part of the future of online retail and give your audiences the experience they deserve with video.
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This article was written by Lauren McHugh from Business2Community and was legally licensed through the Industry Dive publisher network. Please direct all licensing questions to firstname.lastname@example.org.