Video Shopping improves conversion. Its a game changer. With video shopping, retailers and ecommerce operators alike have an opportunity to achieve a conversion rate that resembles a retail conversion rate online.
The question is, how?
Confer With has mapped out the conversion process as it relates to video shopping, the principles around how the conversion rate improves – and mapped that to its video commerce platform.
eCommerce conversion rates are relatively speaking, low when compared to a retail conversion rate. Online conversion rates tend to hover between 1% and 5% depending on the sector (and of course the quality of the experience). Compare that to a Retail conversion rate that can range between 30% and 40%.
This is why retail has been so successful over the years – people want to by in a retail environment.
Face to face and live
Video shopping, (and we are referring to one to one video shopping here as opposed to one to many video shopping) has a key element that replicates the retail experience – the ability to work face to face with your customers. Once this is achieved, a virtual treasure chest of retail techniques become available which simply weren’t a possibility with straight eCommerce
Establishing a connection
The first, most important thing that happens in a retail experience is that a connection can be made between two people. This establishes trust and credibility. One this has been established, it creates a basis for suggestion.
Understand and respond to shopper needs
|“People will sit up and take notice of you if you will sit up and take notice of what makes them sit up and take notice” – Harry Selfridge|
On a face to face discussion, the retailer has an opportunity to find out what the shopper wants. Might sound simple, but its a fundamental thing that eCommerce falls well behind retail in. In eCommerce, the best you can do is assume or deduce shopper needs. Face to face – you can very quickly ask the question. If that question is asked, there is an opportunity to acknowledge those needs. This improves conversion.
Live video demonstration
|“Excite the mind, and the hand will reach for the pocket”.|
Assuming you know what someone needs, conversion improves when you respond to those needs. Live stream video shopping empowers the ability to live demonstration possible. If a shopper in beauty wants to find out how to apply a specific type of eye shadow. The retailer can simply show them on camera.
The ability to demonstrate, specific to needs in live video shopping improves conversion.
Leveraging the scale of eCommerce, face to face
Now that we have established that video empowers retail conversion approaches, its important to emphasise that this is only part of the story. eCommerce has a great set of approaches that should be used. Particularly around scaling. Lets examine
Great video shopping platforms integrate the eCommerce feed into the live shopping experience. This means all stock is at your fingertips. Linking to products makes things shoppable immediately in the experience. Once you have product feeds integrated, you can leverage data driven recommendation engines to drive up-sell and cross-sell. These conversion tools available to eCommerce are available to those in live video shopping using Confer With.
Voucher codes and coupons are a key tool to those in eCommerce, they are also used to great effect in Retail, as closer offers. The Confer With platform allows voucher codes to be applied, providing bespoke discounts – driving up conversion.
Confer With Virtual shopping basket
Confer With have developed a patent pending Virtual shopping basket. The Confer With virtual shopping basket allows the shopper and the retailer to add items to a virtual shopping basket. In effect, both parties can collaborate on what to add to the basket. It’s the equivalent of someone in a shop offering to take something to the till for them. It adds a level of service, experienced in high end stores and is a conversion game changer.
Once the shopper and the retailer agree on what shall be purchased, the shopper is in control over what to add to their actual basket. When this is set up in the video shopping experience, conversion improves out of sight.
The final word
Once a live video shopping experience is stablished inside an organisation, eCommerce providers can start to enjoy conversion rates unseen in a self service website. Feel free to get in contact for a demo of how all of these components work together to drive up conversion.