“Live shopping globalizes localized, regional, and high street retail by inviting customers from anywhere in the world to access their recommended offerings in situ, providing validation and reassurance about quality and the application of a product.” – The Drum.
In today’s digital age, video has become an essential tool for retailers looking to boost sales and promote their products. Two popular methods for using video in retail are live video shopping and pre-recorded product videos. Both methods offer unique advantages for retailers, and so this article will discuss the key differences between the two and which one is more effective for sales. Retailers looking to stay ahead in the competitive world of e-commerce will need to gain a better understanding of how to use video to drive sales and make informed decisions on which method to use. This article will also explore the new concept of live one-to-one video shopping and its advantages over the other two methods.
We will cover the following:
- The difference between live video shopping and pre-recorded product videos
- How live video shopping can be used to drive more sales
- How pre-recorded product videos can be used to drive sales
- Disadvantages of using pre-recorded product videos
- Advantages of live one-to-one video shopping over the other two methods
Live video shopping and pre-recorded product videos are both methods that retailers can use to promote and sell their products, but they have some key differences.
Live video shopping is a video solution that allows customers to interact with a product and a retail expert in real-time. It provides a sense of immediacy and allows customers to ask questions, get advice, and try on products while the seller can respond immediately. Find out more about live video shopping, its benefits towards retailers, and how it can be personalised for each customer.
Pre-recorded product videos, on the other hand, are as the name suggests: pre-recorded videos that are sharable on various platforms, such as social media and e-commerce websites. These videos allow retailers to showcase their products in the best possible light, creating a polished and professional image for their brand. Pre-recorded videos can be used to provide detailed information about products, such as product specifications and features. They can also be targeted towards specific audiences, such as those who have visited a retailer’s website but haven’t made a purchase.
When it comes to showcasing products and boosting sales, retailers have a choice between live video shopping and pre-recorded product videos. Both methods have their own unique benefits and drawbacks, but live video shopping offers several advantages over pre-recorded videos.
One of the biggest benefits of live video shopping is the ability to communicate with customers in real-time. Retailers can answer questions, provide live demonstrations of products, and even offer special deals or promotions, all within a single interaction. This level of engagement can help increase customer trust, in turn leading to higher conversion rates. In fact, according to Livestream, 80% of consumers would rather watch a live video from a brand than read a blog, and 82% of consumers prefer live video from a brand to social media posts.
Another advantage of live video shopping is the ability to create a sense of urgency and scarcity, essentially FOMO. This can be especially effective for flash sales or limited-time promotions, as customers are more likely to make a purchase if they feel they need to act fast. Retailers can use live video shopping to create exclusive events, such as product launches or flash sales, which can generate buzz and drive sales.
“The survey of more than 11,000 consumers in 16 countries found that while almost two-thirds (64%) of consumers had already purchased a virtual good or taken part in a virtual experience or service in the past year, that figure is expected to rise” – Accenture.
Additionally, according to TrueList, “79% of live video fans believe watching videos live brings a more authentic interaction with the audience. Live video engagement stats further reveal 63% of users like the human touch this medium adds to the overall experience.”
When it comes to creating a personalised experience for the customer, live video shopping is the ultimate platform to be using. The customer can ask questions and the seller can respond immediately, which helps build trust and loyalty between the customer and the retailer. Furthermore, this replicates the in-store shopping experience; video commerce invites conversations to really understand what customers want. Live video experiences put experts in the middle of the digital touchpoints, where they can educate and assure customers prior to purchase, resulting in higher conversion rates and average order values. Read more on how live video shopping replicates the in-store shopping experience.
How pre-recorded product videos can be used to drive sales
Pre-recorded product videos offer several benefits for retailers looking to boost sales. These videos allow retailers to showcase their products in the best possible light, creating a polished and professional image for their brand. By sharing pre-recorded videos on various platforms, such as social media and e-commerce websites, retailers can reach a wider audience and increase brand awareness. According to YouGov America, 72% of consumers would rather watch a video about a product or service than read about it.
Pre-recorded videos can be used to drive sales by creating a sense of storytelling and show the story behind the product. This can help build an emotional connection with the audience and increase the chances of conversion. Retailers can also use pre-recorded videos to showcase multiple products at once, which can be particularly useful for those with a wide range of products to offer. According to E-commerce Direct, 96% of consumers find these videos helpful when making purchase decisions. So there is value in pre-recorded videos.
Disadvantages of using pre-recorded videos
One of the main disadvantages of pre-recorded videos, however, is the lack of interaction with customers in real-time. This can make it difficult for retailers to address customer questions or concerns in a timely manner, which can negatively impact customer satisfaction, in turn decreasing the chances of a sale. This lack of immediacy cannot provide the same sense of urgency that live video shopping offers, which can make it less effective for flash sales or limited-time promotions.
Additionally, pre-recorded videos may lack the authenticity of live video shopping, which can make it difficult to build trust and loyalty with customers. According to Think With Google, 55% of consumers use videos for purchase decisions. Authentic videos can foster a greater sense of trust. By including live product videos, retailers provide buyers with valuable information that isn’t hidden behind good angles and lighting. Customers are therefore more satisfied with their purchases with live video shopping, because they understand the products they are ordering. With each successful transaction, businesses will begin to gain more and more trust.
Advantages of live one-to-one video shopping over the other two methods
Live one-to-one video shopping is a new way for retailers to interact with their customers and boost sales. This type of video shopping allows retailers to provide a more personalised and private shopping experience for customers by using specialised e-commerce platforms, such as Confer With. This differs from live video shopping, where the interaction is still done in real-time but in a more public setting.
One-to-one video shopping offers several advantages for retailers looking to boost sales. Retailers can use the opportunity to build a deeper connection with the customer and address their specific needs, which can lead to increased conversion rates.
“According to the 2017 online survey of 1,000 consumers ages 18-64, the appeal for personalization is high, with 80% of respondents indicating they are more likely to do business with a company if it offers personalized experiences and 90% indicating that they find personalization appealing.” – Epsilon
Confer With’s one-to-one live video shopping platform provides the personalised online experience that pre-recorded product demonstrations simply just don’t have. The retail expert is able to showcase the products live to the customer and customise their purchase by selecting the sizes, colours and quantities of items. There is also the opportunity for the retail expert to recommend alternative products similar in nature to the customer’s initial enquiry; the salesperson can then cross-sell and up-sell products, increasing the average order value. This personalised experience helps build trust and loyalty between the customer and the retailer, as the customer feels like they are getting exclusive attention, which ultimately drives sales. In fact, consumers spend an average of 34% more with a personalised experience (Twilio).
Overall, live video shopping and pre-recorded product videos shopping are effective tools for retailers to boost sales and promote their products. Each method offers unique advantages and should be chosen based on the specific needs of the retailer – or in combination, with a unified strategy. Live video shopping is effective in creating a sense of community, building trust and increasing conversion rates. With the inclusion of one-to-one live video shopping, this can lead to increased customer loyalty and average order value. Although pre-recorded product videos are effective in creating a polished image and providing detailed product information, they don’t provide the personalisation techniques needed for super high conversion. As consumers are four times more likely to purchase a product after watching a live video than after reading a product description, it is safe to say that live video shopping is the winner when it comes to driving more e-commerce sales.