Unlocking the Potential of Video Commerce in the Tech Industry

In the ever-evolving tech industry, staying ahead of the curve is not just an advantage; it's a necessity. Video commerce, an emerging trend that's rapidly gaining momentum, is poised to revolutionize how tech brands connect with their audience, deliver product information, and forge authentic connections. In this comprehensive guide, we'll delve into the world of video commerce and explore how it can be harnessed by tech brands to thrive in the digital age.

The Impact of Video Marketing

In 2023, a whopping 87% of tech marketers affirmed that video marketing significantly contributed to boosting their brand's sales. Video commerce is a potent sales channel, and it's high time tech brands embraced this game-changing method to maximize their reach and influence.

Demystifying Video Commerce

Video commerce, already a phenomenon in China and making substantial strides in the U.S., involves leveraging digital video content to promote and sell tech products online. It empowers brands to offer consumers a product experience that transcends physical stores. The versatility of video commerce is astounding, spanning both live and prerecorded formats, and aligning seamlessly with various business objectives.

Live vs. Non-Live Video Shopping

Live video shopping, as the name suggests, unfolds in real time, catering to the burgeoning audience of live watchers. The global livestreaming ecommerce market is projected to soar beyond $247 billion by 2027. Through live video shopping, tech brands can interact with potential customers, answer questions on the fly, and expedite the purchase decision-making process. Authenticity is a trump card in a saturated market, and live video shopping plays it well, ensuring brands can build trust in real-time.Non-live video shopping, on the other hand, is prerecorded and empowers brands with greater control over their shoppable videos, from production quality to the precise information conveyed. It provides customers with the immediacy they seek in their shopping journeys, making it an effective full-funnel medium.

The Benefits of Embracing Video Commerce

As technology continues to evolve, so does video commerce, offering tech brands an array of tools, methods, and new audiences to tap into. Let's explore why video commerce should be a cornerstone of every tech brand's e-commerce strategy:

• Information without Overload: Tech brands can convey comprehensive product insights in an engaging and accessible manner, sparing customers from sifting through lengthy product descriptions. A study by Firework found that video commerce can increase product consideration by up to 50%.
• Connection with Customers: E-commerce has surged, but the personal connection between customers and brands has waned. Video commerce reignites this connection, offering a platform for genuine engagement. Firework's data shows that brands using its platform see a 20% increase in customer engagement.
• Enhanced Customer Engagement and Experience: Video is a proven format for driving engagement, especially among younger consumers who value authenticity. Video commerce allows tech brands to leverage this preference. Firework's customers have seen a 30% increase in average order value as a result of using the platform.
• Improved Browsing: Instead of static images or text descriptions, video commerce enables customers to witness products in action, gaining a deeper understanding of features and benefits. A study by Google found that 70% of consumers are more likely to buy a product after watching a video about it.
• Get Phygital: Merge the benefits of physical experiences with the digital realm by capturing the in-store ambiance through video, enriching customer connections and experiences. Firework's platform allows brands to create interactive 3D product experiences that give customers a sense of what it's like to use the product in real life.

Types of Live E-commerce and Shoppable Videos

• Shoppable videos: Shoppable videos put a tech brand's products or services on display, allowing users to make real-time purchases while watching the video. It streamlines the shopping process, with around 83% of global brand marketers acknowledging the effectiveness of shoppable videos in lead generation. Firework's platform makes it easy for brands to create and host shoppable videos, with features like product tagging and instant checkout.
• Web Videos: Embedding live video commerce content on your brand's website is pivotal, as it offers direct access to valuable first-party data about viewers and potential customers. Firework's platform makes it easy to embed live videos on your website, and its data analytics tools can help you track the performance of your videos and optimize your strategy.
• Social Video Commerce: Social commerce enables users to make purchases directly through social media platforms like Instagram, seamlessly integrating shopping with the live stream experience. Firework's platform integrates with major social media platforms, making it easy for brands to host live video shopping events on platforms like Instagram, Facebook, and TikTok.
• Live Influencer Video: Collaborating with influencers can unlock access to highly engaged audiences, broadening your brand's reach and influence. Firework's platform makes it easy to collaborate with influencers, and its data analytics tools can help you track the performance of your influencer campaigns.

Key Uses of Video Commerce in the Tech Industry

• New Product Launch: Use video commerce to create buzz and anticipation around product launches. Demonstrate product features and benefits in live shopping events, which can later be converted into shoppable videos.
• Product Tutorials: Educate customers with video tutorials on how to use tech products effectively, enhancing their understanding and satisfaction.
• Humanizing Digital Storefronts: Connect with customers on a personal level by using livestream videos to provide real-time answers, personalized advice, and recommendations.
• Community Building: Foster a community of tech enthusiasts by hosting live Q&A sessions, product demonstrations, and encouraging customers to share their experiences with your products.
• Shoppable Ads on the Open Web: Leverage video ads to reach potential customers across the open web, driving sales through easily accessible calls-to-action.

Video Commerce Best Practices for Tech Brands

To maximize the impact of video commerce in the tech industry, consider these best practices:

• Create high-quality, engaging, and informative videos with clear messaging and good production values.
• Incorporate links, calls-to-action, and instant checkout capabilities to make your videos shoppable.
• Establish a cadence for livestream shopping videos to align with customer behaviors and brand occasions.
• Utilize store associates as livestream hosts for a more authentic connection with customers.
• Simulcast live videos on social media to expand your reach and drive traffic to your website.
• Optimize videos for search with relevant keywords and tags.
• Continuously analyze video performance data to refine your video commerce strategy.

By embracing video commerce, tech brands can transcend traditional marketing methods and deliver immersive experiences that resonate with their audience, ultimately driving sales and brand loyalty. As the tech industry continues to evolve, video commerce is your key to staying ahead and leaving a lasting impression on tech enthusiasts worldwide.The tech industry is on the verge of a video commerce revolution. By adopting this innovative approach, tech brands can unlock new opportunities, deepen connections with their audience, and ultimately thrive in the digital age. Don't wait; embrace video commerce today and secure your place at the forefront of the tech landscape.Enhance your customers online shopping experience and book a demo now!