Video commerce has become an increasingly popular way for businesses to engage with their customers and increase sales. With the rise of shoppable video and shoppable livestreams, businesses are faced with the question of which strategy to implement in their video commerce approach.
Shoppable livestreams have become a popular trend in recent years, with many businesses leveraging this strategy to drive engagement and sales. One of the key advantages of shoppable livestreams is their ability to generate more engagement than traditional videos. If a live stream is broadcasted to social media, around 10% of your audience will receive a cellphone notification, which can lead to more viewers tuning in. Additionally, shoppable livestreams have a proven higher conversion rate (~15%) compared to traditional ecommerce or even shoppable videos.
Another advantage of shoppable livestreams is that they can generate multiple videos. One livestream can typically produce 4 videos: 3 short form videos and the full VOD. This allows businesses to repurpose the content and reach a wider audience. Typically, some videos can be added on your ecommerce product page, some others can make for good social media clips and even can be used in your paid ad program. Here is a post should you want to explore more how to turn livestreams into short videos.
However, shoppable livestreams have some disadvantages. Successful livestreams often have a FOMO (fear of missing out) component, such as discounts or special product drops. Those tend to require preparation and planning. Livestreams are also an event in time and can be harder to market since people need to show up.
On the other hand, shoppable videos are a great way to make your website bingeworthy. If you have good content, your site becomes a destination and can increase overall engagement time on the site by up to 10-15%. Shoppable videos also generate more sales in value than shoppable livestreams. In fact, we typically see that 60% of the sales of a livestream happen on the VOD within a 2-week period.
Another advantage of shoppable videos is that evergreen videos will keep selling, providing a long-term return on investment. Shoppable videos are also easier to implement, as you only need to upload the video and add the products. They are also easier to market, as you can embed shoppable videos in email, social media, SMS marketing, and other channels.
However, shoppable videos have some disadvantages as well. Engagement is much harder, and the conversion rate is typically lower than shoppable livestreams, at around 9%. Additionally, shoppable videos take more production time, with a 2-minute video taking around 3-4 hours to produce.
In conclusion, both shoppable livestreams and videos have advantages and disadvantages, and the right solution is not neither nor but doing both as part of your video commerce strategy. By leveraging both strategies, businesses can reach a wider audience, drive engagement and sales, and maximize their return on investment. And eStreamly can help you with embeddable shoppable video & livestream.