The digital retailing experience is nothing like shopping at your favorite downtown store or the familiar local mall. No longer is there a simple buyer and seller business relationship. These days, consumers have the opportunity to interact with retailers, in addition to traditional venues, in a variety of virtual ways via web and mobile apps, social media sites, and Blogs. At the same time, consumers have the ability to receive ‘push’ alerts from retailers on new and sale merchandise directly to their mobile devices and can easily access a wealth of product information with a few clicks of a mouse. It is indeed a whole new and exciting playing field for both retailers and consumers alike with abundant offensive and defensive plays available to both sides!
Over the last ten years online video has matured from an obscure hobby among the public into a sizeable and profitable market created around a thriving ecosystem of content creators, publishing platforms, and an array of enabling technologies, services and smart devices. Currently, we are witnessing the continual and growing consumer interest in online video and the similar investment by brands and retailers to exploit and target segmented audiences with sticky shoppable content.
Within this digital setting, the retailer class is paying attention to the unending demand for new and imaginative lifestyle-centric videos with a direct electronic path to e-commerce sales and revenue. This trend is an extraordinary opportunity for retail executives to leverage their video production capabilities and assets in an attempt to significantly improve their online sales performance.
Conventionally, the most fashionable way brands and retailers monetize video assets is through advertising, the video content itself is free, but money is made through sales associated with the advertised content or by selling ads before, during, or around the video experience. Recently, we have seen the emergence and acceptance of video annotation where video objects are made clickable with displays of data, graphics and links to e-commerce thereby adding a valuable new tool to a content creator’s toolbox.
There is a widespread sentiment emerging among retailers and other sectors that ‘lifestyle’ is seriously influencing video content production and placement. Segmentation based upon way of life interests is resulting in attractive and successful personalization of video content. We are in many ways returning to the theoretical view of 1 on 1 marketing with an online personalization line of attack, though, with a better likelihood of victory in its reincarnation!
Co-Authored by Katherine O’Sullivan and Kevin O’Sullivan