The proliferation of online shopping channels has given consumers more options for when, where and how they shop. These options have plugged consumers into a perpetual state of shopping where time or location doesn't limit them.
While this has allowed consumers more control over their shopping experience, it's also put more pressure on brands and retailers to not disrupt those experiences. Any slight deterrent will send potential customers to their competitors instead. For instance, 60 percent of consumers have abandoned an online purchase because the item was out of stock, and 84 percent will buy a similar product from another brand if the product they want is unavailable, according to research from ChannelAdvisor.
To prevent abandonment, brands and retailers must implement a way to keep consumers interested and on the path to purchase if they encounter any conversion roadblocks. Enter: shoppable media.
The Power of Shoppable Media in a Digital Marketing Campaign
Shoppable media — an ad, video, image or social media post that allows consumers to buy the products directly from the content they're viewing in real time — makes digital content more actionable for ready-to-buy consumers. This digital marketing tool taps into modern consumers' proclivity for shopping anywhere at any time, providing them with avenues to purchase regardless of where they are, such as when they're viewing a TikTok video, browsing Instagram, or checking a brand's website.
A digital marketing campaign becomes much more powerful when shoppable media is incorporated into its strategy. Shoppable media provides consumers with dynamic digital touchpoints and turns them into shoppable experiences, where the consumer doesn’t have to leave whatever digital medium they're in to research a product and can be directed to a brand’s website once they’re ready to buy.
Here are three ways shoppable media can be leveraged for a digital marketing campaign:
1. Lean into the power of choice for consumers.
Consumers value the freedom to choose while shopping. Shoppable media can tap into this value by giving consumers the power to choose where they purchase products. If a consumer comes across an ad on YouTube with a product they want to purchase, brands and retailers can apply a shoppable media widget that allows consumers to buy directly from a brand's website or one of their preferred retailers instead. Shoppable media can make that seamless.
2. Embrace the rise of hybrid shopping.
Shoppable media can also facilitate hybrid shopping, a mix of in-store and online shopping channels. According to IBM's 2022 Consumers Want It All study, 36 percent of Gen Z and 30 percent of millennials prefer a hybrid approach to shopping. With a shoppable media widget, brands and retailers can appeal to these consumers by providing them with local stores to purchase the items they saw online, view inventory levels, and learn about current promotions.
3. Combat out-of-stock messages.
Out-of-stock messages can be a kiss of death for brands and retailers, sending their would-be customers into the arms of competitors. Shoppable media can help consumers' shopping journey continue by displaying alternative products or pre-selected retailers with available inventory. That way, brands and retailers don't miss out on potential revenue.
Online shopping has given consumers more options than ever, meaning brands and retailers need ways to overcome any potential conversion roadblocks or risk losing them to competitors. Brands need to collaborate with their retail partners and sending them highly qualified traffic is a great way to do this. Shoppable media gives consumers the power to quickly and seamlessly purchase within any digital platform, streamlining their shopping experience and retaining them for brands and retailers.
Link Walls is vice president of digital marketing strategy at ChannelAdvisor - a CommerceHub company, a provider of cloud-based e-commerce solutions that enable brands and retailers to increase global sales.
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