Did you know that 75% of consumers in a recent McKinsey & Company
survey reported trying out a new shopping method that they fully
intend to continue after the pandemic?
Not only that, but 80 percent of respondents tested out a new digital
shopping method and are fairly certain they will continue to use it in
the future.
One of the most difficult problems for brands in today's digital-first
environment is to develop a customer engagement plan that will help
them maintain consumer loyalty. According to a survey, 90% of
marketers think that their digital engagement strategy changed as a
result of the pandemic, and they are under pressure to innovate and
improve their digital skills.
Are you doing enough as a brand to maintain your customers attention
and loyalty in this post-pandemic digital environment?
If not, we have a few ideas for you. In this post, we'll show you how to
adapt your customer interaction approach to meet the shifting demands
of the modern consumer.
If you look at the most recent consumer trends data, you'll find that the
market is separated into distinct categories, each with its own set of
shopping preferences.
Boomers aren't your major target demographic because they aren't big
spenders. In terms of consumer trends, Gen Z and Millennials, on the
other hand, are the most influential.
“ If you want to establish long-term relationships with your customers,
Gen Z is the best group to target. Why is this the case? Simply because
this important demographic is maturing and will soon have the most
purchasing power and influence in the market. Their purchase decisions
will shape market trends as a whole. This group has about $44 billion
in purchasing power in the United States alone, and it is expected to
grow. “
Now that you've determined your target demographic, you'll need to
adjust your customer interaction strategy to reflect their tastes. So, what
are their preferences?
According to Cisco, video will account for 82 percent of worldwide
internet traffic by 2022, with live video growing 15-fold to 17 percent of
all video traffic on the internet over that time.
Because half of all video material is viewed on mobile devices,
mobile-optimized video content is clearly the key to seducing Gen Z
customers. This new generation of shoppers expects shopping
experiences that are extremely engaging, amusing, and video-based,
and that provide value to their lives.
The rise of short-form video Stories has changed the way people create
and consume content in recent years. Every digital-first company wants
to use short-form videos Stories to create engaging and dynamic
shopping experiences for their customers.
“ Given that 84 percent of people say a brand's video persuaded them
to buy a product, it makes sense for firms to put a video-first,
shoppertainment approach at the forefront of their brand marketing.
The rise of the more immersive Shoppable Video Web Stories
experience has taken the video shopping trend a step further. “
Inspired by China's massive success with live-commerce, which is
expected to reach $423 billion in 2022, firms all over the world have
included this growing trend into their e-commerce strategy. Given that
two-thirds of Chinese customers said they bought things via Livestream
in a 2020 survey, this is a smart plan.
Back in the day, the vast distance between the ends of inspiration and
purchase was the major paint point of marketers. You notice a billboard
advertisement for a product you might be interested in, but by the time
you get to the store, you have completely forgotten about it.
An omnichannel Livestream approach that alters the traditional
shopping experience for modern-day consumers is the future of
eCommerce. To provide customers with a phygital experience, major
brands like Nike are experimenting with live, video-powered retai
locations. It's no surprise, then, that their internet sales increased by
50% in the fourth quarter of 2021.
Because Gen Z and Millenials want a more personalised and humanised
shopping experience, live-commerce is the ideal digital tool to meet
their needs.
The use of livestreaming in e-commerce has bridged this gap and
allowed for rapid gratification. When Ariana Grande exclaimed,
"I see it, I want it, I like it, I bought it," she brilliantly summed up the
modern consumer's live commerce experience.
“ When it comes to on-the-go electronics, Gen Z and Millenials
prioritise their phones. The rise in popularity of mobile shopping has
spawned a new term: Mcommerce. Mcommerce is predicted to account
for 42.9 percent of the e-commerce market by 2024. As a result, your
consumer interaction plan should incorporate shoppable videos, short
and amusing swipeable web stories, and live commerce, all of which
should be optimised for smartphones. “
The good news is that live commerce offers a mobile-first experience
that blends content viewing, purchase, and payment seamlessly. It
creates a frictionless digital environment that allows customers to go
from inspiration to purchase without ever having to leave their phone.
The progressive deletion of cookies is another key trend in today's
digital scene. In a cookie-less world, brands will have to rely on social
media for second-party data on consumer behaviour, which isn't
necessarily the most accurate source.
This information is critical for tracking your brand's performance,
determining the best marketing plan for your customers, and gaining
valuable insights into consumer preferences. In a recent survey,
88 percent of marketers stated that collecting first-party data is their
top goal.
“ Thankfully, adding a live-commerce system can assist you in
gathering reliable first-party data. By combining entertainment and
commerce to create a very enjoyable purchasing experience for
consumers, Live Commerce will drive audiences to your brand's
website and captivate their attention. You may then gather vital
first-party data on your clients, such as the amount of time they spend
watching each video, customer hotspots, comments and reactions to
live videos, and so on.”
As a result, the consumer will not only visit your website, but will also
stay to view the entertaining and dynamic short-form Web Stories
before making a purchase while still on your brand's website. Having
access to this vital consumer data will allow you to regularly adjust your
engagement strategy and maintain its long-term viability in a cookie-free
world.
Brands must adapt or die at this crucial stage. If you don't include a
live-commerce vertical in your customer interaction plan, you'll be left
behind in the video-first world we're already living in.
You must provide a fun, engaging, and valuable customer buying
experience for your customers if you want to compete in the
e-commerce sector. You may cater to the modern consumer by utilising
live, short-form videos Stories in an immersive video-powered digital
environment. You can establish a good customer engagement plan that
will perform wonders for your business by being ubiquitous on all
digital channels, curating a more humanised experience, and giving
value-added material to your consumers.