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Video commerce has rapidly become the latest innovation in ecommerce, and for good reason. It offers businesses a significant boost in ROI, engages customers more effectively, and even helps reduce return rates. While the benefits are clear, it's crucial for businesses to understand the key considerations that come with implementing video commerce to maximize its potential.
Implementing Video Commerce for Your Ecommerce Business
When it comes to integrating video commerce, businesses have several options to consider.
External Platforms: The Social Media Route
One option is leveraging social commerce platforms that offer shopping functionality. This approach can enhance your social presence and potentially broaden your audience. However, it also comes with risks. Relying on external platforms can lead to fragmented inventory systems and limited access to valuable first-party data. In some cases, businesses may not even know who their customers are, as social media platforms control the data and customer journey. This lack of control can be a critical drawback for many ecommerce businesses.
Integrated Solutions: The In-House Advantage
Alternatively, using a video commerce solution that integrates directly with your ecommerce platform offers more control. With an integrated solution, you can maintain consistent stock management and have full control over your digital real estate. Importantly, these solutions often provide access to first-party data, which is crucial for business growth and customer insight. Managing your ecommerce analytics internally allows you to make data-driven decisions without relying on third-party filters or interpretations.
For more on eliminating manual errors in your ecommerce processes, check out this article on eliminating manual errors.
Key Considerations for Video Commerce
Before diving into video commerce, it's important to evaluate several key factors:
- Inventory Management: What challenges could arise, and how will they be addressed?
- Compatibility: Is the solution compatible with your current ecommerce platform?
- First-Party Data: Will you have access to critical customer data?
- Integration: How seamlessly will the solution integrate with your existing systems?
- Usability: How user-friendly is the tool for your team?
- Platform Flexibility: Where does the tool work—on your website, social media, or across multiple platforms?
- Payment Processing: How and where will transactions take place?
Consider reading this article on ecommerce accounting to better understand the financial aspects of managing an ecommerce business.
Choosing the Right Tools
Tools like eStreamly provide the benefits of shoppable videos while keeping you in control of the ecommerce process. These solutions integrate seamlessly with your ecommerce provider, ensuring you have complete access to first-party data and ecommerce analytics. Your sales and marketing teams can gain a clear understanding of video performance, with no unnecessary filters or fluff. Additionally, you have the flexibility to decide whether payments are processed within the video or through your cart, and videos can be shared across multiple channels, including your website, social media, email, and SMS.
Selecting the right social commerce tool is a critical decision. With the right choice, you can harness the full potential of video commerce, driving growth, enhancing customer engagement, and gaining valuable insights from first-party data.
If you're looking to create a stress-free environment for your team while managing video commerce, this article on creating a stress-free ecommerce process might be helpful.
eStreamly has a special offer for Connex Ecommerce readers - an extended free trial. To see how to gain first party data for your video commerce read more here.
