Key Takeaways from the Shop.org Summit 2014
Brandlive was proud to sponsor and exhibit at the 2014 Shop.org Summit, held in Seattle from September 29 to October 1. The Brandlive team had the opportunity to meet with industry-leading eCommerce executives, and we exhibited our integrated live video + eCommerce + social interaction platform among innovative trends in the retail space.
On Tuesday morning, Brandlive sponsored the breakfast before the opening keynote led by Jerry Stritzke, CEO of REI, speaking on the topic of “A Real, Alive, and Connected Digital Experience”. Jerry spoke on the importance of story-telling and providing a singular experience for customers, whether shopping in-store or browsing REI.com. Noting that a large majority of in-store purchases were complimented with prior research through their website, REI’s approach to digital strategy is focusing on providing their customer with the resources they need to make a purchase versus getting hung up on multiple distinct channels.
There are a number of emerging trends that are shaping the future of retail. Here are some of our key takeaways from the 2014 Shop.org Summit and some thoughts on how Brandlive plays into them:
Omnichannel is Omnipresent
Retailers are focused on developing their omnichannel strategy to ensure consistency in the customer experience through the discovery and purchase cycle. While there is no one-size-fits-all approach to omnichannel, brands are quickly adapting to consumer expectations to build a streamlined approach to serving customers between brick-and-mortar and digital locations. According to research from IBM presented at the Summit, 85% of consumers expect a seamless shopping experience from brands. We see Brandlive as consistent brand connection point that sits between a brand’s physical stores and their web store. Our platform combines a connection to live product experts as in a physical store with the more detailed product information and instant “Buy Now” capability of a web store.
Brand Storytelling is a Necessity
Brands recognize the importance of storytelling as a differentiation strategy. By developing stories and lifestyles around products, brands are carving niche spaces that produce passionate, lifelong customers. Brands are also using storytelling to provide a richer experience that extends beyond physical products and visiting retail stores. Product stories act as a facilitator to increase conversion and attract both new and repeat customers. Brandlive’s approach to live interactive video featuring on-camera product experts and endorsers provides a powerful story-telling platform.
Product Videos Drive Conversion
Pre-recorded product videos are a valuable tool to help increase conversion on eCommerce websites. Product videos increase credibility and provide an increased user experience, which increases conversion. Leveraging live chat with video has been shown to increase conversions and customer experience even more than stand alone product videos. Brandlive’s combination of live product demonstrations and chat-like interaction has been shown to drive 3x increases in conversion vs. standard product detail pages.
The market trends seen at the Summit position Brandlive as a major solution for brands and retailers seeking to amplify their omnichannel and digital strategies to engage online audiences more effectively. Our customers have seen great success in using our platform, and we’re excited to share that momentum with new prospective customers who discovered us at Shop.org.