Today is 'Mega Monday', in the US, it's Cyber Monday, the biggest online shopping day of the year, the first Monday after Thanksgiving and the Black Friday sales, and it's the beginning of a two week spending frenzy in time for Christmas.
Visa predicted online sales in the UK will peak today, with 4.8m transactions worth £303m on its credit and debit cards, equating to £3,500 per second. Online shopping is quick and easy, it is dynamic, fast paced and exciting. Another attraction of course is that you can shop with ease from your own home, at work or even on your mobile phone, so at the end of the day, these figures are huge, but not unexpected...
High street shopping is on the decline, as pointed by Arcadia boss Phillip Green announcing this week that 250 stores, including branches of BHS and Topshop, are to close in the next few years after a 38% drop in profit. Over the Christmas period, retailers are needing to come up with more exciting ways to make shopping easier, and more enjoyable.
In the past, retailers knew that essentially, we were going to buy on the high street over the Christmas period. But now, with channels of distribution opening up and accessibility becoming Queen to content King, internet shopping is so much easier than traipsing around a mall to find that perfect gift when it was in the first shop you went into when you arrived 9 hours ago. But without the allure of the shiny shop window, how are retailers going to stand out from the crowd?
Leading fashion brands are creating shoppable videos with WIREWAX, to do just that.
Rip Curl created an interactive video as part of their 'My Bikini' range, viewers click on the bikinis to see up to date product information. Rip Curl were also the first to use the WIREWAX Google Docs plug in, which allows the brand to manage the video's interactive content from a simple Google spreadsheet.
Following in their footsteps, TK Maxx, as part of their 'Front Row' campaign, have teamed up with leading fashion publications Marie Claire, InStyle and Look to develop a series of interactive videos outlining the latest trends.
As well as guiding the viewer through the latest trends, the video also gives viewers the opportunity to branch off into another video of fashion hints and tips by clicking where prompted. This video appears inside the parent video, and provides a whole new dimension to the already stimulating shopping experience.
Menswear retailer Oki-Ni created a full shoppable video, 'The Game' resembling a look book, and the video achieved fantastic results after it went live. Click through rates for online video normally range between 0.4% and 0.74%, Oki-Ni's taggable video achieved click-through rates of 58%, as well as turning over $20,000 in two weeks.
This is proof that taggable video works, an innovative and entertaining interactive experience that enables us to shop from wherever we choose. whenever we choose. Who knows what is in store for the High Street, but for e-commerce (or v-commerce), it's only just beginning.
What are your views on shoppable video? Let us know your thoughts by tweeting us @wirewax, or on facebook.com/WIREWAX.