Shoppable Media: Outlook for 2024
It’s easier than ever to shop today. From the TikTok Shop to Instagram, you can buy a viral product almost everywhere you go online with just a few clicks. This trend of shoppable media is here to stay, and if you sell online, now is the time to embrace it if you haven’t already.
In 2023, we wrote a post explaining why social commerce is primed for growth, and if you haven’t been paying attention to the data, we were absolutely right.Social commerce sales in the United States reached nearly $64.8 billion—well above projected. The future looks even brighter, with sales projected to reach nearly $150 billion by 2028. Mind-blown, right?
Now, we’re starting to see how this trend impacts brick-and-mortar stores. Within the last year, my childhood mall succumbed to developers. It was finally shutting down and becoming condos. This made me sad. I bought my first lip gloss there, and later my prom dress, my first interview suit, and my first work “outfits.” I went with my girlfriends, mom, sister, or anyone else who wanted to go shopping. It was fun always stopping at Auntie Anne’s to get butter, I mean a pretzel, trying on every lipstick shade, or walking through Barnes and Noble to buy another book I would pretend to read. There was never a lack of conversation with whoever I was with… it wasn’t just about shopping it was about socializing and having an experience. Now, don’t get me wrong, I love the convenience of buying everything online. Hell, I have had Amazon Prime since its invention for this very reason. But there was something about going to the mall that was special back in the day. Yes, the world has changed, and shopping just isn’t what it used to be.
It’s better.
What is Shoppable Media?
Shoppable media refers to any form of digital content that allows users to purchase products or services directly within a digital platform. This can include interactive images, videos, social media posts, or websites that have integrated e-commerce capabilities. The main goal of shoppable media is to provide consumers with a seamless and convenient shopping experience, eliminating the need to navigate away from the content they are engaging with to make a purchase It allows consumers to easily discover and purchase products or services relevant to their interests while providing businesses with a new avenue for driving sales and increasing revenue.
The Evolution of Shoppable Media
Why has Shopping Media become so popular? The main reason is the increasing demand among consumers for convenience and instant gratification. The evolution really started with the social platforms. Most social media platforms, including Instagram and TikTok, have introduced shoppable features that allow users to shop directly from posts or images. This has transformed these platforms into powerful e-commerce tools, enabling businesses to showcase their products and drive sales in a highly visual and engaging way.
In addition, sellers can take advantage of new features like augmented reality (AR) and virtual reality (VR). This has opened up so many new possibilities for shoppable media, allowing consumers to virtually try on products or experience them in a more immersive way before making a purchase. Another feature we love is live streaming shopping experiences. Influencers and brands now host live video sessions where they showcase products and interact with viewers in real time. Viewers can purchase the featured products directly from the live stream, creating a sense of urgency and exclusivity. This trend has gained immense popularity, particularly in the beauty and fashion industries. Think QVC, but online. The interactive nature of live-streaming shopping experiences has created a sense of community and excitement, further influencing consumer behavior and encouraging them to engage with brands and influencers.
Examples of Shoppable Media
One key player dominating the shoppable media space is Amazon. Obviously, they have a vast product selection and efficient delivery services but they have also introduced features like “Amazon Live” and “Amazon Spark” to offer shoppable content and enhance the shopping experience for their customers. Another player paving the way in shoppable media is Instagram. With its massive user base and visually appealing interface, Instagram has emerged as a prominent platform. They have introduced features like “shopping tags” and “checkout on Instagram” to make it easier for users to shop directly from the app. We’d be remiss if we didn’t mention the TikTok Shop in this round-up of good examples of shoppable media. From the viral Cider jumpsuit to that red Halara dress that seemed to be everywhere, the TikTok shop means business– almost $20 billion in business globally in 2023.
Shoppable Media’s Impact on Consumer Behavior
With new and improved ways to shop, consumer behavior has started to change. Now that the path to purchase is more seamless and convenient, consumers can make impulse purchases with just a few clicks. This has led to increased online shopping and a shift away from traditional brick-and-mortar stores.
Shoppable media has also influenced how consumers discover new products (i.e., #tiktokmademebuyit), as they find inspiration and purchase directly from social media platforms.
Shoppable Media in 2024: What Can You Expect?
More integration of augmented reality (AR) and virtual reality (VR) in shoppable media
These technologies allow consumers to have immersive and interactive shopping experiences. With AR, consumers can try on virtual clothing or see how furniture will look in their homes before making a purchase. Conversely, VR can transport consumers to virtual stores where they can browse and shop as if they were physically present.
Increased personalization and customization of shoppable experiences
Another trend in shoppable media is the personalization and customization of shoppable experiences. Brands are increasingly using data and analytics to understand their customer’s preferences and behaviors, enabling them to create personalized shoppable experiences tailored to each individual consumer.
From personalized product recommendations to customized shopping interfaces, the goal is to make the shopping experience more relevant and enjoyable for consumers. By offering personalized and customized shoppable experiences, brands can increase customer engagement and loyalty.
The rise of social commerce and its impact on shoppable meda
Social media platforms are adding features that allow users to buy products directly from their feeds. Shoppable posts and ads on platforms like Instagram and Facebook blur the lines between social media and e-commerce.
We love this trend because it is changing the way consumers discover and purchase products. Everyone can shop seamlessly within their social media feeds. Brands are leveraging social commerce to reach a wider audience and drive sales, making shoppable media an integral part of their marketing strategies.
Advancements in mobile shopping and its influence on shoppable media Data Security and Privacy Concerns
Mobile shopping apps and websites are becoming more sophisticated, offering seamless and convenient shopping experiences. Shoppable media is adapting to this trend by optimizing for mobile devices, ensuring consumers can easily browse and purchase products from their smartphones.
The convenience and accessibility of mobile shopping are driving the growth of shoppable media as consumers embrace the ability to shop anytime and anywhere.
Challenges in Shoppable Media
With any new or evolving technology, there are always challenges to overcome. The first step in overcoming any challenge is understanding the challenge and creating a risk mitigation strategy. When implementing a shoppable media strategy, the main challenges you may face include:
Data Security and Privacy Concerns
As with many aspects of online channels, Privacy concerns, and data protection are significant considerations in the world of shoppable media. As users engage with shoppable content, their personal data, such as browsing habits and purchase history, may be collected and used for targeted advertising.
This raises concerns about how this data is being stored, shared, and protected. Brands and retailers must prioritize transparency and consent when collecting and using user data to ensure privacy is respected.
Balancing User Experience & Monetization
Balancing user experience and monetization is a delicate task in shoppable media. While brands and retailers aim to generate revenue through shoppable content, they must also prioritize providing a seamless and enjoyable user experience.
Intrusive or excessive advertisements can disrupt the user’s journey and lead to frustration. Striking the right balance between monetization and user experience requires careful consideration of the placement, frequency, and relevance of shoppable elements within the content.
Opportunities in Shoppable Media Get In Loser, We’re Going Shopping!
Even with the challenges it comes with, there is a lot of upside to using shoppable media. In addition to an almost real-time feedback loop, the benefits of leveraging shoppable media may include the following:
Increased sales: By integrating shopping functionality into various forms of media, such as social media posts, videos, or articles, brands can make it easier for consumers to purchase products or services instantly. This, in reality, increases sales or at least awareness of your products.
Enhanced customer engagement: By using interactive elements, such as clickable hotspots or product tags, brands can provide additional information, product details, or even personalized recommendations to enhance the customer experience.
Data-driven insights: Valuable data and insights about consumer behavior and preferences are priceless. By tracking and analyzing consumer interactions with shoppable content, brands can gain insights into which products or content resonate the most with their target audience. This data can be used to inform marketing strategies, product development, and overall business decisions.
Influencer collaborations: Finding the right Influencer or content creator to collaborate with can open up a whole new audience for your brand. Then, by incorporating links or tags into their content, brands can leverage the influencer’s audience and reach to drive sales. This can be particularly effective in fashion, beauty, or lifestyle industries, where influencers play a significant role in consumer purchasing decisions.
Seamless omnichannel experience: Shoppable media allows brands to create a seamless shopping experience across various channels and touchpoints. Whether through social media, websites, mobile apps, or even physical stores, brands can integrate shoppable functionality to provide a consistent and convenient shopping experience for consumers.
Targeted advertising: Shoppable media uses data and analytics to enable brands to deliver targeted and personalized advertising based on consumer preferences and behavior. Brands can then serve relevant shoppable ads to specific audiences, increasing the chances of conversion and driving higher ROI.
Brand storytelling: Shoppable media allows brands to tell their story and showcase their products or services in a more engaging and interactive way. Brands can use shoppable content to highlight their products’ unique features, benefits, or values, creating a deeper connection with consumers and driving brand loyalty.
Overall, shoppable media offers brands a range of opportunities to drive sales, enhance customer engagement, and deliver a seamless shopping experience. By leveraging the power of interactive and personalized content, brands can connect with consumers more meaningfully and ultimately increase their bottom line.
Get In Loser, We’re Going Shopping!
Our team is working hand in hand with Instagram, TikTok, Facebook, Pinterest, and Amazon to test these platforms and their shoppable features. We can’t wait to tell you all about them and how you can get your products noticed and most importantly – purchased. Want to try shoppable media with us?