- August 19, 2022
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In the face of the global Covid-19 pandemic, a lot has changed. Consumer shopping that was steadily migrating online has taken a giant leap forward. The time that would have once been spent at restaurants or going to live events is instead now being spent at the comforts of the home settling down with online entertainment.
Thus, it’s no surprise that a recent Global Web Index report found that over 80% of audiences have consumed more content online since the outbreak.
While consumers have more time to view content online, what’s missing is an experience that truly grabs their attention and drives meaningful interactions.
Although shoppable ads have been around for a while now, it’s in recent times that they have recorded consistent growth. Several studies and reports indicate that Shoppable Ads are here to stay and can help retailers increase online sales.
Shoppable ads as implied by their name are an ad inventory with single or multiple product images or tags that will enable users to purchase or know more about the product all within the same ad window.
Some popular types of shoppable ads include
And, that’s not all. Pretty soon, Facebook will start rolling out ads in WhatsApp and coupled with WhatsApp payment options, these are very likely to be shoppable ads.
Directly “shoppable media,” such as livestreams, social commerce, virtual consultations and shoppable ad formats, will be the fastest-growing advertising categories in the near future as retailers and brands seek to reach consumers who are more likely to shop online, per the IAB. Livestream-generated sales are expected to double to $120 billion worldwide this year.
At the same time, leading broadcasters like NBC are debuting shoppable ads in both TV and digital video formats.
With frictionless conversion at stakes, nailing the shoppable ad has become a necessity that advertisers can no longer afford to ignore.
Here are three big transformations that shoppable ads have brought forth:
As marketers, we rely on different kinds of ads to direct customers across the AIDA funnel – display ads for awareness, focused ads for interest/desire stage, etc. However, shoppable ads have collapsed the AIDA funnel as the same ad can be used to drive awareness to purchase in an instant.
This means you need to tell the entire brand story within the span of the ad and a few seconds. Now that represents both a challenge and an opportunity – A challenge to convince your audience to buy and an opportunity to save on costs that you may otherwise incur with multiple ads.
Shoppable ads have not just collapsed the funnel within the ad, it has also created significant disruptions in several other stages of digital advertising that include the following:
E-commerce ended the reign of retail as more brands moved to e-tail. Likewise, the arrival of shoppable ads has extended the e-tail industry. It has helped brands of all sizes and types to extend their reach with finer targeting options than other types of ads.
The coronavirus pandemic has accelerated a shift from the brick-and-mortar consumer economy to a “storeless” environment by as much as 500%, permanently altering the brand value chain.
Video shoppable ads are the next big thing in video marketing. YouTube has recently announced the inclusion of browsable product images underneath an ad to make a direct purchase without exiting the video.
That means brands ought to capitalize on this trend and maximize impact through versatile video shopping campaigns. The key is to keeping consumers interested in videos while encouraging transactions and seamlessly blend both elements into one unified experience.
In a world of instant gratification, instant buying is sure to become the norm. Shoppable ads will satiate the needs of the consumers with a fast and frictionless experience that everybody craves for. It’s high time brands consider shoppable ads as part of their basic digital marketing strategy to boost visibility and revenue.
Have you started investing in shoppable ads? If not, what’s stopping you. And, if you are already doing, what has been your shoppable media advertising experiences so far? Drop your comments below or write to us at [email protected].