How Is Video Shopping Changing The Retail Profit Game?

Ever since we have been introduced to online video streaming, it is being used more than just a newly added exciting feature by the digital world. Surprisingly, it has changed the profit game of the retail and wholesale industry so far. Netizens have hardly thought that video shopping would become a steady source of income for hundreds of entrepreneurs who want to establish a career in online retail selling and marketing. Surprisingly, the revenue generated by the online retail sellers through online video streaming is higher than the revenue generated by e-commerce websites. Video streaming is now considered a productive feature that is allowing daily users in showing active participation and enthusiasm for online sales.

What is video shopping?

Video shopping is categorically a newer term in the digital marketing field. Live shopping enrolls in the primary definition of online shopping, which is buying from a virtual shop. However, it is much more than that. Video shopping is a unique experience in which the customers get the chance to directly chat with the buyers, see the product demonstrations and get to solve their queries. Through video broadcasting, the sellers come online, show their service or products, discuss the booking as well as the delivery process. Understandably, it is more of a transparent way of doing business. For the retail market, this type of transparency was somewhat required and that has proved beneficial for the profit margin.

What are the benefits offered by video streaming services?

1. Convenience - Convenience has always been the number one feature that indulged thousands of active social media users in becoming avid virtual shoppers. Before the idea of video streaming came into the market, shoppers have been obsessed with online shopping websites like Amazon, Flipkart, Myntra, and various other platforms. Order delivery before the time, affordable price, and a wide variety of products are the top benefits offered by virtual shopping websites. Video shopping added an ultra advantage which is the opportunity to see the product in real. It resolves any doubt shoppers might have in their minds while scrolling pictures of the products instead.

2.  Direct communication with the sellers - Previously on online shopping websites like Amazon, Myntra, or Flipkart, users scroll through the listed products and choose as per their preference. It means they do not enjoy the opportunity of directly talking with the sellers. Through VR shopping, users get to talk with the sellers.

Virtual shopping cumulatively increased the retail profit margin by 45% in the last year. More than 25% of that profit came from video shopping. As per many predictions, soon video shopping will dominate the online market for retail and homegrown labels.