We’ve said it before, and it still holds true – marketplaces, the online, on-demand, no-middleman economy is here to stay. What’s more, the popularity of marketplaces among consumers is slated to explode, with over 65% of online sales expected to be transacted through marketplaces by 2023.
This is quite a number, which is also reflective of the fact that this new model couldn’t be so broadly reaching if it was just about a few giants. Have no doubt, the marketplace economy is not the exclusive playground of Amazon, eBay, and Alibaba.
There are myriad different types of marketplaces – offering products and services in so many different categories, including electronics, homeware, and clothing; as well as digital products, property and space, and a slew of different services.
It is even expected that there will be thousands of marketplaces that will offer products and services across multiple niches in spaces that will no longer be occupied solely by giants.
What’s in it for them?
So, from among the thousands – how can you make sure that your marketplace is one that sellers will want to sell through? And that buyers will want to buy from?
This is a key question since convincing merchants and consumers to use your marketplace is one of the toughest challenges that you will face. The competition is tough and will only get tougher.
The starting point for finding and implementing that hook that will give you a competitive edge, is to remember the most basic of truths about marketplaces: the seller’s main and biggest incentive for selecting your marketplace is that yours will be the platform that will help him or her earn more revenue and profit.
And, the key to supporting this goal is to help these merchants attract more buyers. Where the key to attracting more buyers, engaging with them more effectively, and converting these visitors into paying customers – is video.
Video killed the static page star
Why video? (you may be asking)
Well, when it comes to buying products online, customers want to see what they’re getting. As the adage goes – seeing (really) is believing. With the help of video, the product or service is no longer an abstract promise of value.
Videos bring the seller’s products and services to life, providing what is perceived by the potential buyer to be the most reliable evidence of credibility over other marketing tools. According to one retailer, visitors are 144% more likely to make a purchase after seeing a product video.
It has also been noted that there are 4x more buyers who prefer to watch a video about a product than to read about it.
This is because videos have the potential and power to deliver a great buying experience. When done well, the message, the music, the colors, and the motion all provide a multisensory experience that is highly engaging and much more memorable that reading product specs on a static web page.
Let’s get emotional
Nothing tells the product or service story quite like an engaging video. You could even say that this multisensory video experience is an emotional one – engaging multiple areas of our brains (and hearts).
And, emotions are great when aiming to engage with prospects and to convert them into paying customers.
This truth is even grounded in academic research. According to Dan Ariely, Professor of Psychology and Behavioral Economics at Duke University, decisions are not always driven by the rational.
Rather, human decision making is often driven by the irrational (i.e. emotions):
“Standard economics assumes that we are rational . . . But . . . we are far less rational in our decision,” from his book, “Predictably Irrational: The Hidden Forces That Shape Our Decisions,” 2010.
As such, delivering a great online marketplace buying experience is not just about having smart search functions, an easily browsable site, or even secure financial transactions.
It’s also about the emotional experience and satisfaction you get from a well-crafted (product or service) “hunt” – which is optimally facilitated by a great product or service video.
Pick a topic, any topic
Ok, so – now what? What kind of videos should be made to increase the chances for engagement and conversion? And how can these videos be made to deliver that supremely satisfying experience we mentioned earlier?
Well, in terms of types, there are many. For example, the most basic is the feature showcase – where the seller can introduce the key benefits of the top 3-5 features of their product or service.
For example, in a space sharing marketplace, such as Splacer, (also known as the “Airbnb of events”), property owners can deliver rich and immersive experiences of what it would be like for prospective renters to host an event on their property – showcasing the aesthetics of the space, the amenities, and more.
But that’s just the tip of the iceberg. In our next post, we’ll be covering more sought-out topics for marketplace product and service videos and what are the elements of those videos that will take sellers on an engagement and conversion trajectory at superspeed.
So, stay tuned! More great stuff coming next week.