Content is the new storefront, and video is an extremely effective way to convert views to purchases.Nick IonitaCEO of Tique
Video Commerce Network Brings Shoppable Video Mainstream
Tique is taking shoppable video mainstream by embedding its video content into a broad range of publisher sites across its growing network. The company’s combination of video content and commerce is driving consumer purchases, generating more revenue per view for the company and its syndication partners than pre-roll video advertising does. “Content is the new storefront, and video is an extremely effective way to convert views to purchases,” declares Nick Ionita, CEO of Tique. “The key is to produce engaging video content that tells a story or demonstrates the value of a product, distribute it to relevant places where people can discover it, and make the purchase process easy.”
Shoppable Videos Register 35% Completion Rate
Tique, originally founded as Joyus, Inc. in 2011, is a video-based commerce network tied to a growing marketplace of home and lifestyle, health and fitness, fashion and beauty products. Its video content is available on its owned and operated sites, like Joyus, as well as partner websites, such as AOL, The Huffington Post and Comcast’s Xfinity service. The company’s’ unique approach to shoppable video−delivering engaging, entertaining experiences, as opposed to ads–works. Although Tique doesn’t run any ads on its players,its videos drive upwards of $1 in direct commerce revenue per view across its network, which is almost 20 times higher than pre-roll video per thousand views.
Today, over half of all views and revenue for Tique is generated through its shoppable video player syndicated to publisher sites. “The real front door for us is not our home page; it’s through our embeddable video unit, and we have thousands of them distributed across the web,” explains Ionita. “Our publisher partners promote our videos as content, so, when viewers land on these pages they are expecting to be entertained, to be engaged.” In fact, thirty-five percent of consumers who view a Tique video watch the entire video.
Ionita is quick to note that their content is editorial, not advertising. “We monetize through commerce. But, we create an entertaining experience that works like content. Our philosophy has always been ‘entertain first, shop second’.”
Editorial Video Content Converts to Purchases At High Rates
Tique’s analytics show the more videos someone views, the higher the chance they will convert. “There is an 18% chance that an individual who watches five or more videos within a 30-day period will make a purchase. We see a substantial increase in every step of the shopping experience from ‘add to cart,’ to ‘check out started’ to ‘order complete’ for each incremental video viewed,” notes Ionita. “That means that from an experience standpoint, every video doesn’t have to sell something directly. We’re trying to get viewers engaged and guide them through an entertaining product discovery experience; at some point, they will make a purchase.”
Ionita makes it clear Tique is not a standard online retail store. “We focus on serendipitous discovery, something that has been lost in the traditional e-commerce experience,” states Ionita. “People are increasingly finding new brands and products through content, and we’ve centered that experience around video. It is not a search-driven experience around needs-based shopping. We believe video is a more engaging medium for telling stories and demonstrating a problem and solution, than simply delivering information about brands and products. It builds trust and drives purchases. It’s a win-win opportunity for brands and publishers.”
The company creates its own video content, launching new videos on products daily, but has also started to add content produced by brands and other publishers on their network. Tique’s catalog currently has over 3,000 videos, with the highest growth categories being home and lifestyle, health and fitness, and beauty. Tique manages the customer’s purchasing experience, and coordinates the off-line operational tasks, such as warehousing and shipping with its brands. “We’re the platform; it is our job to find amazing brand partners, create great content, put it in front of the right audiences and manage the transactions to ensure a positive customer experience,” states Ionita.
Integrating Commerce Into the Content Experience
Tique recently expanded its video distribution network, adding a range of channels to broaden its demographic reach and monetize videos across a diversity of brands. Ionita acknowledges premium publishers have a lot of choices about how to monetize content. Tique is unique because it delivers high-quality editorial content and a unique revenue stream, apart from traditional advertising revenues.
“Content is expensive for publishers to create; we design our content to keep users on the publishers’ sites. Plus, we enable publishers to add a commerce experience that complements their sites,” continues Ionita. “We work with publishers to integrate commerce into the content experience they know well, rather than tacking on something that feels foreign to their users’ experience and expectations.”
Brightcove—The Player Behind Shoppable Videos
Tique created its distributed shoppable video unit using Brightcove Video Cloud, which handles the breadth of the customer’s online purchasing experience. “Brightcove is key to our ability to syndicate,” declares Ionita. “They offer best-of-breed video functionality and have a huge ecosystem. For everything we have looked to do, Brightcove has a solution already in place, or is actively working on one.”
Using Tique video played through the Brightcove player as a distributed unit, rather than distributing video through third-party players, pulls the shopping experience to the point of viewing. Consumers don’t have to leave the site or remember where to go to make the purchase. And, while continuing to engage on the Tique site, the customer is driven to another video experience. Tique videos are consumed on all mobile devices, on the desktop, and the company is actively moving into OTT. “The flexibility and adaptability of the Brightcove player has been key for us,”says Ionita.
“Brightcove is a critical partner for Tique, ” concludes Ionita. “They have enabled us to scale from humble beginnings to millions of monthly views we deliver on our video commerce network now.”