EU retailers ‘planning futures as media companies’
New research from Brightcove shows that 81 per cent of European retailers are planning for a future as a media company, with 85 per cent already looking for ways to target consumers in their homes with original content.
In ‘The Future of Retail: Streaming into Your Living Room‘ the video streaming specialist compared the responses of 200 retail decision makers and 2,000 consumers across the UK, France and Germany.
The research, which Brightcove has been detailing at the IBC trade show in Amsterdam, explored the extent to which retailers are experimenting with TV-like digital video experiences to engage with their audiences, and gauge subsequent consumer readiness.
Having seen the likes of Iceland and Matalan (plus brands such as Red Bull) take the lead in terms of content generation, nearly all the retailers surveyed said they are already delivering some form of ‘lean-back’ content offering
Top cited campaign benefits include:
- Increased revenues (66 per cent)
- Customers buying a wider range of products (50 per cent)
- Increased website traffic (45 per cent)
However, retailers also highlighted concerns about content creation, including not having the right in-house skills inhouse (29 per cent), lack of content (28 per cent) and uncertainty about the ROI (25 per cent).
Mark Blair, VP of EMEA at Brightcove, said: “In recent years, video has established itself as an absolute must-have component in any digital marketing strategy, but as driving meaningful consumer engagement becomes ever more difficult, brands are looking for new ways to unlock additional revenue streams. And this has turned their attention to the living room.
“For retailers and brands to be truly successful in what is traditionally the broadcasters’ domain, they must first understand that it’s as much about the quality of the content they’re producing as it is how they are delivering it. Our data revealed that 39 per cent of the European consumers that haven’t watched branded ‘lean-back’ content simply haven’t come across it – only 29 per cent have been served TV-like content from brands via advertising and less than a quarter (24 per cent) as a result of direct targeting.
“For brands, it’s about treading the fine line between being salesy and informative, entertaining and relevant, and matching content output with consumer demand. If they are able to get this balance right, a wealth of revenue and engagement opportunities will be ready and waiting for them.”