Cashing In: The Future of Video Commerce

Parks Associates Future of Video virtual panel yesterday featured industry leaders sharing insights on T-commerce and the next stage of growth for video services. Read their nuggets of wisdom below and highlights from Parks Associates latest study.

New research from Parks Associates shows that 51% of CTV (connected TV) device owners, roughly 44 million households, engage in commerce-related activities on their TV today. The most common are video-related digital purchases that leverage stored payment credentials or direct consumers to a mobile link to complete the purchase. The just-published study of 10,000 internet households, T-Commerce: Buying Through the TV, explores the potential of T-Commerce, or buying goods and services through the television, to generate additional revenues for video service providers.

?The research study finds consumer use of ecommerce is growing across all platforms, with mobile purchasing in the lead. The research study finds the vast majority of consumers shop online, with 88% of consumers in US internet households shopping online at least once per month via a computer or mobile phone. Households that are heavy online shoppers today – households with children and those with higher income levels – are also the consumers who show most interest in T-Commerce.

?“Digital purchases on TVs are common today and the foundation for future T-Commerce experiences,” said Jennifer Kent , VP, Research, Parks Associates. “This new research helps to quantify and understand consumer buying habits, purchase intentions, payment preferences, and inhibitors.”

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INDUSTRY INSIGHTS ??

David Apostolico (he/him/his) , SVP, Streaming Experience & Distribution, QVC +/HSN +

?We’ve had pure T-commerce capabilities for decades, meaning the ability to purchase through the TV on linear channels. Where we’re experimenting is content across all different categories and making it shoppable.

?We rely on a natural, seamless, inspired purchase opportunity connected to what you’re watching.

? You have to be very, very thoughtful about what you’re trying to accomplish because, while it’s the same medium, it’s a different form of advertising.

Dallas Lawrence , Chief Strategy Officer, Telly

?The second screen at the bottom is our secret sauce. In the past ten years, our TVs haven’t evolved. Your fridge is probably smarter and more enabled for commerce today than your TV. ??

?The technology is there; we’re just not connecting those dots. Consumers don’t mind advertising – what they hate is getting ads for things they don’t want when they don’t need them.

?We’re making the living room the heartbeat of the house. We are in the golden age, and the future is wide open here

.Lori Marion , Founder and CEO, Fade Technology Solutions

?Our focus is helping streamers realize the 2.7 trillion dollar spending power of millennials and Gen Z.

?In the US, we’ve been in an environment of broadcast. It’s now outside of that time-based television watching, and our behaviors as humans have changed, which means a lot of different things.

? We have to be thoughtful about our approach and what content is associated with it so the television set doesn’t become an ATM.

Dalaney Thompson , VP Strategic Partnerships, AiBUY.io

?T-commerce has been around since the beginning of broadcasting. The concept is evolving significantly and is more important now than ever.

?One thing that’s interesting to consider is that this doesn’t necessarily have to pertain to tangible items. Imagine creative content, a subject that is very emotionally connected to the end user, and pairing the power of that content with an action.

?What I’m excited about is the #Dolphins and the #Jets game coming up on #BlackFriday . Amazon is laying down what we’re all thinking, but the proof is really going to be in the pudding. We’re actually going to see how the interactive shopping market performs

Parks Associates sixth annual in-person Future of Video will be hosted Nov 14-16, 2023, at the Marina del Rey Marriott and feature keynotes from leading players in the streaming media ecosystem. The annual executive event , sponsored by Adeia , FPT Software , and SymphonyAI , features Parks Associates research team highlighting insights, data, and analysis from the firm’s ongoing consumer and industry research, including the Streaming Video Tracker .?

Future of Video includes research presentations, interactive panel sessions, presentations from industry leaders, and insights from visionary leaders, including Parks Associates’ expert analyst team. ?Topics include the viewer journey, the role of streaming for mobile and broadband, insight into the sports streaming landscape, piracy, new revenue streams, and the role of hardware, platforms, and services to enable advanced personalized and relevant experiences.?

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