Remember the days when you would get on a plane, gather with hundreds (possibly thousands) of like-minded marketers, do the “beverage hustle” (AKA the shift from bottomless coffee to cheersing your industry peers), sit in a large conference room, and, finally, depart with some leftover learnings?
Yep, that’s the conference lifestyle. And fortunately it’s back, baby!
In March, I attended Shoptalk 2022 in Las Vegas. Witnessing more than 8,000 attendees congregate to discuss the latest trends in commerce was truly an exceptional experience—and an eye-opening one. One popular theme I noticed amongst the Consumer Packaged Goods (CPG) industry was the notion of “content as commerce.” By that I mean the strategic integration of relevant media into shopping experiences.
As CPG brands continue evolving and fine-tuning their “content as commerce” strategy, several highlights stood out. Here’s a taste of what I saw (and what you can expect to see soon).Stream that sale
With new data, user interfaces, and digital experiences on the table, there is a massive resurgence of old experiences reemerging with fresh spins. For instance, if you previously loved QVC live shopping through your TV, then you’ll really be enamored with the new era of livestream shopping parties. Friends can gather virtually to sample and discuss new products on their favorite social channels—making an event out of the ordeal.
I see huge applications for CPG. How often are friends gathering to discuss recipes? There’s no reason CPG products should be excluded from this practice. And CPG brands can absolutely encourage participation.
Coupons as NFTs
You likely didn’t expect to see “coupon” and “NFT” being used in the same sentence. I sure didn’t. But as new digital experiences surface, consumer culture is blending with the world of commerce.
For some context, a non-fungible token (NFT) is a digital asset that serves as tangible objects such as music, art, videos, etc. All transactions take place online, most often with cryptocurrency. By nature, NFTs are one of a kind with assigned identifying codes. Interestingly, they’ve been circulating since 2014–you’re probably hearing about them now because they’re taking off for digital artwork.
NFTs certainly have the potential to be used as coupons. I can easily envision brands like Red Bull, Anheuser Busch, or Unilever adopting this approach and trailblazing the practice. Since each token is unique, you can vary the deals. It costs almost nothing to make, stimulates purchases, exposes you to new customer segments, and provides an opportunity to make Ethereum (or other cryptocurrencies) for your business.
If live shopping isn’t your thing, no problem. Try creating a completely new alter ego (or just be yourself) and transport into the Metaverse. There are plenty of new products to explore there.
In a previous life, I was a brand manager for Unilever’s Axe. Our team was often tasked with creating virtual experiences that brought people together in virtual worlds on Xbox or Sony’s Playstation. Today, this is mainstream. In fact, CPG brands like Molson Coors’ Miller Lite have side-stepped the Super Bowl to air their 30-second spot in the Metaverse.
The Metaverse should be viewed as a testing playground. It can be a place where beauty brands allow users to customize or enhance their avatars. Or, a place where retail brands showcase upcoming styles to build momentum. All-in-all, the Metaverse is what you make it.
The examples discussed are just a few of the new consumer commerce experiences on the horizon. At Innovid, we’re continuing to work with CPGs on personalized messages which invite consumers into the new digital spaces. The Connected Television (CTV) sector is ripe for discovery. Our mission is to work with CPGs and bring their content as commerce opportunities to the CTV big screen–and beyond.
Want to expand your CPG presence to CTV (alongside mobile and desktop)? Let’s connect, I’ll show you the scope of what’s possible.