Wirewax

Decoded Fashion - Weekly Stories - Shoppable Content
Image source: odd pears

With Pinterest and Instagram set to roll out ‘buy’ buttons and shoppable video tech disrupting your YouTube transmissions, the question isn’t so much whether truly shoppable content is possible – it’s whether it’s a good choice for the future of your brand.

What’s the real conversion rate of this technology? While there’s convincing evidence of real ROI on certain shoppable content in use today, brands also need to consider whether consumers might want to keep their engagement with Pinterest and Instagram free from retail. At Decoded Fashion’s New York Summit, an expert panel will weigh in on the shoppable content debate – but for now, let’s take a look at the current state of play.

With fashionable consumers spending long periods of time browsing personally curated content on their Instagram, Pinterest and Tumblr accounts, the reasons why brands would want to engage with those sites are obvious. The desire to make the world more shoppable has disrupted the world of video, with platforms like Wirewax allowing any brand to make interactive videos. No doubt attracted by an average click-through rate of 18.8%, Lacoste, Pepe Jeans and Coach are just some of the big names to have used the service. And if you’ve been dreaming of digitised wardrobes ever since Cher in Clueless got dressed for her school day, then you’ll appreciate the new trending smartphone tools for curated closet displays. Smartphone apps like Closetspace replace racks and hangers through geo-tagging and customised styling suggestions.

But there’s certainly a case against making anything shoppable just for the sake of it – by making it all about instant purchasing, you could risk reducing brand loyalty by putting off devotees. As a result, certain brands are pursuing an alternative kind of user engagement that taps into their tendency to browse for inspiration in a different way. After all, Pinterest and Instagram are about displaying a certain lifestyle that goes against the digital: vintage magazine scans, interiors inspiration and slow-cook recipes.

On Aesop’s website, for example, branded content doesn’t mean getting people to buy soap – instead, the company produces an online bi-monthly literary magazine, The Fabulist, which features fiction, non-fiction and interviews from emerging writers. It’s a tactic that takes a leaf out of Prada’s book: the brand’s global writing contest is in its third year, and its new Wes Anderson-designed café, Bar Luce, has been designed with Instagram suitability firmly in mind.

While shoppable content is here to stay, the world of branded content doesn’t need to end there. For some brands, conversion rates might be harder to track – but brand loyalty will stick like glue.

You can book your ticket to the NYC Summit here.

Reported by Claire Healy

Decoded Fashion Meetup in London, January 2015

On Wednesday’s evening, fashion and retail’s social-media savviest flocked to Twitter’s UK HQ for Decoded Fashion’s first London Meetup of the year. The topic of discussion was one surely to be at the forefront of many brand’s minds going into 2015: how can new technologies help brands turn content into cash? Well positioned to answer that question were the evening’s four speakers, who each offered their own insights as to how we can move beyond mere hashtags when it comes to making a return on digital investment (although, of course, there had to be a hashtag – check out #DFMeetUp for running commentary from our network). For those of you who couldn’t make it, here’s our highlights from the discussion: from #TwitterFashion, to deeplinking ads, to taggable video and shoppable Instagram.

Kira O’Connor – Twitter Fashion

“Information, insight, and a little bit of personality once in a while.” That’s the magic formula if you want to get a follow from fashionable Whole Foods fangirl, Kira O’Connor. Head of Twitter’s Media Partnerships, O’Connor caught our attention with some seriously impressive stats with regards Twitter’s potential reach for fashion brands. With 47% of users having bought from a brand as a result of following them on Twitter, there’s no excuse for brands to be getting their content strategy wrong on the micro-blogging site. With vines and images likely to gain 2-5 times more engagement, one way to show Twitter nous is to use the multiple photo upload function: O’Connor used the example of Vogue’s red carpet snaps during the Met Gala.

Tarika Soni – TapCommerce

Next up, Tarika Soni of Tap Commerce had some tips for app developers and advertisers looking to hear more about the field of app retargeting in the e-commerce industry. TapCommerce, which was acquired by Twitter last summer, is a mobile advertising tech company that specialises in app retargeting. Aiming to retain user’s attention through in-app targeted advertisements, the technology aims to tap audiences just at the right moment. As Soni assured us, they’re not “those stalker guys on Facebook” – rather, through deep-linking and real-time segmentation, they can offer reminders to users in-app. So, next time that pair of shoes is floundering in your basket, there’ll be plenty of relevant calls to action to complete the checkout.

Steve Callanan – Wirewax

The Wirewax presentation was one of the best received of the evening, with CEO Steve Callanan waxing lyrical about “the most powerful interactive video platform in the universe” (his words, not ours). Wirewax is the taggable video platform that has been most enthusiastically taken up by the fashion and retail industries, allowing users to add moving ‘tags’ to any person or object within video content. Those tags can then link to extra content or opportunities to buy (directly or externally). Clients creating shoppable video experiences include Coach, Pepe Jeans and NY cashmere brand Ivory Row – in a neat twist, the latter allowed you to buy directly from the video, without having to click-through externally. Allowing viewers to act on impulse, the platform has seen amazing results – on one Southern Living video (a niche client, as Callanan admitted), the content saw a 90% click-through rate with 90% of people then buying the product.

Dave Murray – LIKEtoKNOW.it

Last but not least, Executive VP of International Operations at rewardStyle Dave Murray gave the audience insights into the company’s new LIKEtoKNOW.it tool. The tool allows digital publishers such as high-profile bloggers and luxury mags to make their Instagram shoppable. Like most good ideas, it’s pretty simple: after users register their Instagram handle online, each post they like by an affiliated blogger will generate an email with the links to products to purchase. Impressively, 95% of users have opted to receive their email content immediately when they ‘like’ a post – demonstrating the fact that users want product information as soon as possible, without interrupting the flow of their daily browse.

Check out Decoded Fashion’s Twitter and #DFMeetUp for more insights from the night.

Reported by: Claire Healy

Decoded Fashion - Weekly Stories - Shoppable Video Pepe Jeans

Being ahead of the zeitgeist when it comes to tech innovation might pay off in terms of user engagement and seasonal storytelling, but does it really pay? The trick to really increasing ROI is to turn the shareable into the shoppable – something that, in 2014, should be at the forefront of a fashion brand’s strategy.

So what kinds of technology can brands utilise to increase those sales? Online or offline, the trick is a melding of the digital and real world with no discernible difference – the customer’s journey is seamless at every point of contact (and, hopefully, every pay point). Shoppable videos, for example, are starting to gain traction as a more-than-viable way to convert browsers into shoppers. NY-based ‘touchable video’ specialists Cinematique reported an average 13% conversion rate earlier this year – a figure much higher than anything a banner ad could deliver. Wirewax’s taggable video work with Pepe Jeans, meanwhile, had 45% of users clicking an average of 3 times. The more brands engage with the technology, the more the tactic’s ROI can be proven – luxury brands like Gucci, who have already experimented in this area, might help kickstart the trend long-term.

Also bubbling under the digital strategies of fashion’s biggest players are augmented reality applications. Burberry was among the first to embrace AR back in 2011, celebrating its Beijing store opening with an AR catwalk show in which holographic models walked alongside real ones. But fast-forward to 2014, and branded phone apps are using layered realities to drive retail purchases in store. Plus, the universal cart – launched last year by London-based fashion site Lyst – is allowing users to buy luxury items all over the web, in one place. Spring, a new dedicated shopping app, also offers mobile users hundreds of brands at their fingertips.

Technologies like shoppable videos, in-store AR apps and universal carts work because they allow consumers to feel totally in charge of their own retail experience, all whilst increasing brand loyalty with their added ease and innovation. Our New York summit will play host to some of the industry’s most influential players in retail-oriented tech: speakers will include Alan Tisch, founder of Spring, along with a retail panel, headed up by Jared Schiffman (Perch Interactive) and Dan Garraway (Wirewax) focussing on the coolest tech – with the most tangible ROI – around.

Can’t wait that long? Our Milan summit is calling – a day dedicated to exploring the new possibilities of Omnichannel, on October 22nd.

Reported by Claire Healy

Decoded Fashion Milan will take place on October 22, 2014 at La Pelota. Check out the full agenda here.

Decoded Fashion New York will take place on November 18-19, 2014 at Metropolitan West. The full agenda can be found here.