Video Commerce, Youth-Driven Content, and Emerging Trends: A Mela Platform Report

Executive Summary:

This report amalgamates insights from multiple sources including publicly available reports to provide an in-depth analysis of the evolving landscape of video commerce, focusing particularly on how youth-driven content is reshaping the digital marketplace. It explores the convergence of video content, e-commerce, and youth consumer behaviour, highlighting the opportunities and challenges for businesses.

Introduction:

Context and Relevance: In an era where digital media consumption patterns are rapidly evolving, understanding the intersection of video commerce and youth-driven content is crucial for businesses aiming to stay ahead. The average 20 year old now spend 90+ minutes consuming short videos and is very clearly mobile first and video first. Their consumption of long format content is largely an appointment viewing phenomenon with short video and live content being consumed on the fly.

Objective: To analyse the current trends in video commerce and content consumption among youth, and to explore the implications for future business strategies.

Trends in Video Commerce and Youth Content Consumption:

• Rise of Short-Form Video Content: Platforms like TikTok have popularized short-form video content, which has become the preferred medium of consumption among youth.

• Content-Driven Marketplaces: E-commerce is increasingly integrated with content, particularly on social media platforms where storytelling and brand narratives play a significant role. The old way of ‘sell sell sell’ has been replaced by storytelling. Those arguing that top of the funnel is not important is forgetting the classic rules of consumer engagement.

• Interactive and Engaging Formats: The youth prefer content that is not only informative but also interactive and engaging, leading to a rise in formats like live streams and interactive videos. The Zara livestream in China and the Walmart RomCommerce initiative around Christmas are the start of programming content and thinking live a TV channel if you are running an online store.

• Theme based collective commerce where the intent is clearly defined is expected to skyrocket in the new few years. These events will behave like tent pole programs on TV channels, only this time they are programmed to cater to a very focussed audience.

• The emergence of talent that does not qualify to be called an influencer. Event and tv anchors who can tell a story.

Business Implications and Strategies:

• Adapting to New Consumer Behaviours: Businesses need to align their strategies with the changing preferences of the youth, focusing on creating content that resonates with this demographic.

• Leveraging Social Media Platforms: Utilizing platforms like TikTok and Instagram for marketing and engagement is essential. This involves understanding platform-specific dynamics and user preferences.

• Integrating Commerce and Content: The blending of e-commerce and content creation offers a unique opportunity for businesses to engage with consumers in a more holistic manner.

• The death of cookies and the lack of first party data will prompt the need to build communities and owned stores that help niches stay away from the clutter of marketplaces.

• GenAI’s impact on ecommerce and communication will be profound in way that one cannot predict. Having said that brands will have to learn to not repeat the mistakes of the past and jump into the hype cycle. We have seen crypto and metaverse come and go. Change is inevitable, suffering is optional.

Recommendations:

• Embrace Short-Form Video Content: Develop content strategies that leverage the power of short, engaging videos.

• Focus on Storytelling and Branding: Utilize storytelling techniques to create a stronger emotional connection with the youth audience.

• Invest in Interactive and Live Content: Explore live streaming and other interactive content formats to enhance engagement and build community.

• Data-Driven Personalisation: Use analytics to personalize content and product recommendations, catering to individual preferences.

• Collaborate with Influencers and Creators: Partner with influencers and content creators who resonate with the youth demographic to expand reach and authenticity. Look beyond big names, look for talent that can hold the interest of the audience and can tell a story and help sell.

• Learn how to use GPTs yourself before you engage an agency to build your AI initiative. And everything does not need an AI assistant.

Conclusion:

The intersection of video commerce and youth-driven content is a dynamic and rapidly evolving space. Businesses that successfully adapt to these trends by creating engaging, relevant, and personalised content will be well-positioned to capture the attention and loyalty of the younger generation. Embracing the fluidity of this digital landscape and continually innovating will be key to staying competitive and relevant.

References:

Insights and data from "PUBLICIS COMMERCE_2023 Review _ 2024 Trends".

General trends from "THE NEW CONSUMER-COEFFICIENT CAPITAL_Consumer-Trends-2024".