The Fading of the Platform Giants: Shoppable Video Pioneer Firework Releases Landmark Predictions for Engagement, Ecommerce and the Open Web for 2022 and Beyond
Standing on the forefront of digital engagement for web 3.Zero and serving to to redefine the relationships manufacturers, retailers and publishers have with their prospects, Firework, the short-form video platform designed to convey a shoppable, livestream video expertise to any web site, at this time launched its collection of predictions for the engagement, video and net areas in 2022.
Firework is releasing its predictions after a yr of breakneck progress, positioned on the heart of an explosion in short-form and livestreaming commerce and engagement. Quarterly short-form video views on Firework’s community elevated by an astonishing 861% from 2020 to 2021, and the corporate expects quarterly views to exceed 5 billion by the tip of the yr.
Now, because the trade appears to be like ahead to the subsequent 12 months and past, leaders at Firework have put collectively key predictions based mostly on experience as frontrunners out there and from insights gleaned by way of their work with a number of the world’s brightest organizations. Their predictions embody:
The finish of the “platform era” and the continued shift to the web 3.0: The social media platforms are carrying out their welcome—and can quickly put on out their utility, as properly. As the social media giants have consolidated energy—and eyeballs—over the past decade-plus, they’ve additionally constructed up numerous in poor health will. Their lack of ability and unwillingness to place person privateness and security first, and their refusal to offer manufacturers and organizations a profitable shot at engagement will proceed to drive users and companies off platforms. In flip, the rising shift towards the web 3.0, a decentralized on-line atmosphere wherein site visitors, commerce, engagement and dialog occur in equal measure throughout the open net, will proceed to speed up. New instruments—Firework’s short-form video and livestreaming options amongst them—are serving because the constructing blocks of the web 3.0, permitting people and corporations to create immersive experiences on their very own digital properties; to change into platforms themselves with out counting on social media walled gardens.
The livestream revolution is properly underway: A full two-thirds of Chinese customers report shopping for merchandise through livestream within the final yr, and livestream gross sales are anticipated to succeed in a mind-bending $423 billion by 2022. That pervasiveness of livestream purchasing may appear outlandish by U.S. requirements, till you ponder the raging success of dwelling purchasing tv networks like QVC within the 1990s, working on the same mannequin. Plus, the livestream ecommerce wave has already reached our shores. American retailers are waking as much as the worth of real-time, partaking, shoppable video. Although a number of the early iterations of livestream purchasing have been uneven at greatest (hiya, Amazon Live?), extra partaking, natural and immersive livestream codecs are coming to the fore. And as millennials—and notably Gen Z—proceed to achieve shopping for energy, livestream ecommerce will solely proceed to develop as U.S. retailers come to the conclusion that shoppable video is feasible on their very own websites and by their very own phrases.
Media and commerce are converging: Purchases do not occur in a vacuum. Neither does content material consumption. Everyday buying selections are strongly influenced by on a regular basis life, together with what we see, hear and expertise on-line by way of content material consumption habits—the buying funnel is lengthy and circuitous. In 2022, we’ll see the strains between commerce and media blur even additional. Consumers will more and more go for on-line experiences wherein they’ll have interaction with friends, study and discuss merchandise, and buy them—with out ever having to click on away. Stores will likely be studios, and studios will likely be shops. Publishers will more and more push out commerce and liveshopping capabilities. The new pathways to engagement, discovery and income will likely be distributed throughout the open net.
Retail media will develop—and evolve: Retail media continues to be a rising house, however as manufacturers transfer farther away from the social media platforms, we anticipate to see retail media rise in tandem. Brands need to take their messages to the locations the place purchasing occurs, as an alternative of not directly aiming at goal audiences on social media, away from the purpose of buy. Still, as retail media continues to develop, the format might want to change. An overwhelming majority of retail media is at the moment display-based, which might want to evolve as customers look for a similar dynamic expertise they get on social feeds. As retail media evolves to leverage video—together with shoppable video—we’ll see a serious growth within the house.
- Jerry Luk, Co-founder, President & Chief Operating Officer
“It’s clear that we’re entering a new digital world order as we flip the page to 2022,” stated Yang. “Brands, retailers and publishers see the writing on the wall—or they will soon. Consumers are looking for new ways to engage with content and products, they are sick of signing away their privacy for social media dopamine hits, and they are ready to navigate a new, decentralized web to connect with their peers. Now it’s up to brands to adapt with the times.”
Firework will begin 2022 coming off a run of exponential progress, having signed key agreements with trade leaders like Albertsons Companies, Heinz® and PGA Tour, and having capped off the yr with a landmark funding from Amex Ventures.
Firework is the world’s main immersive “shoppertainment” platform with shoppable video, dwell streaming commerce and monetization capabilities powering over 600 direct-to-consumer manufacturers, retailers and media publishers worldwide. Pandemic-accelerated, Firework has skilled 10x year-over-year progress, bringing TikTok-like interactive video experiences to your individual web site or app. Firework allows its prospects to create and host native, shoppable video content material for partaking product discovery, seamless purchasing experiences and finally, a deeper emotional reference to customers. The firm is backed by IDG Capital, Lightspeed Venture Partners and GSR Ventures, with over $100 million in capital raised so far. To study extra, please go to firework.com.