Every toy, gadget and good thing you see on YouTube may soon be available for sale online. It will be available only on YouTube, not on Amazon. For this, the world’s largest video site has recently started asking video creators to use YouTube software to tag and track the product featured in their clip.
Data will be linked to analytics and shopping tools
According to the information, the data related to it will be linked with the analytics and shopping tools of parent company Google. The motive behind this is that the audience thinks more about what they see and is motivated to buy it. Millions of such videos are uploaded and watched daily on YouTube, which has no limit. Now they can be bought and sold at one click. YouTube is also testing a new integration with Shopify Inc. to sell items.
Testing started with limited number of video channels
A YouTube spokesperson has confirmed that the company is testing these features with a limited number of video channels. Creators will have control over the product that will be in the display. The company disclosed this but refused to give more information. Originally still known for advertising, YouTube will now emerge as an e-commerce leader. It is chalking out its plan like Amazon.com and Alibaba Group Holding.
Possibility of utilizing assets
According to an e-commerce startup official, YouTube has the possibility of utilizing assets. If they decide to invest in it then there is a huge opportunity for them. It is still unclear whether YouTube will generate revenue from such sales. However, subscription service has started for creators and 30% reduction in their payment has also started.
YouTube earns revenue through advertising
Actually Google earns revenue mainly through advertising on YouTube. No product is sold on it yet. The Corona epidemic has spoiled the marketing budget. Travel and physical retail stores have been particularly affected, and are also the biggest advertisers for Google. On the contrary, there is a boom in e-commerce at the moment because people are in homes and ordering online for goods.
Social commerce has emerged as a hot area
A recent survey has revealed that social commerce has emerged as a hot area. This is creating great opportunities for Facebook and Pintrest. In May, Mark Zuckerberg of Facebook launched the updated Shops feature for retailers. After this, there was a significant rise in the shares of the company. Google does not want to lose it anymore and that is why YouTube is designed for this.
YouTube will be the center of e-commerce strategy
In recent times, Google has indicated that YouTube will be the center of its e-commerce strategy. Google CEO Sundar Pichai said that YouTube’s video could turn into a shopping opportunity. The video site can be used for other popular categories such as make up and cooking tutorials. Along with this, the e-commerce and payment division has also been redeveloped. Last year YouTube created an integration where creators can list 12 items for sale below their videos.
According to the company, merchandise is one of many strategies. YouTube wants to diversify revenue beyond creators.
Feature information in the help section
Giving information about this feature in its help section, YouTube said that, if the title of a YouTube video is the top 10 smartphone in 2020, then this new feature will show the YouTube list of phone models present in the video. Shortly before this Google company YouTube had added Unified Payment Interface (UPI) as a payment option. The UPI facility has been introduced as an additional with the existing payment option. Through this new feature, users will be able to make payments for subscription directly from the bank account. For monthly or quarterly subscription of YouTube Premium and YouTube Music Premium, users can pay using UPI apps. UPI mode can also be used to get membership of features like Superchat and channel, so that users can stay connected with their favorite YouTube creators.