Over the past 6 months, we have seen an innovation from TikTok, Amazon Inspire, In-video search and ChatGPT – all of which provide new opportunities for businesses and customers alike. As authentic, interactive digital experiences are becoming increasingly pivotal for success, we invite you to be prepared for these shifts by outlining how you can start to leverage them. Read on for some ideas!
TikTok can no longer be ignored by competitors. TikTok brought user generated content to the forefront. Brands, Marketers and TikTokers began to realize how UGC content is authentic, unique, engaging, and relevant. 47% of all influencer marketing campaigns were on TikTok in 2022. That translates into billions of ad revenue for TikTok.
To that end, Amazon has launched its own TikTok inspired feature called “Amazon Inspire,” an Amazon app that enables any Amazon shopper to add their own videos such as reviews and browse videos in hope of a purchase. It's available to few now but soon to all.
The Pro? Amazon could become the TikTok of product video reviews. Amazon already is a one-stop-shop for purchase and similar product recommendations.
The Con? To be seen if the reviewers will actually come.
Amazon now leads its shopping experience with branded videos and UGC video reviews. This means shopper expectations will change as they start to expect videos across all shopping journeys, everywhere. The challenge for brands will be scaling their ability to curate, vet, and analyze customer vidoes. How can you dig through millions of minutes of videos to cut through the noise and find what’s most useful and valuable for shoppers? (HINT: Vyrill can do it for you!)
In-video search will soon become the norm. As video content continues to explode across e-commerce, social media, and mobile, digging through massive amounts of video has become a pain point for businesses and customers. ‘In-video’ search saves time and money for marketers, while helping shoppers make quicker decisions. One example of this trend is twelvelabs.io, another ‘In-video’ search company out of Korea, which recently closed $12M in series A funding.
Another is Google, which has also introduced ‘In-video’ search in search results by allowing YouTube videos to be searched by chapters (see image) by identifying key moments. While Google only does this for YouTube videos, Vyrill can apply ‘In-video’ search to any video including those on mobile devices, other social media platforms, video libraries and more.
ChatGPT (Generative Pre-trained Transformer – openai.com) has been the recent buzz, and for good reason. It’s an OPEN AI/ML system based on a chat-like model, where you can ask a question and it can generate a response in natural language. It is the first demonstration of text-based queries at scale with decent responses. Here are some interesting examples and use cases to check out:
What ChatGPT has done for text with natural language processing based on questions and answers could be done for video - analyzing audio, text, and images.
We're thinking about how Vyrill can evolve to become a VideoGPT (Video Generative Pre-trained Transformer) experience. You query with a prompt in the video search box and Vyrill responds with an answer that’s a video clip. Video is a multi-dimensional query, analysis and output.
All these emerging trends have led Vyrill to form new partnerships and enable businesses that build or use these apps, platforms, and tools. We’re also partnering with text review companies to add video reviews enabled with ‘In-video’ search.
The future looks bright for those who embrace e-commerce’s transformation with an open mindset that allows for continuous experimentation, adaptation and refinement.
If you are one of these companies, we’d love to chat and see how Vyrill can help. Get in touch here & we’ll schedule a quick call.
Ajay Bam is the CEO and Co-founder at Vyrill, a first-of-its-kind video intelligence company launched in 2017 through UC Berkeley’s Skydeck Incubator program. Vyrill helps brands and shoppers find the “moments that matter” inside videos. Its AI-powered “In-Video’' search technology analyzes & shares insights hidden within videos to improve personalization, SEO, and conversion. Before Vyrill, Ajay launched Boston-based, mobile shopping app company Modiv Media. He is a proven and accomplished product management professional, entrepreneurial thinker, and innovator with more than 13 years of experience leading startups and world-class brands.