What Is ROVI?
Online shopping has escalated significantly during the pandemic, but the desire for traditional hands-on shopping experiences has not waned. Keen digital marketers have met consumers’ brick-and-mortar shopping desires by developing the next best thing: hi-tech, visual platforms for retailers. These 3-D virtual reality (VR) and augmented reality (AR) shopping platforms use visual commerce to yield a significant Return on Visual Investment (ROVI).
What Is Visual Commerce?
Visual commerce transforms online shopping into an interactive experience, ideally converting shoppers into customers with engaging visual content. Because shoppers can’t feel and smell items online, the next best option for brands is using sophisticated digital platforms that allow consumers to envision products with AR and VR. The AR and VR technology allows the consumer to view the products they customized digitally from all angles or locations uploaded by the consumer before purchasing. For example, through visual commerce, consumers can pick the sofa they like, immediately choose from different color options and digitally place the sofa in their living room to “test it out.”
With the advancement of visual commerce, more consumers are shopping virtually for big-ticket items such as furniture and cars, in addition to typical online purchases like housewares, clothing and groceries. With this new visual technology, ROI has been expanded to include specifics about returns on visual investment, or “ROVI.”
What Is ROVI?
ROVI is a key metric to measure visual commerce campaign performance, which is gaining popularity because it offers convenience and customization for consumers shopping online. According to Chris Beaudin, Director of Marketing for Visual Commerce Platform Atlatl Software, ROVI has a return of about 10 times the initial investment. ROVI can be measured by clicks on photos, social media engagement, volume and reach, website sessions and online sales conversions.
Visual influence is powerful, with a study revealing 92.6% of respondents believe visual appearance is the top factor affecting their purchasing decisions. In light of the increased digital shopping demands today, it is essential to invest in the efficiency and experience offered with visual commerce to satisfy tech-savvy consumers and increase consumer reach, which can lead to sales.
What Is The Impact Of ROVI On Digital Marketing?
Through visual commerce, consumers can customize products before purchasing, so they already have a feeling of ownership when the finalized - and personalized - item is shown on the product website immediately. A product rendered with the consumer’s logo or color choice, digitally placed in their workplace or home, transforms it from a possible purchase to a personalized visualization of their ideas. It’s important to keep in mind, people remember 80% of what they see and do, and only 10% of what they hear, so interacting with products virtually with visual content can lead to consumers moving down the shopping funnel quicker.
“These [interactive virtual shopping experiences] are all subtle emotional ways to connect with your buyer to influence the purchase, which is your goal as a marketer,” said Beaudin. “They own [the customized product] digitally, so naturally they want to own it physically.”
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