Need to Know
- Walmart has seen great returns on its shoppable video initiative, which launched in beta late last fall.
- Cookshop, a series of cooking videos that allow viewers to directly shop for the ingredients in the videos, has resulted in an above-average 8.7% click-through rate.
- Interactive video commerce is one of many digital initiatives launched by Walmart in recent years.
After launching shoppable cooking videos last fall, Walmart has seen success from the new interactive initiative, with a click-through rate of 8.7%.
The new program, called Walmart Cookshop, features a series of interactive cooking videos and features celebrity guests like Sofia Vergara and Jamie Oliver. At the end of each episode, viewers can opt to purchase the ingredients and supplies shown in the video.
“Cooking together or for a loved one can bring so much joy, and now more than ever, we need our kids to grow up healthy and happy,” said celebrity chef Jamie Oliver. “Eko’s technology will allow people to interact with my recipes, and choose what ingredients they want to use. I hope everyone will enjoy our quick, easy, and unique recipes that families can experiment with over and over again.”
Cookshop’s 8.7% click-through rate beats out the 7% average for commerce-related content produced by the digital agency behind the videos.
Eko, the creative force that partnered with Walmart to launch Cookshop, started with interactive music videos before evolving into digital ads and branded content. The agency has also worked on projects for brands like Coca-Cola, Nike, and Revlon.
“Most of these retailers have the same experience,” said Tom Fishman, eko GM. “The same endless shelf space, the same cart and checkout process. We want to show customers a differentiated experience.”
Now, eko is focused on “revolutionizing e-commerce.”
With the popularity—and effectiveness—of video advertising continuing to rise, it is estimated that video advertisers will spend $44.9 billion on video ads this year (25% more than in 2020).
In addition to its $250 million investment in the Cookshop project, Walmart has invested recently in a number of other digital innovations, dipping its toes in seemingly every industry.
Earlier this year, the retail giant launched HomeValet smart box, a temperature-controlled cooler that is placed outside a customer’s home to allow contact-free delivery any time of day.
And Walmart has entered the financial technology space, teaming up with venture capital firm Ribbit to expand its financial services and launch a fintech startup. Most recently, Walmart expanded its third-party marketplace to allow BigCommerce sellers like Ben & Jerry’s, Skullcandy, and Sony to sell on Walmart Marketplace.