Omnicom Group announced a partnership with Firework,a livestream commerce and shoppable video platform provider.
The partnership will give clients across all Omnicom agencies access to Firework’s enterprise suite of proprietary short-form video and live streaming technology, delivering shoppable live streaming video directly to brand websites.
Combining purchases of a featured product and audience participation through a chat function or reaction buttons, shoppable live stream—also known as live commerce—is transforming the retail industry. According to McKinsey, live commerce can help accelerate conversion, telescoping the customer journey from awareness to purchase, resulting in conversion rates up to 10 times higher than conventional eCommerce while also increasing brand appeal and expanding audience base, particularly among younger audiences.
By enabling livestream eCommerce on a brand’s owned media – a capability that has historically been available only on social platforms – the Omnicom and Firework partnership gives clients the ability to provide frictionless consumer experiences that can accelerate conversion. And by enabling brands to build first-party data stores in a cookie-less world, marketers can deliver more relevant consumer experiences, boost conversion, and strengthen consumer relationships.
Seen through the wider commerce landscape lens, the partnership offers a single solution to help Omnicom clients adapt to critical changes in the marketplace, including the accelerated shift to eCommerce during the pandemic; the need to build deep, direct relationships with consumers in a cookie-less world; and meeting higher consumer expectations for connected personalisation across a brand’s owned, earned, and paid experiences.
“Brands today are in a race with the market to build the best commerce value proposition, while at the same time racing against the clock to build direct relationships with customers that will not simply replace cookies, but actually be more effective,” said John Schorr, Managing Director, Commerce for Omnicom Media Group.
“This agreement opens up a wide lead for Omnicom clients in these races, giving them technology that makes their websites and other owned destinations more shoppable, and helps them deliver the more personalised and relevant experiences that build stickiness.”
Summing up the goals of the partnership, Firework CEO Vincent Yang said: “As brands deal with concurrent seismic shifts in how they reach and engage with consumers, and how consumers buy their products, Omnicom and Firework will bring the full force of our combined strategic and technological expertise to turn these market-wide challenges into category-wide opportunities for Omnicom clients.”