How Tanishq Could Have made over INR 1000 Cr Sales using 1:1 Virtual Shopping
Following the pandemic shutdown, retailers and brands are facing a new kind of consumer behavior. Due to the physical store being closed, consumers have adopted the habit of shopping online and enjoy convenience at their fingertips.
At the same time, it’s interesting to see how brands are resorting to different means to win their customers back. They are seen changing their approach to physical stores and leveraging technology to keep their customers engaged.
Very recently, Tanishq made it to news headlines — ‘Tanishq brought in around Rs 100 crore sales through video calls in a span of 2 months.’
As restrictions ease, two in every five shoppers say they will make online purchases even after lockdown ends. It could be for any reason — due to ongoing safety concerns or simply a result of new habits.
This is why many top retailers like Arvind Fashion, Vero Moda, Tanishq, and more are turning to social commerce (an amalgamation of social media + live video shopping) to make their consumer experience more seamless and the opportunity for brands easier.
So, What Is Social Commerce and How Tanishq Is Doing It?
Social commerce, or social shopping, is nothing but the use of social network communities to drive your e-commerce sales. Social commerce is estimated to drive $604 billion in sales by 2027.
Social platforms like Instagram, Facebook, and Pinterest are empowering shoppers to discover, engage, and interact with brands and products. In fact, customers are now able to buy what they want as they come across it. They then indulge in one-to-one consultations that are resulting in increased sales for e-commerce stores. For sure, social commerce has been a game-changer for brands — small and large alike.
One good example is Tanishq, the largest jewelry brand in India owned by Titan Company Ltd. – preparing for the future by giving a massive push to its digital presence. Since the lockdown, the brand took to going digital – meeting their customers where they are and accelerating its sales.
Tanishq earned around Rs 100 crore of sales through video calling in two months alone.
After understanding how people are skeptical about visiting a showroom out of safety concerns, Tanishq devised a 360-degree digital plan. They allowed their customers to schedule virtual appointments through video calls that are carried out via WhatsApp and Zoom. Through video calling, Tanishq gives consumers access to almost its complete inventory.
While Zoom and other traditional calling software offered a quick solution, it wasn’t the smartest of choice. Store associates’ time is precious. After scheduling, when seven out of 10 customers fail to show up at the virtual consultation meet, it results in lost time and money.
But this issue could have been easily solved using Swirl — a virtual shopping solution that enables you to engage with your customers in real-time – share product images and videos, add products to the cart on their behalf, and move your in-store inventory.
Swirl brings the in-store experience online using interactive Video Shopping aimed at shortening the purchase journey. It has introduced enhanced virtual shopping solutions for mid-to-large enterprises across continents, including northern Europe, the US, and Asia.
Why You Should Stop Using Zoom or WhatsApp for Retail Virtual Appointments
Working with Swirl’s virtual shopping platform, Zariin delivered interactive video content to its customers. Zariin is a DTC luxury jewelry brand that retails in over 21 countries and 200 stores worldwide.
By providing an immersive experience to its customers, Swirl significantly improved its sales conversion rate to 32% — which is 10 times higher than the industry standard rate.
A study even revealed that a one-on-one live video call lasts for an average time of 17 minutes and one out of three customers end up purchasing.
Say, if Tanishq was to use Swirl for social shopping, it would have easily converted 100 Crore into 1000 Crores.
96% of consumers say customer service plays a big role in determining their loyalty to a brand.
Even though Zoom and WhatsApp video calls offer quick and simple solutions to customer journeys, it lacks in many aspects. Here is a list of a few new possibilities to explore with Swirl technology.
Adding Products to Customer's Cart in Real-Time
The concept of Zoom and other similar platforms have grown during pandemics. But for retailers, trying to deliver an interactive video experience to their customers will find themselves restricted. It offers limited options in terms of both features and creating a seamless experience. Modern customers today suffer from low attention span and seek instant gratification.
Swirl’s video commerce technology enables shoppable video chats where the customer can add products to the cart directly and complete the purchase without leaving the call. Not just that, but you can even let your in-store or brand associates add products to a customer’s cart on their behalf in real-time. This proactive approach has resulted in a 4.3x increase in the add-to-cart rate for BeChef, a brand that offers a curated range of sauces and dips to oomph up your life.
In normal video calls, the only engaging feature is your expert taking the call but Swirl integrates with your platform and allows you to create an in-store experience online.
Monitoring Every Call to Improve Sale Associate’s Performance
Tanishq’s sales calls were able to collect data of their buyer’s persona but they lacked information on areas that need improvement. Swirl’s automated call recording allows brands to have greater insights into how their sales agents are performing.
Sales managers can access their associates’ performance directly from the dashboard. It enables live monitoring for real-time feedback along with providing insights into conversion rates, the average number of calls made, the number of minutes per users, and more.
This allows brands to slowly master the art of live video selling by continually improving the associate’s performance.
Better Scheduling With Clients to Save the Time of Sales Associates
Whether you are a product- or- service-based company, no-shows are infuriating and a costly affair. Tanishq was no exception either. The main reason behind no-shows is forgetting; they tend to forget about their appointment and need a reminder.
Sending out text messages is the best way to send reminders for upcoming virtual consultations. After all, texts are seen and read 99% of the time. Swirl sends out automatic notifications about upcoming appointments to its clients via SMS and email.
Of course, you can send out manual reminders but that isn’t feasible. Especially when you have a large number of leads in your pipeline, you might miss out on a few of them. On the other hand, automated reminders decrease no-show rates to 13%. Businesses lose about $26k in revenue annually from no-shows.
Integrating Video Calls With Their Website or Offline Store POS
When it comes to Swirl, I’m not just talking about one store in particular but multiple stores. Companies like Tanishq run on an enterprise level and have multiple stores spread across countries.
A branch manager would be interested in the success of all its stores rather than just focusing only on one. With Swirl, they can monitor the performance of each store from a single dashboard.
Moreover, it doesn’t just integrate with your e-commerce platform where your customers can initiate a video call request directly from your website and buy directly without closing the video. You can also connect with your store POS (Point-of-sale) system and drive conversion in-store.
Better Lead Generation Due to Lead Qualification and Analytics
Another thing missing from Zoom and WhatsApp video calls is live customer analytics. While virtual calling is a great way to interact with your customers and gain their trust, they need much more convincing. With so many competitors around, your brand needs to stand out by enhancing the customer experience.
Tanishq running on traditional video calls is not built on rich data. This is a missed opportunity to personalize their customer experience and retain them. However, with Swirl virtual shopping technology, you can leverage data and empower hyper-personalization.
It gives you live access to all customer data points, metrics, and analytics, including customer name and verified mobile number, all interaction touchpoints, average time spent, etc. These real-time video analytics help personalize customer journeys and optimize your success. Besides, the technology assigns a score to each lead and predicts customer conversion.
Social video shopping is the new rage amongst our modern consumers. Solutions like Zoom, WhatsApp call, or Facetime offer quick market deployment, but it’s time to focus on enhancing the video selling experience for customers.
As seen, Tanishq has gained a lot of traction since it started offering video calling solutions – close to 4000-5000 customers. This number could have easily skyrocketed to 1000 crore from 100 crore – by adapting a full-fledged live commerce technology like Swirl that offers end-to-end interactive video solutions.
Brands that invest in the latest technology like Swirl can offer so much more to the customers. Brands can now share a curated catalog, leverage product experts on call, and monitor live calls. All in all, virtual shopping with Swirl enables brands to effectively engage with their shoppers and increase their sales.
This is a Guest Post written by Nikita Agarwal
About the author
I’m a content strategist, editor, and published poet, creating content for mainly SaaS-based companies. I write on topics related to business, technology, and branding. In my leisure time, you will find me binge-watching TV series or exploring new cafes in town. You can find me on LinkedIn.