LG Ad Solutions released the findings of its latest streaming survey in “The Shoppable TV Report: 2024 and Beyond,” which found that 53% of CTV users wish all TV ads had a quick option to buy the product and 63% wish they could see store/brand inventory from their TV.
“Most CTV users envision and desire a TV experience that enables them to easily purchase the products advertised to them. The future of television is shaping up to be an immersive canvas of personalized, interactive experiences. We are entering an era where TV is not just a device for passive viewing, but also a dynamic platform for engagement, interaction, and shopping,” said Tony Marlow, CMO at LG Ad Solutions.
Among CTV users, 81% are influenced by TV ads in their shopping decisions and 63% often discover new brands and products through TV ads. Beyond influence and product discovery, 47% have made a purchase after seeing a TV ad in the past three months. Of those consumers, most (56%) completed a purchase using their mobile phone, followed by laptop/desktop (45%), in-store (31%), tablets (31%), and on CTV (29%).
The “The Shoppable TV Report: 2024 and Beyond” survey also reveals that consumers like QR codes. In fact, 7 in 10 viewers like TV ad creatives that include a QR code, with 62% open to scanning a QR code on a TV ad in the next 12 months and 38% likely to make a purchase after scanning a QR code on a TV ad. Additionally, 49% say they will scan a QR code on a TV ad to take advantage of a discount.
However, QR codes must be made more effective with personalization, the report notes. The primary reason consumers do not scan QR codes on TV ads is a lack of interest in the product or brand (70%). Additionally, respondents note that the ad did not appear for long enough (21%), their phone/tablet was out of reach (13%), they do not know how to scan a QR code (10%), and there was no discount code (8%) as reasons why they did not scan.
The study also reveals that shoppable TV reaches consumers throughout the purchase funnel. By category, Clothing/Apparel and Electronics showed the highest engagement/attention potential with Shoppable TV ads, while Grocery/CPG, Restaurants, and TV/Film represent the largest opportunities for purchase intention using QR codes in creative.
“The study’s finding that relevance is consumers’ overwhelming impetus behind scanning or purchasing after seeing a TV ad, highlights advertisers’ need for accurate audience targeting. Marketers need to take advantage of niche audience datasets, such as consumer purchase and ACR segments, available in our LoopIQ solution, to create personalized and interactive shoppable ad experiences within CTV environments that will drive better engagement and outcomes for both advertisers and consumers,” Marlow continued.
The “The Shoppable TV Report: 2024 and Beyond” study surveyed more than 1,200 consumers in the United States to determine their perceptions of shoppable TV advertisements and subsequent purchasing behavior.
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