Mumbai: The users can pay monthly or quarterly subscriptions to YouTube Premium and YouTube Music Premium using the UPI app. Every toy, gadget and good thing you see on YouTube may soon be available for sale online. Millions of such videos are uploaded and viewed on YouTube every day without any limit. They can now be bought and sold at a click. The world’s largest video site has recently started asking video creators to use YouTube software to tag and track the product shown in their clips.
According to the report, the related data will be linked to the analytics and shopping tools of the parent company Google. The motive behind this is to make the audience think more about what they see and be motivated to buy it. The millions of such videos are uploaded and viewed on YouTube every day without any limit. YouTube is also testing a new integration with Shopify Inc to sell items.
A YouTube spokesperson confirmed that the company is testing these features with a limited number of video channels. Creators will have control over the products that will be on display. The company disclosed this but declined to give further details. YouTube, originally famous for advertising, will now emerge as an e-commerce leader. It is crafting its own plans like Amazon.com and Alibaba Group Holdings.
YouTube has the potential to utilize assets, according to an e-commerce startup official. There is a huge opportunity for them if they decide to invest in it. It is still unclear whether YouTube will generate revenue from such sales. However, the subscription service for creators has started and a 30% reduction in their payments has also started.
In fact Google earns revenue on YouTube mainly through advertising. No product is sold on it yet. The Coronavirus pandemic has ruined the marketing budget. In person and physical retail stores in particular have been hit hard and are also the biggest advertisers for Google. On the contrary, e-commerce is booming at the moment as people are at home and ordering goods online. A recent survey has revealed that social commerce has emerged as a hot area. This is creating a lot of opportunities for Facebook and Pinterest. In May, Facebook’s Mark Zuckerberg launched the Updated Shops feature for retailers. After this, the company’s shares saw a good rise. Google doesn’t want to lose it anymore and that’s why YouTube is designed for it.
Recently, Google has indicated that YouTube will be at the center of its e-commerce strategy. Google CEO Sundar Pichai had said that YouTube’s video could turn into a shopping opportunity. The video site can be used for other popular categories such as make up and cooking tutorials. Along with this, the company has also redeveloped the e-commerce and payment division. Last year YouTube created an integration where creators could list 12 items for sale below their videos. According to the company, merchandise is one of the strategies. YouTube wants to diversify revenue beyond creators.