First-to-market strategic global partnership delivers
livestream shopping solutions directly to brand
websites enabling consumer experiences that drive
conversion
NEW
YORK, April 11, 2022 /PRNewswire/ -- Omnicom
Group Inc. (NYSE: OMC) today announced a partnership with Firework,
the world's largest 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 livestreaming technology,
delivering shoppable livestreaming video directly to brand
websites.
Omnicom is the first agency holding company to form a strategic
partnership with Firework and gain this level of access to its
platform.
In a recent study from Coresight Research, the U.S. livestream
shopping category was projected to reach $11
billion by the end of 2021, and $25
billion by the end of 2023. This growth rate aligns with
responses in Gartner's 2021 CMO Spend Survey, showing 26% of
respondents are currently focused on livestreaming retail as a
priority, and twice that number are expecting it to become a
priority in the next 12 to 18 months.
Combining purchases of a featured product and audience
participation through a chat function or reaction buttons,
shoppable livestream—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 e-commerce while also increasing brand
appeal and expanding audience base, particularly among younger
audiences.
By enabling livestream e-commerce 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
e-commerce during the pandemic; the need to build deep, direct
relationships with consumers in a cookie-less world; and
meeting higher consumer expectations for connected
personalization 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," says
John Schorr, Managing Director,
Commerce for Omnicom Media Group North America, which facilitated
the partnership. "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 personalized and relevant experiences that
build stickiness."
The Omnicom/Firework news follows the March 14 announcement naming Frank Kochenash as the holding company's CEO
eCommerce. Commenting on the partnership Kochenash said, "This
collaboration exemplifies our mandate to build and innovate at the
group level, driving the evolution and optimization of
Omnicom's eCommerce offering across media, commerce and precision
marketing. Our capability with Firework will enhance consumer
interaction, optimize conversion and build invaluable direct
connections throughout the purchase journey."
Under the terms of the partnership, Omnicom will also have
first-look access to Firework beta products and research.
Summing up the goals of the partnership, Firework CEO
Vincent Yang says, "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."
About Omnicom Group Inc.
Omnicom Group
(www.omnicomgroup.com) is a leading global marketing and corporate
communications company. Omnicom's branded networks and
numerous specialty firms provide advertising, strategic media
planning and buying, digital and interactive marketing, direct and
promotional marketing, public relations and other specialty
communications services to over 5,000 clients in more than 70
countries. Follow us on Twitter for the latest news.
About Firework
Firework is the world's leading
immersive "shoppertainment" platform with shoppable video, live
streaming commerce and monetization capabilities powering over 600
direct-to-consumer brands, retailers and media publishers
worldwide. Pandemic-accelerated, Firework has experienced 10x
year-over-year growth, bringing TikTok-like interactive video
experiences to your own website or app. Firework enables its
customers to create and host native, shoppable video content for
engaging product discovery, seamless shopping experiences and
ultimately, a deeper emotional connection with consumers. The
company is backed by IDG Capital, Lightspeed Venture Partners and
GSR Ventures, with over $100 million
in capital raised to date. To learn more, please
visit firework.com.
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SOURCE Omnicom Media Group