Half of CTV Users Wish All TV Ads Had a Seamless Option to Buy the Advertised Product
New study from LG Ad Solutions uncovers most CTV users desire a more robust shoppable TV experience
MOUNTAIN VIEW, Calif. (January 16, 2024) – LG Ad Solutions, a global leader in connected TV (CTV) and cross-screen advertising, has today 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,” said Tony Marlow, CMO at LG Ad Solutions. “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.”
The study, released today, surveyed more than 1,200 US consumers to determine their perceptions of shoppable TV advertisements and subsequent purchasing behavior.
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 survey also reveals:
- Consumers like QR codes: 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.
- But QR codes must be made more effective with personalization: The primary reason consumers don’t 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 don’t know how to scan a QR code (10%) and there was no discount code (8%) as reasons why they didn’t scan.
- 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.
Marlow continued: “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.”
For more information on LG Ad Solutions and to download the report, visit: https://lgads.tv/resource/the-shoppable-tv-report-2024-and-beyond/
About LG Ad Solutions
LG Ad Solutions is a global leader in connected TV and cross-screen advertising, helping brands find hard-to-get unduplicated reach at optimal frequency across the fragmented streaming TV landscape. We bring together LG’s years of experience in delivering world-class smart TVs to consumers worldwide with big TV audience data and Video AI designed to connect brands with audiences across all screens.
