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Wayke is the leading digital marketplace for buying and selling cars in Sweden, working with car dealerships all over the country.
Known for their innovative approach to the sales process, Wayke jumped on the video commerce bandwagon early on, pioneering usage of the technology in the automotive industry. They have been going live continuously over a period of two years, building a dedicated audience as well as an extensive content library.
Read along to learn how they cracked the code to selling high-ticket items through video commerce.
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Challenge
“For most consumers, purchasing a car is the second biggest investment after buying a home”, says Sofia Forsling, Deputy CEO at Wayke. This puts a lot of pressure on the consumer to be knowledgeable and conduct thorough research before making their choice.
Wayke has always valued providing a safe and personalized shopping experience to each customer, which is particularly important, given their varied and extensive product range.
“We wanted to provide the same safe and in-depth guidance our customers associate us with, but on a larger scale”, says Sofia Forsling.
We wanted to provide the same safe and in-depth guidance our customers associate us with, but on a larger scale.
Sofia Forsling, Deputy CEO, Wayke
Solution: Enter Video Commerce
Wayke was the first player in the automotive industry to launch full-scale video commerce. Their concept is simple: each show features a new car, with Sofia as a host accompanied by a co-host from the car brand in question. The day the Bambuser team joined them on set, Wayke did a collaboration with Porsche and excitement levels were high.
“The automotive industry is notorious for having difficult language and hard-to-understand technical concepts”, says Sofia Forsling. “We are conscious about communicating on eye-level with our customers and speaking in a way they understand and relate to.”
Wayke views video commerce as a strong tool to make information easily accessible and digestible to customers looking for a specific car and all the details of that model. The flexibility video commerce offers is critical to the sales process, giving Wayke the opportunity to communicate everything related to buying a car, such as packages with financing, add-ons, etc.
Video commerce allows Wayke to put on great shows when a new car is launching or even focus on certain stock they want to shift. Wayke also repurposes their live show content on social media and has built a library of old shows on their website to enrich the shopping experience, driving revenue long after go-live. This is a core part of their strategy.
“We were looking at a lot of different streaming services and decided to go with Bambuser, because you seemed the most professional”, Sofia stated when asked about Wayke’s due diligence ahead of launching video commerce. “And you were! Everything was easy to implement and the service experience was very professional”, she continues.
Results
What about the results? Sales tracking can be tricky on high-ticket items such as cars, as customers tend to have many touch points in their buyer’s journey.
Sofia explains that their shows have a large audience with many loyal, repeat viewers. She highlights engagement as a big win with an impressive 16-minute average viewing time and 18% of viewers engaging via live chat. “These are numbers you can only dream of in other channels”, Sofia remarks.
From a sales perspective, Wayke sees that the viewers tuning in have a significantly shorter buying journey and going live helps reduce the time to sale, as well as drive footfall to local dealerships. This has led to increased demand to be featured as a brand on Wayke’s video commerce platform.
“We cover the whole sales funnel”, Sofia said when asked at what stage of purchase-intent their video commerce audience usually falls within. “We know this from the questions asked on-air, as they cover the whole spectrum, from generic to very detailed, even asking about financing and nearby availability.”
So what does the future hold for Wayke and video commerce? Sofia has great ambitions and shares that Wayke has only scratched the surface. They’re working towards integrating video commerce in every product launch and campaign for all the brands they work with, stating “we have become the player in the industry car brands go to for guidance on video commerce. They trust us and want to launch with us.” Sofia also shared that one of Wayke’s short-term goals is to make all their video content shoppable. ‘’We test drive one car per week and it would be fantastic to add a shoppable layer to those videos. This would allow us to have a more frequent stream of shoppable content and increase the return on our video commerce investment’’, she added.
Providing significant value on the supplier side, as well as to the end customer, is really how Wayke revolutionized selling cars online.
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