Eliot Towb, Product Manager at Invodo highlights that video is important to shoppers, and it’s more effective than simple text or static pictures when communicating features and concepts. He also explains how brands and retailers are adopting a strong, well-measured product video program to increase buyer conversion in time for the holiday season, and more customers are coming to expect video content when shopping or researching online
As we approach the halfway point for 2016, many brands and retailers are adopting a strong, well-measured product video program to increase buyer conversion in time for the holiday season. Video is important to shoppers, and it’s more effective than simple text or static pictures when communicating features and concepts. More and more, customers are coming to expect video content when shopping or researching online.
Video content has had a positive influence on shoppers perception of the quality of sites as well as their confidence in completing a purchase. Given that shoppers now have access to high bandwidth connections and the growth of available video content, it should follow that the influence of video has grown. To confirm this growth, Invodo teamed up with the e-tailing group to survey over 1,000 shoppers for their 2016 Omnichannel Outlook: Why Online Shoppers Want Video. The report confirms that video is growing in opportunity and explores the following benefits that businesses and online shoppers are experiencing:
1. Video is critical for your business – There is no doubt about it: Video is a must-have for online brands and retailers. By harnessing the advantages of movement and sound, videos can educate and engage customers much better than text or static pictures. As a result, customers feel more confident to purchase, which is why 85% of survey respondents feel online shopping is more efficient when video is part of the process. Additionally, a lack of video on your site can hurt your business and drive customers elsewhere, as 52% of survey respondents said they would leave a site without video. Finally, video helps to close transactions and convert shoppers into buyers. 74% of survey respondents said they are more likely to buy when video is part of the process, which can make a big difference in sales.
2. Video location matters – If you are just starting a video program, the product page is going to yield the strongest return on investment. 68% of respondents said they are likely to watch a video on the product page, making it the most valuable location for online video. However, that does not mean that other locations do not matter. 42% of shoppers are likely to watch a video on the home page, and 35% of shoppers are likely to watch a video on a category page. Third-party locations are also important, as 36% of shoppers are likely to watch a product video on YouTube.
3. Video is most influential for high-consideration product categories – Video is especially helpful for high-consideration product categories. These categories — like consumer electronics, home and automotive — are generally expensive or complex, and require a significant amount of thought before purchase. For example, think about trying to communicate how to set up a tent. Unlike text or static photographs, a great product video would make the assembly process seem trivial. Thus, by quickly and easily demonstrating product features, a video can tip a user from passively shopping to actively buying.
4. Mobile optimization is a MUST – Today, desktop-compatible videos are not enough to satisfy customers. Your videos should not only work on mobile devices, but also work well. Mobile commerce is now its own entity, as 68% of survey respondents agreed that mobile videos allow for spur-of-the-moment shopping. Not surprisingly, mobile continues to play an integral role in omnichannel growth. 66% of respondents said they will watch a mobile video while they are shopping in a physical store. If these videos are unavailable, shoppers may be leaving your store empty-handed.
5. Always think omnichannel – Yes, it’s a buzzword… but it’s also a reality for an overwhelming majority of shoppers. 72% of respondents confirmed that more than half of their purchases in the past three months were influenced by more than one channel. Video plays a huge role in this, whether it’s helping customers research products prior to visiting a store, drawing in new customers via organic search, or showcasing new product specials through email. Regardless of the channel, video provides a more streamlined experience that leaves customers feeling more confident (and more likely) to complete a purchase
6. Video matters to Millennials – Millennials are digital natives who expect rich content to define their online shopping experiences. Not surprisingly, the 18- to 34-year-old cohort is also the most demanding, as 45% of polled Millennials said they would like to see more videos on ecommerce sites. They also are the most likely to utilize omnichannel resources, as more than four out of five (81.9%) of polled Millennials said they watch mobile videos while shopping in physical stores. Interestingly, millennials are not as loyal to Amazon as you might think. Over 40% of polled millennials said they would shop on a website other than Amazon when more videos are present, which was around 35% higher than the number of Gen Xers and baby boomers.
Measure, Measure, Measure – Just like any other major site feature investment, merely placing it on your site and calling it a day is not enough. You must have analytics in place to get the most out of your video program. Without analytics, you will not be able to detect site issues or changes that reduce the impact of video, and ultimately, the increased conversion that follows from a well-executed program.
Engagement metrics such as View Rate, Completion Rate, and Sharing indicate how often users are consuming the content, if they watch the whole videos, and whether they share the video via email or social channels. Satisfaction metrics such as Ratings and Comments let you know if the users found the video helpful and whether it met their expectations. Comments are especially valuable for product videos in determining whether you have the right feature content in your videos. Comment review should be a normal part of your analytics process, and should result in a feedback loop to improve video production quality, regardless of whether your videos are produced in-house or by a third-party.
Finally, conversion metrics such as Cart and Purchase Activity measure the impact of video on the bottom line. It is important to look at the impact of video on the product it covers as well as AOV. Also, if you can look at other attributions windows beyond same-session, such as 14-day or 30-day, you will get a better picture of how videos influences users to come back later and complete the purchase.