E-commerce Video Is Crucial for Online Retail Growth
It is not fresh news that e-commerce video is the trend online retailers should tackle. Video helps e-commerce retailers keep online shoppers engaged, informed and inspired to buy online.
New stories about shoppable video launches and collaborations between retailers and YouTube creators are emerging daily. Here’s why ecommerce video will be crucial for the growth of online retail in the next five years.
E-commerce Video — What Is All the Buzz About?
It is hard to believe that in the age of digital know-it-all’s e-commerce professionals might be in the dark about the growing importance of video. Is it possible that some retailers have simply not caught the video buzz?
Perhaps.
It is easy to miss some trends in the noise of all the things promising to revolutionize e-commerce.
But let’s tackle this issue right away.
Why is ecommerce video suddenly so important?
Online videos featuring products and brands actually help consumers make purchasing decisions online. Modern-day consumers have grown to rely on video in their online shopping.
In 2014, consumers who viewed video were up to 3.3 times more likely to make online purchases. This is especially true for consumers who shopped from online-only retailers.
The demand for video product reviews, tutorials, how-to’s, unboxing, and comparison videos was especially high during the 2014 winter holiday period when most gift purchases occurred.
52% of consumers stated that watching product videos made them more confident in shopping online.
What can online retailers draw from this?
If consumers seek video, online retailers should be ready to accommodate this. This is the trend online retailers simply cannot afford to miss.
How E-commerce Videos Affect Sales
Let’s address one important concern online retailers commonly have — can video actually lead to better online sales?
Studies have proved that video helps online commerce with customer engagement and conversion.
Average website visitor spends 88% more time on a website featuring video content. Their sessions are longer on average by 2 minutes. Visitors who watch videos convert at a rate 160% higher than those who didn’t watch videos on product pages.
Online retailers who used Goodvidio see on average 340% increase in session duration and 128% average increase of pages viewed per session.
With Goodvidio, the add-to-cart conversion rate is also increased by 74%.
Information-intensive product videos, such as tutorials or product comparisons, prompt 66% of consumers to watch videos multiple times. And multiple views of product video ultimately contribute to greater likelihood of online purchase for two-thirds of consumers.
Still not sure how this translates to the bottom line?
Studies show that video has the power to motivate consumers to shop online more frequently and to increase cart size up to 174%.
But don’t rely on the results of external studies. Start experimenting with e-commerce videos on your own online store to see what changes in visitor engagement and conversion video can help achieve.
After all, we’re moving towards visual commerce.
Of course, these are not the only concerns online retailers might have when it comes to the video trends. Finding the optimal strategies for e-commerce videos are other burning topics.
