Online Video Increases Sales, Lowers Cart Abandonment
eMarketer just released a fantastic report titled: “Video E-Commerce: Innovative Models Drive Sales” you can get a hold of it HERE. According to the report, retailers know what consumers want and that is online video. This helps sites stand out among their competitors, lower shopping cart abandonment, and increase sales.
Jeffrey Grau, eMarketer senior analyst and author of the new report comments, “Retailers are making the case that videos boost their sales conversion rate, a measure of the increase in the percentage of shoppers who make a purchase after viewing a product video. “
Some Recent Figures about Online Video
- Top 50 retailers that are offering some form of video on their websites skyrocketed 378% last year.
- 42.3% of US multi channel retailers plan to add video to their site in the next 12 months.
- 80% of internet users worldwide watch online video.
While online video isn’t exactly brand new, it is still most certainly in stages of infancy and companies are quick to acknowledge its relevance and are jumping on board. The graph below from eMarketer shows how online video is the second-highest priority for retailers behind social media, beating out advanced search capabilities, customer reviews and triggered e-mails.
With product demonstration videos being a primary approach for retail sites, a key question comes down to how best to roll out a large catalog. While a few dozen, or possibly a few hundred product videos may be realistic for most companies internally, getting video content for thousands of SKUS is a different story. In a recent article, In-House vs. Full-Service Production, we outlined several considerations.
About Video Aptitude
Video Aptitude is a full service video strategy and production company for the web, providing turn-key services for eCommerce Sites, Manufacturers and Professional Service Firms. The Video Aptitude team handles strategic development, scripting and casting, production logistics, editing, and complete fulfillment to provide companies with premium video content and easy-install player code. Learn more about our services or contact us today