If a picture is worth a thousand words, is a video worth a million?
As we approach the halfway point of 2014, it certainly seems that the value of online video is growing at an incredible rate with more people watching online videos in 2014 than ever before.
Although the popularity of online video is growing, does it really have any value for online businesses, specifically those in the ecommerce sector?
According to the results of a recent survey it certainly seems that there is value in using online video on an ecommerce site, with customers being 73% more likely to purchase a product or service after viewing a product video.
Check out this example of a product video from Native Instruments:
Video allows you to give your customers a better look at your products than using static images and text. Which in turn can increase a customer’s confidence when purchasing, but also can help reduce the number of returned items. Online jewellers Ice.com saw a 25% reduction in returned items after taking advantage of video and implementing it into their online strategy.
But the benefits of including videos on your ecommerce site don’t stop there, one benefit which you may find surprising is that having video on your site can in fact help boost your site’s SEO ranking. A recent study found that sites with video content held a viewers attention for 2+ minutes longer than sites without video. With search engines factoring user time spent onsite into determining a sites relevancy, video can prove very beneficial in climbing search rankings.
Another recent study also states that universal search results on google that feature video links have a 41% higher click through rate than a standard plain text search result.
So by implementing video into your ecommerce business strategy you can improve your search results, increase your site’s click through rate, boost conversions and reduce returns. The benefits are there, so now you must be asking yourself ‘how can I implement a video strategy with my online business?’.
The easiest and probably most obvious method would be Product Videos, but your not limited to just those. There are many ways you could incorporate video into your business strategy, all you need is a little imagination.
Stats about online video growth
- 80% of users remember viewing a video ad on a website that they have visited in the past 30 days with 46% of those taking action after viewing an ad. Those actions can be broke down into the following; (Source: Online Publishers Association)
- 26% of viewers looked for more information about the subject of the video.
- 15% of viewers visited the company represented in the video ad.
- 22% of viewers visited the website named in the ad.
- 12% of viewers purchased the specific product featured in the ad.
- According to ComScore over 45% of Internet users view at least one online video each month, over 100 million people viewing online videos each day, with the average internet user spending 16 minutes and 49 seconds watching online video ads each month.
- Around 90% of online shoppers also claim that they would find video useful when making decisions about purchasing a product online with 64% more likely to make a purchase after watching a video. Those users also remained on the site for an average of 2 minutes longer than users who didn’t watch a video. (ComScore)
That’s a wrap
The information is there and the figures certainly seem to suggest that online video is a trend that is going to keep on growing as a valuable resource to companies online. The only real question left to ask yourself is ‘how and when are you going to start incorporating video into your company’s marketing campaign?’. The answer to that question should probably be as soon as possible if you plan on getting ahead of the competition.
Author: Dean Morgan is a Video Marketing Expert at ekmPowershop.com, the UK’s leading hosted eCommerce website solution.