According to a benchmark report from video commerce solution provider Invodo, online shoppers who viewed a video about a product were 1.6x more likely to buy than shoppers who did not view a video. And the stats got more impressive and surprising from there.
This study was primarily based around consumer e-commerce so the results are tipped in that direction. For instance, the site wide view rate was 9.6%, while videos on product pages average 16.8%. Which means, almost 17% of all site visitors to that page, watched the video. It’s all about having the right content in the right place and if the visitor is on the product page, they are that much closer to making a purchasing decision. So the deeper they dive, the more video content they are looking to consume. Sounds reasonable, right?
What’s interesting is these view rates are almost the polar opposite of what most businesses selling to other businesses experience. Most businesses experience much higher view rates on their top level site content such as explainer videos about the product or service. As web site visitors dive deeper into webinars, testimonials, product demos and other ‘snackable’ video content on specific landing pages, the view rates tend to fall off. Even though the view rates fall off; viewers are more engaged at this point and are getting closer to making a purchasing decision.
Consumers are more apt to go directly to the product specific page, possibly even through direct search. Most businesses usually start at the top and work their way down because they are approaching it differently. Consumers are shopping for something specific, like sneakers. There’s different styles, brands and colors but if they already know what brand they prefer, they’re going directly to the sneaker’s product page to watch the videos, sort by colors, etc. Businesses on the other hand aren’t usually searching for something more nebulous like a “faster way to improve operational efficiency”. So businesses are starting at the top and working their way deeper into the brand offering the service to make sure this is someone they can trust and most importantly, will deliver the solution they are looking for.
One of the initially most surprising stats in this report was in regards to mobile versus desktop viewing pictured in the graphic above. 62% of e-commerce video views occurred on desktops and laptops, 20% occurred on smartphones, and 18% occurred on tablets. I would never have guessed mobile viewing would trail desktop viewing. But then again, when I’m doing research on a product I’m actively looking to buy, I go to my laptop. It could be the bigger screen. It could be I “feel” like it’s more secure. It could also be that the vast majority of consumer sites have either flat out horrible or marginal responsive designs so they are almost unbearable to navigate on any mobile device.
What was really reassuring to see was nearly two-thirds of online shoppers who played a video watched to at least 80% completion. And that number was up 8% over last year. So shoppers are beginning to expect video on brand and retailer sites to be a reliable source of information and are therefore more engaged while watching.
Shoppers have come to rely on video to make informed purchasing decisions online and it’s now important than ever to have video throughout your website to augment the buyer’s journey. It’s critical to have a complete video strategy around your brand and to support your products. Now more than ever, you need to analyze your audience’s typical purchase path to ensure that video is supporting their decision every step of the way.