Nothing moves product like video. From ads to your online point of purchase itself, video helps people learn about your product, understand its appeal, and feel more confident buying it. That's why shoppers who watch online video are more than 1.8 times more likely to make a purchase than non-viewers. Retailers who take advantage of video have seen a 40 percent increase in sales.
In fact, online video can be even more effective than TV—one survey found that 34 percent of apparel shoppers are more likely to buy an item after viewing an online video ad, compared with 16 percent following a TV ad. Whether online or in-store, video puts people in the buying mood: the same study found that 4 in 10 shoppers had visited a store online or in person as a direct result of watching a video online.
Video is especially effective for reaching two audiences retailers work hard to win: mobile users and millennials. Nearly 40 percent of consumers say that videos increase their likelihood of making a purchase on a mobile device, and 18 – 34-year-olds are twice as likely as other age groups to rely on video to help them make brand choices.
Increasingly, consumers use online video as a resource to make more informed buying decisions. In one survey, more than one-third of consumers had watched five or more product videos in the last three months. When a video is information-intensive, 66 percent of consumers will watch it twice or more, underscoring the value they place on video as a resource.
Better-informed customers are more confident buyers—52 percent of consumers who watch product videos say they are more confident about their purchasing decisions. Because they are more likely to make the right choice, they are also more likely to be satisfied—and less likely to send the product back. That makes for a better customer experience while helping you avoid the labor and cost of processing returns.
At the end of the day, your business is about closing sales and keeping customers happy. Online video helps you do both.
To learn more, review this recent research from Aberdeen Research. To schedule a meeting with Brightcove, follow this link.