Ecommerce is booming across the globe. In the US alone, it’s taking a lead role in generating significant revenue. According to Forrester, eCommerce sales in the United States are on target to surpass in-store retail sales. And, by 2017, 10% of all retail sales will be eCommerce.
With these projections, ecommerce sites are eager to integrate more strategies that will keep potential customers on their site for longer. While many companies have already integrated product videos into their marketing strategy, there are many ecommerce sites that remain hesitant.
The product video is a great tool that effectively attracts and informs potential buyers. Not only is video an enjoyable medium it also yields high return on investment. Video increases brand association, decreases drop rates and, most importantly, drives revenue.
Here are a few great ways that videos can increase engagement with both existing and potential users.
In order to succeed in capitalizing on the growing ecommerce market share, companies must identify the strategies that are most relevant to reach and secure potential consumers. The ‘one-click wonder’ are not what companies want. Companies yearn for repeat customers who will stick around to research and learn about the product. Using video keeps the consumer engaged and guides them along the sales funnel.
With all the noise and micro content on social networks, product videos are taking central stage as an effective means to gain consumer trust, in a unique manner.
Videos are quickly replacing the role of highly trained sales representatives and, in many cases, are becoming a primary lead generating tool that significantly shaves the sales process down. In fact, videos are becoming the preferred visual platform for companies looking to reach a diverse market. This platform enables customers to clearly define the advantages of the product and answers potential questions, in other words, gaining trust and eliminate some hesitation that may occur during the purchase decision process.
A legendary example of producing great product videos is Blendtec’s ‘Will It Blend?’ series. In the first two years of the product series, the company saw a 700% increase in retail sales because they added some fun to their vidoes.
According to Kissmetrics, integrating product videos into the site marketing strategy can increase the purchase potential by 144%. While the value of a product video is powerful, the number of potential purchases from watching a product video is outstanding. According to a recent survey in Search Engine Land, videos have the power to persuade nearly 75% of people to purchase a product or buy a service. These metrics should convince any business to embrace video and stop overlooking a valuable way to reach their customers.
Google is King and Youtube is…
In today’s content driven world, creating new, relevant content is essential. With Youtube sitting as the second most popular search engine. Investing in videos, increases the search ranking power of any site. An optimized video has the potential to bring link authority, top listings in the various search engines, resulting in higher traffic to sites and more conversions. When creating video, carefully define the strategy so the message is clear. The strategy can be link building, generate social shares, or boost conversions. Whatever the video strategy is, the more a company produces, the more chance it will appear closer to the top, which, in turn, makes finding that product much easier. Appearing among the first in search rankings can’t hurt a company right?
Video content increases the amount of time a customer will engage with a company and stay on the site. Engaging potential customers for extended periods of time is the best way to tighten the sales funnel and convert visitors to consumers. As the amount of time a consumer spends on a site increases, so does the likelihood that they will purchase a product. In fact, according to a recent Distilled article, a product video can increase time spent on a site by more than two full minutes. Even if the customer doesn’t purchase a product after seeing a video about it, the more time spent on a page, allows for more penetration of that brand into the consumers subconscious. Brand exposure translates into forging a deeper affiliation to the value and advantages of the product. With 3,000 plus advertisements seen by the average person each day, those two minutes of increased on site engagement is probably worth at least one conversion!
Guide the Way
One of the greatest advantages product videos offer is that they can guide customers towards the next steps in the purchase process. Keeping the user sufficiently engaged eliminates any confusion. Onsite product videos, or animation, often replace the in-store salesmen by answering many of the questions in a clear and concise manner- and at a fraction of the cost.
Sure the ultimate decision is the consumers, but guiding them throughout their experience on a site increases the likelihood that they will follow through.
Here’s a powerful example from NetQuote that demonstrates how video and more specifically video animation helped get desired results.
Videos can also simplify the added benefits and value of a product in a ‘live’ setting. Assuming the video is realistic and doesn’t exaggerate the true value of the product, and the message is clear, then video should boost sales conversions from the moment of implementation.
The Swimwear Boutique team integrated product videos and almost immediately, their customers praised this decision as enhancing the purchase process. In fact, 90% of customers, mentioned that the product videos were critical in making their final purchase decision.
Undoubtedly, as ecommerce sales increase, video marketing will become essential for any business interested in engaging, securing and converting more customers. What type of videos or alternative visual engagement tactics does your company use? Are there any specific tools that they are using?
Mordecai Holtz is a digital marketing consultant and community manager. He helps Toonimo by raising awareness of their custom animation platform (featured on Techcrunch) and the benefits of empowering web businesses to engage, guide and convert visitors using onsite animation and behavior-based triggers with A/B testing. Mordecai can be reached on Twitter @toonimo