What if I told you there was a magic potion to skyrocket your e-commerce success, a secret that could transform browsing into buying with just a click of the play button?
Yes, I am talking about product videos. In the world of online shopping, where clicks dictate success, these dynamic visual creatures have an unmatched influence. Today, we will unveil seven compelling statistics that shed light on the impact of product videos in shaping the fortunes of e-commerce businesses.
Let’s dive in.
1. Video is the # 1 content type used by marketers to sell products and services.
As per Hubspot’s State of Marketing Report, marketers unveiled that video is the top content type being produced, surpassing blogs for the first time ever. What are some video formats in which e-commerce businesses enable a flawless shopping experience?
- Product Demonstrations: Marketers use video to showcase the features and benefits of their products through interactive demonstrations, allowing potential customers to see the product in action and understand how it can solve their needs.
- Customer Testimonials: Marketers leverage video testimonials from satisfied customers to build credibility and trust, providing social proof of the product's effectiveness and generating confidence in potential buyers.
- How-to Guides and Tutorials: Marketers create instructional videos that guide viewers through the process of using their products or services, empowering customers with valuable information and reducing barriers to purchase.
- Storytelling: Marketers use video to tell compelling stories that resonate with their target audience, tapping into emotions and creating a connection that goes beyond product features, thus increasing engagement and brand loyalty.
- Behind-the-Scenes Content: Marketers offer behind-the-scenes glimpses into their company culture, manufacturing processes, or product development journey, humanizing the brand and fostering a sense of transparency and authenticity among customers.
2. Companies witness 49% faster year-on-year revenue growth when they use videos
As per a report by Aberdeen Group, companies which use videos in their marketing strategy show 49% faster year-on-year revenue growth than companies who don’t. This proves that videos have a significant impact on conversion rates. Whether it's a product demo, customer testimonial, or explainer video, compelling video content effectively communicates the value proposition of a product or service, helping to persuade potential customers to make a purchase. As conversion rates improve, companies can experience faster revenue growth year over year.
3. More than half of marketers invest in some sort of product-related video.
As stated in a Hubspot report, close to 25% of marketers invest in product promotion videos and nearly 20% of them invest in product demos.
This statistic highlights the widespread adoption of product videos among marketing professionals. From a marketer’s perspective, they feel that, ‘By investing in high-quality product videos, they are able to differentiate themselves from competitors and leave a lasting impression on consumers.’
4. 73% of people who view a product video will make a purchase.
As per a report by Animoto, the tendency of a consumer to become a customer is 73% after they watch a product video. Well, the impact of product videos on purchase behavior is obvious. Now why do videos have such a massive impact on the decision of a consumer?
- Increased product understanding: Product videos provide viewers with a comprehensive understanding of the product's features, benefits, and use cases, allowing them to make more informed purchasing decisions.
- Enhanced trust and confidence: Watching a product video builds trust and confidence in the product, as viewers can see it in action and gauge its performance before making a purchase, reducing the perceived risk associated with buying online.
- Emotional connection: Product videos have the power to evoke emotions and create a connection with viewers, making them more likely to develop a positive association with the product and feel compelled to buy.
- Reduced returns: By providing a clear depiction of the product through video, businesses can help customers accurately assess whether it meets their needs, thereby reducing the likelihood of returns and exchanges, which ultimately benefits both the consumer and the retailer.
5. Websites with video see 41% more traffic from search engines.
Their visitors also stay on average 81% longer, says a report by Netimperative. This surge in traffic on a website can be attributed to several factors.
- Firstly, search engines like Google prioritize websites with diverse and engaging content, including videos, in their search algorithms.
- Additionally, videos are highly shareable across social media platforms, leading to greater exposure and referral traffic back to the website.
- And lastly, video content enhances user experience by providing dynamic and immersive content that captures and retains viewer attention, leading to longer session durations and lower bounce rates.
Hence as a result, websites with video content not only attract more organic traffic from search engines but also enjoy higher engagement levels, ultimately driving overall website success.
6. 71% of consumers prefer video over other marketing content.
As per a report shared on shopper experience, consumers make decisions faster when they view a video related to a product or service.
Imagine, you're on Amazon.com to purchase a Macbook Air. You search for it on the website and a variety of options show up. You’re confused. Which one should you go for? Do you just decide based on product reviews? How do you make a decision? You wouldn’t invest $1000 on a product you aren’t confident about, would you?
This is where video comes into play. It clarifies what the product is, helping you make a decision and invest in the right place.
7. 85% of Gen Z prefer branded videos and user-generated content (UGC) over other formats.
As digital natives who have grown up in the age of social media and smartphones, Gen Z consumers value authenticity, creativity, and peer recommendations when they decide to purchase a product. They are ready to put in the time to watch hour-long videos to be completely aware before making a decision.
As per the report, a large percentage of the Gen Z population looks up to YouTube stars—who are typically “regular” people who happen to have a large following—as their tastemakers and prefer viewing content made by them.
In conclusion, the statistics speak for themselves – product videos are a powerful tool for driving e-commerce success. By investing in compelling and informative video content, businesses can engage their audience, drive conversions, and stay ahead of the curve.
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