Invodo announced the release of their latest quarterly benchmark report on video performance trends. The Q3 2015 Product Video Benchmarks and Holiday Outlook report reveals significant growth of video on retail and e-commerce sites, evidence that video has reached a tipping point with retailers as a strategic conversion tool.
In Q3 2015, video viewers were 1.7 times, or 70%, more likely to purchase than non-viewers, and when viewers did purchase, they spent 2.7 times more than non-viewers, on average. Additionally, total video views are up 44% and the average number of videos on e-commerce sites is up 39% year-over-year, further indicating retailers’ recognition of video’s ability to positively influence purchase decisions.
“Video has proven itself as an essential online selling tool – retailers have shifted away from questioning whether or not it can drive e-commerce sales to a landscape where they’re now asking how they can scale video usage on their site in order to drive more sales,” said Fred Waugh, VP of marketing, Invodo. “Retailers who don’t incorporate video into their sites are not only missing out financially, but also the opportunity to deliver a better online shopping experience to prospective and actual customers.”
The report also provided a 2015 holiday outlook, suggesting that video is expected to have its largest daily peaks of the year on Black Friday & Cyber Monday, two of the biggest shopping days of the year. In Q4 2014, video views on these two holidays were 500% higher than the Q3 2014 baseline. The fourth quarter of this year is anticipated to have similar peaks in video traffic.
Key findings from the Q3 2015 Product Video Benchmarks and Holiday Outlook report include:
- Consumers’ Engagement with Video During the Online Shopping Experience Continues to Increase - The number of video views is 44% higher than in 2014.
- Product Video Adoption on E-Commerce Sites up by Over One-Third - The average number of active videos on an e-commerce site increased by 39% this year over 2014.
- Video Viewership Positively Impacts Purchase Behavior - Video viewers were 1.7 times more likely to buy than non-viewers.
- Mobile Video Activity is at an All-Time High - Mobile video views have doubled since Q1 2014, accounting for 24% of total video views in Q3 2015 (in comparison to desktop and tablet).
- Retailers are Delivering Video Content their Customers Want - Nearly 80% of shoppers rated videos as either very helpful or extremely helpful (4 or 5-stars), further reinforcing the role of video in driving online sales.
For more information, download the Q3 2015 Product Video Benchmarks and Holiday Outlook report.
Source: Invodo
