The Conversion Impact of Product Videos
E-commerce retailers are finally catching on to the power of product videos according to a new study from Invodo.
The 2015 Product Video Benchmarks Report shows that the use of product videos by e-commerce retailers grew by 41 percent in 2015 compared to 2014, with total video views increasing by 42 percent year-over-year (YOY). What’s more, the data reveals that mobile views increased by nearly 150 percent YOY. The highlight of the study, however, was product videos’ impact on conversions, with the data showing that video viewers are 1.7 times more likely to make a purchase than non-viewers.
“Product video is rapidly becoming a standard expectation for shoppers, and we see retailers responding,” said Fred Waugh, VP of marketing, Invodo. “We anticipate consumers’ demand for this type of content will only increase in 2016, driving retailers to further scale their use of video and push the boundaries of what’s possible in order to deliver an even better online shopping experience.”
Additional findings from the study show that the average video view rate in 2015 was 12.4 percent, with viewers watching a video to completion an average of 62 percent of the time. That said, videos with a length between 16 and 30 seconds averaged the highest completion rate of 75 percent (see image). It is also important to note that the quality of video impacts conversions, with the study finding that videos rated at least four out of five stars have more than twice the average buy rate of lower-rated videos.