If not, it's time to seriously consider it because a new study reveals that consumers are captivated by videos 60 percent of the time.
The report, from video solution provider Invodo, shows that educational and demonstration videos are the most popular among consumers, often being watched multiple times prior to a purchase. In fact, product videos may even cut down on returns, with 52 percent of surveyed consumers claiming that they are more confident when they watch a product video and less likely to return the product.
Product videos also boost consumer confidence, engagement, loyalty and conversions. According to the study, a product demonstration video makes it easier for 66 percent of consumers to understand how the product works, and it enables 61 percent of consumers to imagine themselves using the product. Additionally, 51 percent of consumers in a "ready to buy" state claim that product videos give them more confidence in their potential purchases, and 45 percent said they would spend more time on the website with higher engagement.
And while most consumers view videos on a business's website, that doesn't mean marketers can't promote the videos on other channels - including email, social media and mobile. The study reveals that within the past three months, 67 percent of consumers viewed a product video by clicking through an email. Social media can also create buzz around videos, with Google sites (driven by YouTube) ranking as the top online video content property in October 2011 with 20.9 billion videos viewed, followed by Facebook with more than 346 million videos viewed.
Lastly, mobile devices, which now reach 29 percent of the population, is a growing market that should not to be overlooked - especially since almost half of the US population is expected to be using the mobile Internet by 2015.
"Video is rising quickly as an investment priority among retailers and product manufacturers, and our findings validate the huge impact product videos are having on shoppers of all ages," says Craig Wax, CEO of Invodo. "In looking at real feedback from our study, it is crystal clear that consumers expect video as part of their shopping experience, and rely on it when making purchase decisions. The insights from this report will help brands make smarter investments in video that will pay off in a big way."
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