In the present age of information, we can see trends change every year. Here we will look at some of the latest reported trends in regards to how consumers shop with videos, covering: frequency of viewership, opinion and demand for business videos.
Video affects how consumers shop online
The results are from a latest survey conducted by Invodo and the e-tailing group. According to the report, there has been an increase in number of retailers who use videos now, up from 59% in 2011 to 70% in 2012, and it is expected to grow throughout 2013.
It seems that customers are more technologically savvy and have started taking an increased interest in information that is available about a product before purchasing. Number of videos watched, time spent watching them and individual category consumptions have all gone up.
- Almost every 1 in 3 consumers now watches a video every time or most of the time when it is encountered.
- More than half the consumers (52%) like to watch a video before making a purchase.
- 44% customers ‘strongly/somewhat agree’ that they are purchasing more products after viewing a related video.
- Consumers on an average spend more than 2 minutes watching product or brand videos.
There has been an increase of at least 2-5% in the number of product videos that people have watched on a retailer or manufacturer’s website, with at least 40% of the target group watching 2-4 videos and 11% watching more than 10 videos in previous three months.
Product videos not only increase time spent by customers on a website, but also makes them feel confident (up to 57% from last year’s 52%) in advance and are less likely to return that product.
Considering the categories in which consumers like to watch product videos, Electronics is at the top, followed closely by Automotive, Music/DVDs/Videos and clothing.
Before buying electronic or items that require a more informed purchase decision, 74% of consumers watch videos two or more times. It shows an increase in repetitive video consumption.
Not only are consumers are finding videos on product page more reliable than banner advertisements, they are also taking into account the quality of production. Demonstration of features, more viewing angles, product in use under actual conditions, as well as added features are just some of the things that customers hope to see in a product video.
- 78% consumers feel that the ideal location for a video about a particular product on the website is on it’s product page.
- 71% consumers feel it is easier to understand how a product works after watching a video demonstration.
- Banner advertisements with videos incite only 13% of consumers to watch it, whereas Product page videos attract 55% views followed by videos on Home page at 42%.
- Out of the 100 retailers surveyed, 70% have ‘How to Guides’ in video format.
- Ordinary customers search for a particular product video on YouTube (60%) and then the Product page (55%) or Home page (42%). Other video services such as Vimeo (9%) perform miserably in comparison.
- 81% customers expect a full product description in any video on a Product page, while 72% expect a product demonstration and 72% others want to look at the product from multiple angles in the video before purchasing.
- 47% feel a high quality production of the video matters to them if they are to purchase a product.
- High quality production matters to consumers not only for the purpose of understanding a product, but also to make it more ‘shareable’ and ‘likeable’ on social media. A well made product video can easily be a replacement for a costly viral video.
- The research also finds that 41% of shoppers are more likely to share a video than photos or written text on the product page of a retailer’s website.
- Almost half the people surveyed (52%) said they shared a product video in last three months, with every one in five sharing it five or more times.
- Consumers like to share videos through Email (71%), Facebook (48%) and YouTube (42%).
Smart-phones and tablets are viable alternatives for consumers who want to get a quick peek at the product and its features before making a purchase. They also think that Smart-phones are more convenient than PCs, and Tablets are more conducive for watching a video and purchasing the product.
- In the US, retail mobile commerce sales rose 81% to $25 billion in 2012 and are expected to increase by over 56% in 2013.
- 81% consumers watch videos on PC, 43% on Smart-phones and 35% on Tablet.
- 69% people who watch videos on Smart-phones do it for a quick overview of the product while 58% of the others do it for convenience.
- 58% people have watched two or more videos on a tablet in the past 3 months.
- Out of consumers who watch videos on tablet, 76% like the experience and term it both enjoyable and productive; 65% others do it for a quick overview of the product, whereas 62% others do it to gather enough information to make a purchase. 61% others feel that it is more convenient than watching videos on PC.
The research shows that consumers are starting to watch videos in more locations and across more channels than earlier years. They also expect retailers to have a broader video coverage and professionally made videos of high quality that properly demonstrates the product’s characteristics.