70% of Online Shoppers Say Videos Help Them Understand Products Better
As ecommerce gains steam, shoppers want an informative and enjoyable shopping experience. And videos play a major role in this. Ascend2 and Brightcove recently conducted a study to understand why online shoppers prefer videos and how online retailers can leverage videos to drive more sales.
The ecommerce industry picked up massive steam over the last couple of years. Online shopping options have increased, and the ecommerce landscape has become more competitive. One thing is clear: shoppers want and even expect an easy, well-informed, and enjoyable shopping experience. And videos can do precisely that as they can bring products to life. They can be immersive and make an online shopping experience similar to an in-store experience. In fact, according to a Wyzowl study, 73% of shoppers prefer to watch a short video to learn about a product or service.
Ascend2 and Brightcove recently conducted a study to understand why videos are important for online shoppers and how brands can eliminate friction from the buyers’ journey and leverage video to drive more online sales in the ecommerce industry. The following are the insights in detail.
See more: 95% B2B Buyers Say Videos Play Crucial Role in Their Purchase Decisions
Video Is a Trust-builder for Consumers
The study found that 85% of consumers find videos essential when shopping online. About 48% of the respondents said videos increased confidence in their purchases. Shoppers can use videos to get opinions about the product from real customers, which builds confidence and trust. In fact, 51% said that videos created by other customers were the most trustworthy types of video.
The trustworthy sources may vary by region. For example, North Americans tend to trust videos created by other customers, whereas those in the Asia Pacific tend to trust videos from brands followed by other customers.
Videos Help Consumers Understand the Product
About 70% of the respondents said that having access to a video during purchase helps them better understand the product or experience. Collecting knowledge about a potential purchase builds confidence to go ahead during the purchase. For example, 81% of shoppers who bought electronics online said that video played an important role in their purchase. About 80% of people who bought toys online and 76% who bought home appliances or furniture online said the same.
Percentage of people finding videos important when buying these products
Source: Ascend2 and Brightcove study
Videos Improve the Customer Journey
Videos can remove the friction from the customer journey. Their interactive features can make it easy for shoppers to explore new products, make a purchase, and more. About 83% of online shoppers agree that interactive features, such as click-to-purchase links, are helpful. About 36% also said that videos help them discover new products as they shop online. Further, 31% of Millennials and Gen Z shoppers said that videos were most helpful as they made it easier to complete an online purchase.
Another finding was that fast-loading videos are most helpful for shoppers. The attention span of most online shoppers is dropping. Hence, videos must be responsive and load fast irrespective of the device to maintain a shopper’s attention. About 64% of consumers will not wait more than four seconds for a video to load, and 46% will not wait more than two seconds. And this expectation is valid across devices. Further, older generations have less patience than younger generations. For example, 25% of Gen X consumers will immediately move on if the video doesn’t load instantly, while only 5% of Gen Z and 15% of Millennial shoppers will do so.
Use Videos To Capture Audience Attention
The following are a few more insights and how you can capture the audience and engage them using videos.
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Immerse shoppers in your stories
Videos can capture audiences’ attention and engage them directly with products. According to the study, the most common types of videos people watch in an ecommerce setting are product demonstration/how-to videos (54%) and product overview/details videos (45%). It was also found that Millennials and Gen Z are more likely to watch product announcement and unboxing videos than the older generations. Hence, use these types of videos to immerse consumers in your story.
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Leverage livestreams and virtual shopping events
Virtual events are a great way to announce and create anticipation and demand for new products. The top reasons for attending these events were the promotional discounts offered (39%) and limited product availability (26%).
Top reason why shoppers made livestream or virtual event purchases
Source: Ascend2 and Brightcove study
About 20% of consumers attended a livestream or a virtual shopping event, and over 50% of this group made a purchase because they attended the event. People who spend the most online are even more engaged with streamed events. Over 25% attended a live shopping experience, and 80% of this group made a purchase.
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Engage shoppers at all times
Online shopping happens throughout the day. About 63% of respondents shopped in the evening, while 41% did so in the afternoon. About 88% of late-night shoppers find videos helpful when shopping. They also watch significantly more unboxing videos (30% vs. 17% of others), product overview/detail videos (58% vs. 43% of others), and product testimonial/review videos (36% vs. 28% of others).
Hence, develop deeper connections using videos with these diverse audiences irrespective of the time, place, and device.
See more: 88% of Companies Believe Video Content Output To Increase in Coming Year
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Incorporate videos across touchpoints
There are significant disparities in where shoppers initially go to buy and where they end up buying. Only 25% of people who start shopping in a marketplace actually purchase from there. More people end up making purchases on a retailer’s website or app.
People’s experience during research is just as critical as their experience during the final purchase. Hence, it is necessary to be where your audience is, no matter where they are. While a buyer’s journey may differ for every person, videos can provide impactful and informative content and experience wherever the person chooses to research and purchase. They can also be measured across touchpoints.
Conclusion
The study shows how critical videos have become for online shoppers to trust a brand and make purchases. Sure, creating videos is an investment; it requires both time and money to produce. But given that they can build trust, increase sales, and even give an advantage over competitors, it is an investment worth making.
What steps have you taken to ensure your videos attract more customers and sales on your ecommerce platform? Let us know on Facebook, Twitter, and LinkedIn.
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