AUSTIN, Texas--(BUSINESS WIRE)--The year 2014 was the biggest year ever for online video viewing. More than ever, shoppers engaged with video to help them make purchase decisions and were more likely to buy after viewing. These are the key findings from the 2014 Video Commerce Benchmarks Report, produced by Invodo, the visual commerce experts.
Here is a deeper look at some of the key findings from the report:
- Online shoppers who viewed videos were 1.6x more likely to buy than shoppers who did not view video. This is known as video influence. Online-only retailers saw video influence of about 1.7x, while multichannel retailers saw video influence of around 1.2x. Because many shoppers conduct research online before buying in-store, video’s true impact could be much higher for multichannel retailers. Top-performing retailers and brands achieved video influence of about 3.3x.
- Video view rates were 75 percent higher on product detail pages than across websites as a whole. Overall, an average of 9.6 percent of visitors to e-commerce Web pages with video clicked “play.” However, on product pages, view rates averaged 16.8 percent. Top-performers achieved sitewide view rates of about 17.4 percent.
- 38 percent of video views occurred on mobile devices. PCs are still the primary medium for shoppers to watch videos, but smartphone and tablet usage is growing. In 2014, 62 percent of e-commerce video views occurred on desktops and laptops, while 20 percent occurred on smartphones, and 18 percent on tablets. The share of smartphone video views in Q4 was more than double any other quarter, suggesting holiday shoppers may have watched videos in-store to help with shopping decisions.
- Attention span, a measure of engagement with video, grew 8 percent over 2013. Two-thirds of online shoppers who watched a video in 2014 watched to at least 80 percent completion. This was an increase of 8 percent over 2013. In Q4, shopper attention span was at its highest, with 73 percent of shoppers watching at least 80 percent of videos.
“Invodo’s Video Commerce Benchmarks Report supports our view that visual shopping experiences are rapidly changing the way that brands and retailers reach their customers,” said Craig Wax, CEO of Invodo. “The Web has become a delivery engine for interactive visual elements that tell a story in a compelling way and offer a richer customer experience.”
Invodo’s annual Video Commerce Benchmarks Report is based on aggregate data collected from videos hosted on Invodo’s platform between Jan. 1-Dec. 31, 2014. The videos came from Invodo’s client base of retail and brand clients that support billions of dollars in online sales across a range of industries, including consumer electronics, fashion, sporting goods, and more.
For more information, download the Video Commerce Benchmarks Report.
Online shopping is a highly visual, content-driven experience. Invodo educates and influences consumers by creating and delivering the world’s most powerful content. Invodo’s video programs combine strategy, production, and technology to improve conversion rates, reduce return, and increase consumer engagement. The Invodo video platform manages production workflow, delivers video SEO, and collects integrated analytics to drive ongoing optimization of video strategy. For more information, please visit www.invodo.com.
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