Online Shoppers 1.6X More Likely To Make Purchase After Viewing Video [Report]
According to Invodo's data, online retail video views were up 54 percent in 2014, with 43 percent of views happening in Q4.
Turns out videos are not only winning all the buzz in digital lately, but are also directly impacting online sales according to a new report from video marketing platform Invodo.
Based on video data from Invodo’s more than 100 retail clients, spanning a variety of industries, the Video Commerce Benchmarks Report found online shoppers who viewed a video were, on average, 1.6x more like to make a purchase compared to shoppers who did not view a video.
[pullquote]In 2014, online shoppers who viewed video were 1.6x more likely to buy than shoppers who did not view video.[/pullquote]
Invodo said customers of online-only retail sites were 1.7x more likely to make a purchase, while consumers of multichannel retailers were 1.2x more likely to buy. The company’s top performers saw consumers 3.3x more likely to buy after viewing a video.
Video’s Influence on Online Shopping
Analyzing e-commerce site video viewing patterns, Invodo discovered videos on product pages earned an average 16.8 percent view rate, 75 percent higher than site-wide video viewing averages. The report also found nearly four out of every five videos received positive reviews.
According to the report findings, more than two in three shoppers reached an 80 percent completion rate when viewing a video in 2014, up eight percent from 2013.
Measuring daily video views throughout last year, Invodo said more views happened on Sundays than any other day of the week, with the total number of online retailer video views up 54 percent over 2013.
Of the e-commerce video views tracked by Invodo, 62 percent occurred on a desktop, 20 percent on a smartphone and 18 percent on a tablet.
Last holiday season resulted in the highest rate of video views for the whole year, with 43 percent of all 2014 views happening in Q4.
Black Friday accounted for the most video views in a single day.