VIDEO COMMERCE BENCHMARKS REPORT 2014 YEAR IN REVIEW
Summary How did e-commerce video generate engagement and sales in 2014? In this report, you ll learn when, where, and how consumers used video to make purchases in 2014, based on data collected from Invodo s platform. Armed with these benchmarks and video best practices, you ll know what it takes to drive more sales with video marketing. Key Findings Online shoppers who viewed video were 1.6x more likely to buy than shoppers who did not view video. Video view rates were 75% higher on product detail pages than across websites as a whole. 62% of e-commerce video views occurred on PCs, while 38% occurred on mobile devices. Attention span, a measure of engagement with video, grew 12% in 2014 alone. 2
1.8x 1.6x 1.4x 1.2x VIDEO INFLUENCE Average In-Store Online Video Influence In-Store Video Influence Does video drive sales? In 2014, online shoppers who viewed video were 1.6x more likely to buy than shoppers who did not view video. Top performers on our platform achieved video influence around 3.3x. How did different types of retailers perform in video influence in 2014? Pure play online retailers saw video influence around 1.7x, while multichannel retailers saw video influence around 1.2x. 81% of shoppers conduct research online before they buy, implying that video s true impact on sales could be much higher for multichannel retailers. 1x.8x.6x 0 Online Only Retailers Multichannel Retailers Video influence measures the increase of purchase likelihood by comparing the number of viewers who purchased to the number of non-viewers who purchased. Video Viewers 1.6X more likely to buy 3
How do shoppers view video on page? In 2014, an average of 9.6% of visitors to e-commerce web pages with video clicked play. In fact, top performers see sitewide view rates averaging 17.4%. As online shoppers move closer to the purchase, they watch video at even higher rates. On product pages, view rates averaged 16.8% in 2014. That s 75% higher than sitewide averages during the same timeframe. This demonstrates that consumers know they can look to video to help them make buying decisions. VIEW RATE Sitewide Product Page 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 4
When are shoppers watching video? 2014 was the biggest year ever for video viewing, with the number of views growing 54% over 2013. DAILY VIEWS More videos were viewed on Sundays than other day of the week. This trend becomes even more pronounced during the holidays, with huge Sunday view increases starting around November 1, 2014. Black Friday HIGHEST VIEWS (11/28) Sundays 43% of 2014 video views occurred in Q4 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 5
On which devices are shoppers watching video? In 2014, 62% of e-commerce video views occurred on desktops and laptops, 20% occurred on smartphones, and 18% occurred on tablets. PCs are still the primary medium for e-commerce video viewing, but more than a third of all video views occurred beyond the computer. Some verticals, like children s products, see even more mobile video viewing, with smartphones and tablets driving nearly half of views. The share of video viewing on phones in Q4 was more than double that of any other quarter. Likely, holiday shoppers watched video in-store as a way to help make shopping decisions. VIEWS BY DEVICE Phone 20% PC Tablet 18% 62% Nearly 50% of videos for children s products were viewed on mobile 6
74% 72% 70% 68% 66% ATTENTION SPAN 2014 average: 70% How engaged are shoppers with video? More than two in three online shoppers who played a video in 2014 watched to at least 80% completion. Between Q3 2013 and Q3 2014, attention span rose 8%. In 2014 alone, attention span grew 12%. The increase in attention span shows that shoppers are getting what they want from video. Attention span hit its highest ever average in Q4 2014. This trend is great news when the right video content is in the right place, shoppers engage! 64% 62% 60% 0 Q1 Q2 Q3 Q4 Measuring the percentage of views to 80% of a video s completion captures the portion of the video that is likely to drive action, because many commerce videos end with extra content like company logos or taglines. Attention Span 8% from 2013 to 2014 7
9% 61% 4% 9% 18% 1 2 3 4 5 Are shoppers satisfied with video? Nearly four out of every five ratings on a video are positive. Video ratings have held steady over the last six quarters. Shoppers know they can turn to video to get what they need, and retailers and brands continue to meet expectations. 78% Positive Video Rating in 2014 8
Best Practices for 2015 Video for commerce performed exceptionally well in 2014. The benchmarks show that shoppers not only engage with video, but are more likely to buy after viewing. But these metrics are just averages as the top performer data shows, online merchants that apply best practices can achieve even better results. Ready to take your video to the next level? What s the #1 thing I can do to take my video results from good to great? One of the most important ways to get value out of video and drive more sales is to merchandise your video content prominently on your page. Even extremely engaging content has no impact if it isn t seen! Increase your view rates for real returns. Place video calls-to-action (CTAs) in highly visible locations on the page. According to Google, often the best results are videos, and Google wants to help users find useful videos. Make sure your video player has the necessary video SEO technology in place to drive traffic to your site. Use bright colors, large buttons, and actionable text ( watch video ) to capture visitors attention. Ensure that your video works and that your CTAs are visible across devices responsive design is key. 9
How can I make the most of my video content? With shoppers expecting video and visual content across the web, it s important to have video throughout your website and marketing channels. Have a video strategy. This is critical to maximizing the return on your video investment. Video works everywhere, from social media to postsales support. Every piece can enhance your brand and ultimately drive sales! Meet your shoppers where they are with video. Carefully consider each stage of the buying journey. Have the right content in the right place. For example, a category video on a product page might not meet a shopper s expectations. How can I stay ahead of the curve and wow my shoppers? Video is important and will continue to drive online sales for years to come, but it s just a part of the puzzle. Online shoppers are expecting more interactive visual experiences from brands and retailers. Get ahead of the game with interactive visuals on your site. Add shoppable video to your site for added convenience, so viewers don t even have to exit the video or scroll to learn more. Interactivity matches learning styles. People remember 10% of what they hear and 20% of what they read, but 80% of what they see and do. 10
Methodology Information in this report is based on aggregate data collected from videos hosted on Invodo s platform between January 1, 2014 and December 31, 2014. Videos were created and produced by Invodo as well as other sources, and are featured on product pages, category pages, home pages, and beyond. The videos included originate from Invodo s client base of over 100 retail and brand clients across a range of industries, including consumer electronics, fashion, sporting goods, and more. About Invodo At Invodo, we believe in showing not telling. So we help our clients create rich, interactive, visual experiences by combining the right blend of vision, creative content, and technology. The result is measurable customer engagement before and after a sale. Learn more about getting visual at www.invodo.com. Contact Us We hope that you find this information useful, and we d love to hear from you! Send your questions or feedback by emailing us at marketing@invodo.com, calling us at (512) 279-4800, or visiting our site at www.invodo.com. (512) 279-4800 www.invodo.com marketing@invodo.com facebook.com/invodo twitter.com/invodo linkedin.com/company/invodo 11