Videos on an e-commerce product page increase the order value by at least 50 percent, according to a Liveclicker Video Commerce Report, which looked at the video programs of some of the largest e-commerce operators in the United States.
In addition, the survey found that the average order value (AOV) was 68 percent higher for retailers with video on most of their product pages—and conversion rates were 79 percent higher—as opposed to retailers with videos on just a few of their product pages. In addition, 88 percent of respondents reported an increase in conversion rates after a video was added to the product page, with 35 percent noting "extreme" increases over the site average.
In the study, customers that watched 10 or more videos spent an average of $348.52, compared with $159.19 for those that watched just one video—a difference of 119 percent.
Finally, Liveclicker's study tracked the growth in mobile and video watching. In 2013, mobile made up about 19 percent of e-commerce video plays, while in 2014 mobile accounted for more than 25 percent of total video plays.
"As mobile devices become easier to shop with, they will make up a greater part of the e-commerce market, so it is important that consumers are able to engage with video on these devices," said Ben Kopetti, director, video commerce strategy at Liveclicker. "Overall, our findings prove that video is a powerful way to engage shoppers and increase revenue. It's no longer a 'nice to have'—it should be a key instrument in every brand marketer's orchestra."
In 2015, the use of video in e-commerce is sure to grow and so will its capabilities. Rory Dennis, CMO of Amplience, recently predicted that shoppable videos will grow in popularity online, particularly for fashion brands as more retailers invest in creating interactive digital experiences for consumers.
Already capitalizing on the success of online videos is e-commerce site Joyus.com. Joyus is a video retailer featuring a curated selection presented in video format. Shoppers watch the video, learn about the item and can purchase directly from the page where an image is displayed alongside the video content. There's no need to go to the product page.
-See this Liveclicker blog
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