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The benefits of video marketing have been written about time, and time and time again. So one thing is clear; video marketing works. But, how can it help you? Recently at Wyzowl, we’ve been focusing on how video marketing can benefit the e-commerce industry. We conducted a short consumer survey that asked questions designed to help us discover the relationship between video marketing and the e-commerce industry; and below are the results! Here are 6 amazing stats that prove your e-commerce store NEEDS video…

1. 30% of people shop online roughly once a month, with 25% shopping online at least once a week

Online shopping is convenient for consumers. Driving to a store on the off-chance that they might have the item you want is unfathomable when you can just order it online and have the product delivered to your door. Plus, with the rise of smartphones, people who shop in brick and mortar stores are checking prices online before they make a decision. This increase in the convenience and accessibility of online shopping has seen 30% of people shopping online roughly once a month. While an increase in online shoppers is great news for your ecommerce store, it does bring some bad news: an increase in competitors. If you want customers to choose your online store over a competitor, then you need to have an edge. Video will give you that edge, and help you to stay one step ahead of the competition.

2. Almost 50% of people cite “my products won’t look the same when they arrive” as their biggest concern when shopping online

If there’s one thing that brick and mortar stores have over ecommerce sites, it’s that customers can actually handle their products before purchasing them. When shopping online, most of the time all you have to inform your purchase is a product description and/or an image. With almost 50% of people citing “my products won’t look the same when they arrive” as their biggest concern when shopping online, creating product videos can really help to boost your sales. Videos allow potential customers to see products from all angles, and maybe even in use, and this will further persuade them to make a purchase.

3. 33% of people prefer to learn about products by watching a video

Video marketing is so popular because it addresses a problem shared by most people: a lack of time. Most of your customers are going to be busy; and if they’re on your ecommerce site, they probably want to digest information as quickly as possible and then make a decision about whether to purchase or not. Make it easy for them. Videos are one of the best ways to learn about products because they’re quick and engaging – 33% of people agree! Text descriptions are too tedious, images don’t give away enough information and no one has time for a sales call. Videos are the best option when it comes to teaching people about your products and, ultimately, encouraging them to buy.

4. 69% of consumers believe a product demo best assists them when making a purchase decision

We asked consumers what type of video would best assist them in making a purchase decision:

• An Explainer Video
• A Product Demo
• A Customer Testimonial

15% responded with explainer video, 16% chose customer testimonials, and a whopping 69% chose product demos. As a quick overview: an explainer video is an all-encompassing video about your brand; a customer testimonial is a video of your customers explaining their experience with you; and a product demo video focuses only on the features of a specific product. Product demos give users a more in-depth overview of each product which is probably why most people agree that they best assist them when making a purchase decision. When creating product demos for your e-commerce store, be sure to present your products in a clear manner, highlighting the features and benefits so that users can decide whether to purchase or not. Product demos should appear on the page of the product you’re selling, with the “buy” button is in sight.

5. Almost 80% of people state that product videos give them more confidence when purchasing a product

This statistic goes hand in hand with the one above – product demos assist people when making a purchase decision because they give them more confidence in the quality of the product they’re buying. If you currently only use text descriptions and images to sell your products, think about how much of a boost videos could give your conversion rates –80%of people have more confidence to purchase after watching a video! That’s huge! If you want to be a pioneer in your industry, you could take this one step further with interactive video. Interactive video is still relatively new to the marketing world, but it’s surprisingly affordable and packs a real “wow factor” for customers. By making your videos interactive, you give people the chance to purchase your products right from within the player window! Find out more about interactive videos here.

Final thoughts

If you want to continually raise brand awareness, increase sales, and boost customer satisfaction, then your e-commerce store NEEDS a video — or, ideally, several videos! Video is fast becoming a necessity rather than a nicety for stores that want to stay afloat in the competitive world of e-commerce. If you want to find out how to best use video marketing for your e-commerce store, get in touch with one of our account managers today!

Source: Wyzowl, 2021. 5 Stats That Prove Ecommerce Stores Need Video | Wyzowl. Wyzowl.com. Available at: <https://www.wyzowl.com/5-stats-ecommerce-needs-video/>

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About the Author

Ajay Bam is the CEO and Co-founder at Vyrill, a first-of-its-kind video intelligence company launched in 2017 through UC Berkeley’s Skydeck Incubator program. Vyrill helps brands and shoppers find the “moments that matter” inside videos. Its AI-powered “In-Video’' search technology analyzes & shares insights hidden within videos to improve personalization, SEO, and conversion. Before Vyrill, Ajay launched Boston-based, mobile shopping app company Modiv Media. He is a proven and accomplished product management professional, entrepreneurial thinker, and innovator with more than 13 years of experience leading startups and world-class brands.