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.
Here are the four key findings from the 2014 Video Commerce Benchmarks Report, produced by Invodo.
Here is a deeper look at some of the key findings from the report:
Video increases sales
Online shoppers who viewed videos were 1.6 times 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 1.7 times, while multichannel retailers saw video influence of around 1.2 times. 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 3.3 times.
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.
Nearly two-fifth (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 spans grow
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.