August 5, 2016
Marketers have a great arsenal of tools to drive conversions and now short form video needs to be part of that mix. Invest in it now to differentiate your business. Historically, video has been expensive to produce and manage, but that’s changed. It no longer costs a fortune to produce video content. In fact, some retailers added video production to their existing photography process and they’re using the same equipment. Online video platforms can track the performance of videos across multiple sites–not just your own–and how they influence customers. Because of this, video ranks among the top new initiatives where retailers plan to invest in 2016.
In our report Short Form Product Video: Drive Blockbuster Conversions Without the Hollywood Budget we look at the benefits for short form video tied to products and the hurdles that eBusiness professionals need to overcome in order to implement it.
You can read more about video in our report, but the retailers we interviewed told us that video:
- Is an important tool to increase conversion. One retailer told us that when customers watched a video about a product, the conversion rate double compared with non watchers. Why? Video is an important medium to show features and functionality of a product in a way that an image can’t.
- Can reduce operational costs by decreasing returns. Nearly three-quarters of retailers rank handling returns as part of their highest costs for fulfilling orders. A video that thoroughly explains a product inspires customer confidence and reduces downstream returns. Outdoor retailer REI noticed early on that a single video that helped customers select the correct backpack dramatically reduced returns for that product. REI has gone on to produced hundreds of product and lifestyle videos.
- Arms store associates with expert product information. It’s a high bar for brick and mortar store associates as most customers expect them to be experts on product offerings. Retail turnover for employees is about 5% a month and with that revolving door it’s important to arm store associates with expert product information. Video can fill that knowledge gap and better serve consumers.
How are you using video in your customer lifecycle? What are your findings? Comment below or find me on Twitter.