Why Product Videos Increase Conversion Rates

It’s no mystery: product videos are proven to increase conversion rates. We’ll dive into how much and why in just a second here. To get things started, a Forrester Research report highlights one telltale notion that shouldn’t be ignored: a video is worth 1.8 million words.

The old saying, a picture is worth one thousand words better comes to life here. But when you make that picture a video – well the current video conversion statistics are telling for sure. So let’s dive in, take a look and determine just why and how product videos increase conversion rates for your online store.

Here are some interesting and current statistics on videos, conversion rates and consumer trust.

• Videos have a 16.85% conversion rate as compared to standard banners (2.14%) and mobile (1.62%). (eMarketer)
• 58% of consumers trust brands with videos more. (Retail Touch Point)
• 59% of consumers will watch a video that is part of your website content. (Reach Engine)
• 96% of shoppers rely on product videos when making a buying decision. (Animoto)
• 92.6% of shoppers rely on visuals when making a buying decision. (VoucherCloud)
• Consumers who watch a product video are 1.7 times likelier to convert. (Invodo)
• 12% of consumers will watch a video on an ecommerce site. (MediaPost)
• 57% of shoppers will return less and buy in confidence when product videos are offered. (MediaPost)

When it comes to video engagement, short, sweet, succinct and to the point is all that matters. According to the National Center for Biotechnology Information, the average attention span of a video viewer online is just 9 seconds. No wonder Vine allows just 6-second videos.

According to WISTIA, video length matters greatly if you are trying to engage users. As you can tell from the chart that’s been provided below, the longer that the video runs, the less the engagement factor. The most engaging videos, those ranking in 80% or higher, have a short run time of 30-seconds or less.

When it comes to conversion rates, video is by far the most effective medium that you can use. A Diode Digital study found that videos are over 600% more effective than any other marketing means, including engaging content. In fact, 60% of your visitors prefer to watch a video before they read any of your content.

As far as conversions are concerned, videos have been shown to improve your conversion rate exponentially. Here’s one good example we can take. The online retailer StacksAndStacks reported that shoppers who watched a product video were 144% more likely to convert, according to Internet Retailer.

To really drive home this point, let’s take a look at a few other classic examples why product videos increase conversion rates.

Ariat sells equestrian supplies online. Now this is a rather niche industry, wouldn’t you think? The retailer says that they’ve experienced a 160% increased conversion rate from visits where a video was viewed as compared to visits where no video was watched.

Zappos has enjoyed rampant success from featuring product videos. The shoe retailer says that conversions improved by as much as 30% when product videos were added to certain shoe items.

A large online ski retailer has used product videos to increase conversion rates by as much as 25%. Now bear in mind that ski products are not cheap and these are well-thought-out purchases by consumers. Still, videos have supercharged their sales.

After learning all of these statistics on video conversion rates, you probably are wondering how you can use videos to get more sales. Some keynotes include:

• Minimize the length to under 30 seconds.
• Make sure you are engaging the viewer during the first 9 seconds.
• Be creative and consider using a professional service to create your video.
• Use models to showcase clothing and products for your shoppers.
• Create instructional videos for shoppers if selling related products.
• Show dimensions of products in videos to get shoppers a better idea.
• Explain complicated features of technical products in videos.

Use the infographic we’ve included below, courtesy of brightcove – to take your video marketing to the next level.