Video is key to buying decisions

As more retailers tap into video to inform, entertain, educate
and aid in selling products, a new report into the role video
plays in influencing customer behaviour has been released by
US-based video specialist Invodo and consultancy The E-tailing
Group.

The aim of the study was to understand current product video
consumption habits and the role these videos play in consumers’
online browsing and buying behaviours. It found that among
consumers, viewing product videos boosts confidence, engagement
and purchasing along with subsequent loyalty towards websites.
Videos can also be inspirational and in line with a company’s
brand values-for example, the report’s authors highlighted how
luxury brands engage cross-channel shoppers with
behind-the-scenes footage of photoshoots and fashion shows that
connect customers to the labels they love.

The study underlined that videos are integral to the buying
decision and that videos that educate and demonstrate are given
the greatest attention, with consumers watching multiple times
prior to purchasing. What’s more, a third of all respondents to
the survey said they spent more than three minutes watching
educational and demonstrative videos.

The main reason consumers watch videos more than once is to
better understand a complicated product (54 per cent), closely
followed by gaining confidence to make a first-time purchase in a
new category (52 per cent). Product price is another major
consideration, as well as familiarity with a company-highlighting
the importance of a video that looks professionally produced to
instil trust in a business.

“Video is rising quickly as an investment priority among
retailers and product manufacturers, and our findings validate
the huge impact product videos are having on shoppers of all
ages,” said Craig Wax, chief executive of Invodo. “In
looking at real feedback from our study, it is crystal clear that
consumers expect video as part of their shopping experience, and
rely on it when making purchase decisions.”

Other notable findings in the study include that almost a third
of consumers bought products from a website as a result of being
influenced by a product video, with 44 per cent confirming they
felt more “engaged” with a brand thanks to the
product videos it produced. Further, the study showed that
introducing product videos to eCommerce websites can reduce
returns rates. More than half of those surveyed (52 per cent) said
they felt more confident in making a purchase after watching a
video and therefore less likely to return the purchased
item.

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