V-Commerce: How product videos are increasing sales for online businesses

V-Commerce: How product videos are increasing sales for online businesses

Apart from the fact that more and more users are favoring to shop online, researchers believe that after the pandemic is over, the online world will see higher penetration of users willing to make an online purchase. Since there's already an enormous growth of online shoppers, many businesses are likely to change their sales channels to cater to their prospective or existing clients by leveraging the online marketplaces. 

product videos,vcommerce

Bringing business assets online is one of the big steps, but what is more challenging for a business is the presentation of the content that would help the owner to fulfill the desire of moving from offline to online. Say, if you want to increase your sales, brand visibility, google searches or ranking, all of this will depend on the custom visual content you have on the website. 

product videos,vcommerce

In this blog, you will learn how product videos are driving sales for e-commerce businesses. 

If you're a seller, you must pin this thing in mind that the visual content is the driving force for boosting your sales. It not only makes your website aesthetic but also influences the buyer's decision on whether he should make a purchase. Here are a few statistics that will help you understand the need for videos for your business. 

 

A+ Categories Content: From E-commerce to V-commerce

As visuals have become pivotal to any business in selling the products, working towards creating high-quality visuals may bring about a massive improvement in sales. Some research suggests that companies that use custom visual content see a 7x higher conversion rate. However, we see a huge change in the behavior of the consumers. 

product videos,vcommerce

The latest rule of e-commerce is that if you want your visitors to make a purchase, they need to feel related or connected to it. While pictures just give a fair sense about how a product looks, product videos not only give them the whole idea of the product but also the intent or the usage of the product.

69% of customers believe that a product demo best assists them and over 80% of people state that they are more confident in purchasing a product after watching a product video. These proven techniques have had e-commerce sellers move to v-commerce, helping them to increase their sales by delighting the customers. 

product videos,vcommerce

Video - A Gold Mine of e-commerce

As per a study, 46% of viewers say that they made a purchase after watching the product video. These product videos not only give your visitors a better sense and a 360-degree view of the product but also decrease the possibility of returns and exchange after your customer has bought the product.

According to the Shopify research, 33.16% of online shoppers like to see multiple images of a product and about 58.03% of customers like to have a 360-degree view of the product. Providing a 360-degree view with panoramas or videos reduces return rates by 15% to 50%. The product videos not only allow your customers to experience your product but also helps them to acknowledge your brand among all your competitors. 

product videos,vcommerce

After deciding to create 4,000 product videos, a promotional products company, GoPromotional saw:

100% increase in conversion rate from shoppers watching product videos

7.5% growth in overall conversions

Website organic improvements

 

Here are some smart insights from online brands that saw sharpening growth after using product videos. 

- Using sharp 360 images for its product views, Wiggle.co.uk managed to gain double-digit conversions in some categories.

- Ao.com revealed that product video reviews led to consumers being 120.5% more likely to buy the product, spend 157.2% longer on the website, and overall conversion growth by 9.1%.

- After introducing videos to its product pages several years back, Winterson saw significant growth in its conversion rate and a drop in page exit rates. 

product videos,vcommerce

Three factors you must keep in mind for creating meaningful product videos:

Optimal video quality - Which includes the quality of the video-streaming, content presentation, short and crisp - to the point message, and creative.

360-degree view of the product - The product video is all about giving an immersive experience to the customer. You must be able to display the product from all the angles that could give a sense of feel and fit of the product to the viewer.

Voiceovers and subtitles - If you are explaining the video, add subtitles for better understanding. Use labels to define the product or the accessories of the product. 

Also Read: How 360 degree photography influences consumer perspective?

Video Trend

The trend for video is evident with the rise of popular video apps such as TikTok, Instagram, YouTube, Snapchat, etc. With more than half of its population consuming video content, as per a report, the time spent by an Indian watching online videos has increased to 67 minutes a day in 2019 from a mere two minutes per day in 2012. 

product videos,vcommerce

The consumption of online videos in India is said to be astronomical, no luxury but a lifestyle.

And what will shock you even more or rather give you a little push to endorse video content for your business is that a report from a data analytics firm App Annie showed that Indians have spent over 5.5 billion hours on the video-sharing app in 2019. This is the penetration of videos in the Indian market. If you're a business, video is the big elephant you must hold onto. Explore your shoot opportunities.

If you're looking for any kind of custom visual content like high-quality images for your businesses, video, 360-degree images, and videos, Spyne is the one-place-solution to fulfill all kinds of content needs.

Written By - Younus Sideeq on 23 Apr, 2020