4 killer reasons why 2017 is the year of video in eCommerce
Video content is relentlessly gaining traction, trying to grab the biggest piece of the pie and leaving static types of content far, far behind. How long do you think you’ll be able to blunt the attack of the skyrocketing tendency before this avalanche eventually forces you out of the industry? Hands down, change is always frustrating and uncomfortable.
However, in today’s constantly shifting business environment, especially in eCommerce, waiting for the old world order to return is nothing short of madness, for it will never do. Hence, you’ve got no other choice but to embrace the snowballing trend and squeeze every drop of value out of it. Otherwise, you are sure to reach a tipping point at which your ecommerce business will irreversibly run the risk of becoming antiquated. But this is not the track you’re going to follow, right?
Video is here and there is only one simple reason why it works – it is entertaining and man has always eagerly longed for just two things: bread and circuses.
Let’s get down to some stats:
- As Cisco anticipates, global Internet video traffic will account for 80 percent of all Internet traffic by 2019.
- According to Think with Google, 50% of internet users look for videos related to a product or service before visiting a store;
- Visitors greeted by a video stay 2 minutes longer on a site and are 64% more likely to buy something;
- 1 in 3 millennials purchase a product as a result of watching online videos.
As stats reveal, video consumption is already up and shows all signs of irrevocably heading through the roof, so there is no time for you to ponder upon whether to jump aboard or not. The answer is definitely YES!
But what are those powerful reasons why every ecommerсe entrepreneur should put video content front and center of their content marketing strategy this year onwards?
1. Millenials totally gravite towards video content
Video is predicted to be a priority content type among digitally native Millennials (users between 18 and 34 years old) who were the first to grow up with the Internet. Being easy to digest and less demanding, online video is far more likely to engage fast-moving, tech-savvy Millennials, the most active video viewer’s group, and drive them to share its content within their social circle. Totally dependent on social, they exhibit entirely different shopping habits, thereby paving the way for their own rules of ecommerce. So think and market accordingly.
Let us take a look at some stats again:
- According to AOL research, 58 percent of Millennials prefer online videos over cable TV, 84% of them share online content monthly;
- 80% of Millennials find product demo video helpful when making purchase decisions, while 60 % prefer to watch a company video to reading a company newsletter;
- As Google survey reveals, 4 in 10 Millennials say they only trust YouTube for videos on causes they care about.
2. User-Generated Content (UGC) is inexorably going mainstream.
Crafted and submitted by third-party users – consumers, social media followers, or whosoever emotionally engaged with your brand – awesome user-generated content is hands down a sure-fire tool for promoting your brand and keeping it top of mind among consumers. Through delivering a truly authentic user experience, user-generated content proves to be more credible and persuasive than an in-your-face, intrusive ad created by a company itself, which is sure to drive yet more social engagement and conversion, and help your brand make a big splash in the long run.
The results of the study conducted by comScore indicate that user-generated product videos are more successful at producing emotional intensity, key message communication, and ease of relating to.
Through offering your customers a discount on the next purchase in exchange for a video review, you are sure to get the most bang for your buck in that it will definitely boost brand affinity and generate more leads, which actually means more sales.
3. Live streaming is steadily going onwards and upwards
With live streaming movement incessantly gaining momentum, deploying a video-based content strategy to reach out your target audience is really worth consideration. Downright unpredictability and unquestionable authenticity of live broadcasting are those two virtues that resonate with the audience and account for its snowballing popularity.
Incorporating live-stream content into your marketing strategy may come out to be quite challenging and you may find it hard at first to figure out what exactly you could translate into live stream.
There is a wide range of content that can be easily converted into a video format. Here’s what you can do:
– give preview of product features
– highlight launches
– showcase your services
Oh while you are here be sure to sign up for free updates to learn more about video marketing tips as we’re preparing the coolest info about what types of video you can use on every stage of the buyer’s journey and how to write video scripts like a pro.
Actually, the opportunities of live streaming go far beyond the aforementioned ones inasmuch as streaming platforms are suitable for almost anything from behind-the-scenes footage to Q&A sessions.
A lot of brands have already tried their hand at live digital broadcasts that proved to be a huge success:
- BMW USA live streamed its new M2 coupe in action on Periscope, thereby allowing driving enthusiasts to get the first look of the new model on the track, which resulted in 48,000 social engagements, 16.6 million social media impressions and over 3,000 new Periscope followers.
- Dunkin Donuts used Facebook Live to show the way their culinary team make a cake from heart-shaped donuts through giving fans a peek into the Dunkin’ Donuts kitchen ahead of Valentine’s Day.
Is live streaming just another pretty buzzword or has the trend come to stay for long? Time will tell.
Yet live video is the new black in marketing nowadays that delivers companies an amazing opportunity of engaging their target audience into more intimate interaction with their brand in a more organic way through giving them a way more proactive role in communication.
What’s more important, it’s not gonna cost you big bucks.
4. Virtual Reality is gradually carving a niche for itself.
Though consumers are not still proactively utilizing the technology here there and everywhere, nonetheless virtual reality shows considerable potential to rock almost every industry in the short term, so you’d better keep an eye out.
According to Goldman Sachs report, the VR market is predicted to outperform the TV market in annual revenue by 2025, generating $182 billion dollars ($110bn in hardware and $72bn in software) in the “accelerated uptake” scenario.
One of the content niches VR has got traction in is 360-degree video. By turning product images into three-dimensional ones and thereby adding depth to 360-degree product video, virtual reality technology is smart enough to improve user experience through translating it into an immersive one.
A bit on the expensive side for small retailers, it’s being actively introduced into marketing strategies by larger companies:
- eBay, in partnership with Australian retailer Myer, was the first to launch a virtual reality department store, that enables its customers to shop for products with VR headset on and the iOS or Android app fired up.
- Volvo delivers a unique opportunity to experience a fully immersive virtual reality test drive of their Volvo XC90 through downloading the Volvo Reality app on your smartphone.
Since video content trend is showing no signs of slowing down and, considering the stats, is set to continue, making video a priority in 2017 appears to be smart marketing. In today’s increasingly competitive ecommerce landscape, when it comes to converting shoppers into actual buyers, you need something compelling to induce a saturated consumer to click an ‘Add to Cart’ button on their customer journey – a killer video stands a good chance to hit the spot.
Introduce different types of video content into your marketing arsenal, embed them into the customer journey in the right place at the right time, show your potential customers what they want to see, and enjoy unmatched brand recognition.
Just give it a go!
Clueless about what types of video content are the most effective at every stage of the buyer’s journey? Get full particulars in our next blog post under the Video Marketing category. Not to miss it out, subscribe to our blog and be among the first to get the article.