With the majority of American homes having a broadband Internet connection (i.e., cable, DSL, or fiber optic), Web-based video has exploded. YouTube alone accounts for roughly 10% of all Internet traffic, and it’s not all just cute cat videos and annoying, nonsensical pop songs.
Many businesses, especially web-based ones, are using streaming video to great effect. Whether the videos are product demos, tutorials, or customer testimonials, the combination of sound and moving images comprise an invaluable sales tool—one that mere photos and text struggle to match.
Consider these recent statistics:
- Internet Retailer reports that shoppers who viewed videos on Stacks and Stacks product pages were 144% more likely to add to a cart than other shoppers. (Internet Retailer, March 2011)
- Visitors who view product videos are 85% more likely to buy than visitors who do not. (Internet Retailer, April 2010)
- Shoeline.com saw a 44% increase in online sales conversions by using videos to showcase its products. “With such positive results on our existing videos, the goal right now is to add a video to as many of our products as possible,” says Frank Malsbenden, VP and GM of Vision Retailing Inc., the parent company of Shoeline.com. (Internet Retailer, Jan. 2009)
- Retail sites with video increase conversion by 30% and boost average tickets by 13%. (L2 Specialty Retail Report, Sep. 2010)
- Ice.com found that viewers who chose to view video converted at a 400% increase over those who did not. Ice.com also credits video with decreasing returns by 25%. (Internet Retailer, Dec. 2009)
- Shoppers who view videos at Onlineshoes.com convert at a 45% higher rate than other shoppers, and the site has seen a 359% year-over-year increase in video views. Product pages with video have higher conversion rates than product pages without video. (Internet Retailer, Feb. 2010)
Additionally, video is an excellent way to differentiate your business from your competitors. Video provides a method for your customers to discover your business’s “personality” and understand the depth of your product knowledge.