A new study from video distribution service Invodo and Ecommerce consultants e-tailing confirms that there is an increase in the amount of consumers who feel more confident in buying a product or service after watching a demonstration video before they purchase. The report, 'How Consumers Shop with Video' surveyed over 1,000 consumers in Q4 2012 to ascertain how their online shopping habits and intentions were influenced by the use of retail video. It's a relatively small sample size but it give us some interesting insights into the role of video in the purchase cycle.
Video Consumption Trends
35% of those who responded to the survey questions confirmed that they watch product videos “most of the time” ( a very encouraging 21%) or “all of the time” (14%) if they are provided by the brand or manufacturer. That's an increase of 8% compared to their 2011 study.
8% is a very healthy number but it's worth keeping in mind that a year is long, long time for the internet and users are not only more savvy when it comes to product research but they also have much more access to watch video away from their desktop PCs. Given these factors, an increase in video consumption would seem almost inevitable.
26% of participants confirmed that they watched more video via a smartphone than they did on a PC, with 57% admitting they actually used their mobile device while shopping to gather more information about a product they were interested in buying. I found it interesting, if a little unbelievable, that 55% of those asked said they scanned a QR code while in-store to watch any video that may be available. 55%? Really? 55%?
Video Engagement In The Purchase Cycle
In terms of using a video to aid the purchase decision, 40% of those who took part in the survey stated that a product video influenced their decision to buy with 50% acknowledging that they feel more inclined to engage with a retailer who makes video content about their goods available.
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