Including a video as part of a product landing page on a retailer's website could increase the average order value by 50%, confirms a new survey from Liveclicker. Further, vendors who uploaded a video to most of their product landing pages saw a 68% increase on their average order value (AOV), compared to retailers who uploaded a video to just a few of their product or pages.
We already know that 71% of marketers confirm that video converts better than other forms of website content, and Liveclicker's research, which surveyed retailers such as Bed, Bath and Beyond, Best Buy, and Newegg, strongly suggested that product videos did indeed lead to a higher conversion rate from customers who had viewed them on the individual landing pages.
Product Page Videos and Sales: Highlights of the New Report
- Almost 60% of retailers surveyed confirmed their average order value (AOV) increased by at least 50% for customers that watched a video on a product page.
- The AOV for retailers with video embedded on 50-75% of their product pages was around $300, compared to $177 for those with video on only 0-25 percent of product pages.
- Retailers that uploaded video to most of their product pages reported that conversion rates were nearly 80% higher than those of retailers with product videos on less than 25% of their landing pages. Retailers with videos on 25-50% of product pages report 31% more conversions.
- Retailers who include videos on their product landing pages see a sales conversion rate of around 9%.
- Customers who watched 10 or more videos spent 119% more than customers who watched just one video.
More Product Page Videos Lead to More Revenue and Sales
So, adding an explainer video to your product landing page is a good thing, and, unless you produce some truly atrocious content, it's going to provide at least some value to the potential customer. But can it really make a difference to your bottom line? Liveclicker's research seems to suggest that it absolutely can.
88% of respondents to the survey confirmed an increase in conversion rates for product pages that contained a relevant video. In addition, 35% of respondents reported very high increases in conversion rates, well over the usual site average. Also, retailers that added video content on the majority of their product pages stated that they had seen a 79% higher conversion rate compared those retailers who had added just a few videos.
There also seems to be a direct correlation between revenue and fresh video content, with respondents indicating that more videos plays brought in more sales. For each 1% increase in video plays in the last 30 days before the survey, average monthly revenue increased by more than $13,092.84.
Social Sharing & Mobile: The Key to Product Video Success
Just because you have placed a product video on a particular landing page on your site doesn't mean you should ignore the benefits of the social sharing of that content.
Unless there is a very good reason (and if you think of one let us know in the comments below), then always post those videos to your social accounts on high-traffic sites like Twitter, Facebook, Twitter, Pinterest, and other sites. You should also post to YouTube and build your audience, and their engagement there too. Those brands taking part in Liveclicker's survey confirmed that posting to each additional distribution channel increased video plays by an average of 21,160 per quarter, and also generated a quarterly average of $50,513 in revenue.
The report also highly recommends that brands optimize their websites for all mobile devices, stating that in Q2 of 2014, mobile made up over 25% of product video plays.
Optimization Product Videos to Increase Conversions
Based on feedback from the report, Liveclicker offered the following optimization tips to brands and marketers who want to increase conversions from landing page product videos:
- Suggest Related Video: Make sure the videos are easy to find on your website, and offer suggested videos to keep customers in the buying cycle.
- Keep Product Videos Short: Keep your product videos short and to the point. Liveclicker suggests the ideal length for this type of content is around 30 seconds, unless the products themselves are complex and have high price points.
- Optimize for Mobile: Liveclicker confirmed that mobile devices accounted for a quarter of e-commerce video plays in Q2 2014.
You can download the full report from the Liveclicker site in return for a few details