How do online videos benefit retail?

 

I recently found this interesting article by Matthew Bavosa on 101 statistics related to corporate video.

Everyone wins when an online video of a product is provided.

  • Catching the e-tail trend, 55% of online retailers used video on product pages in 2009 but this technique increased to 73% of retailers in 2010.
  • When a video is present on a product page of LivingDirect.com, consumers spend 9% more time viewing the page compared to when no video is present.
  • According to Internet Retailer, an April 2010 report stated that consumers who watch product videos are 85% more likely to buy products compared to those who do not watch.
  • Internet Retailer released a study that found shoppers were 144% more likely to add a product to their cart after viewing a product video on StacksandStacks.com compared to shoppers who avoided video.
  • In an August 2010 report from comScore, online retail shoppers who watch video spend about two minutes more on that site and are 64% more likely to buy compared to others.
  • With social integration, retail sites that provide videos increase traffic and conversions to social media platforms by 30% according to the September 2010 L2 Specialty Retail Report.
  • In-store sales increased 6% when Reckitt Benckiser provided online video for their consumer packaged goods.
  • 46% of consumers who shop online regularly prefer shopping on retail sites providing product video compared to 30% of consumers who occasionally shop online.
  • By properly implementing video to their sitemaps, Discovery Channel increased their video streams by 123%.
  • Watching a minute of video is the equivalent of reading 1.8 million words according to Dr. James McQuivey of Forrester Research