We’re entering the holiday shopping season, so any online company with a product or service to sell should be working on a fresh batch of online videos. To guide your efforts, Invodo, a company that specializes in ecommerce video tools, has released its latest quarterly report.
Looking at data from the third quarter of 2014, Invodo finds that online shoppers who view a product video are 1.9 times more likely to buy. This metric increased in the third quarter, which Invodo attributes to back-to-school shopping.
Completion rates are an important metric showing how interested viewers are in the video they’re watching. For this quarter, Invodo found that 70 percent of viewers watched a video to 80 percent of completion. Since many videos end with a company tagline or logo, Invodo notes that 80 percent completion is enough to drive a shopper to make a purchase. Invodo’s data comes from videos created and produced by the company, as well as other sources the company doesn’t name.
For anyone uncertain about how effective product videos are, Invodo reports that 9.4 percent of those visiting a product page that contained a video watched it. Considering that those viewers where then nearly twice as likely to make a purchase, that’s a strong reason to invest in video.
Download the full 2014 Q3 report for free (registration required).