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40% increase in sales because of video insane or real?
We recently worked with a client who wanted to solve an interesting problem. How to reduce returns, increase customer satisfaction ratings and differentiate themselves from the competition.
Tall order? Nah - walk in the park! Here's what video can do for you to address all of the above.
Wreath and Berry Band
The lovely leafy Wreath & Berry band has two rows of gems all the way around the finger. Shown here in tanzanite and platinum, it Two people, two gems, linked for eternity in this timeless ring design that celebrates infinite love. Shown here in 14k gold and sterling silver set with birthstones, this ring will be made to order just for you in your choice of gems and precious metals.
One of the biggest issues with on-line purchase is that buyers find themselves disappointed by the actual size of an item when they receive it.
QVC for example know the drill to avoid this and take care to show their products in the arms of someone, so that there is no mistaking the actual size of the item.
So, by showing a twenty second video that shows a product in relationship to a real person you can deal with that issue before the buyer makes a decision. This reduces the return rate by as much as 24% and increases purchases of items sporting a spiffy video by as much as 40%. Indeed some on-line jewelry and apparel sites report several hundred percent increases (your mileage may vary of course).
Does it work for every type of product? Well there's no empirical proof, but it looks like it. Here's some facts:
| 40% increase in web sales 24% reduction in product returns 36% increase in conversion rates 200% increase in web traffic 40% revenue increase 21% of retail web video viewers make a purchase on-line - BIA/Kelsey User View Study Data Videos are 53x more likely than text pages to appear on the first page of search results - Forrest Research |
Case closed on the value of product videos idea then - who would not want one?
Comments
You're correct, it might seem hype to some. However firstly I did say "Well there's no empirical proof." Secondly there is some reluctance to share "trade" secrets by the vendors using video on product pages. We sourced all the "facts" in the box on the page and they appear legitimate. We have also done this enough to have seen the results achieved by one of our customers. I too wish we had more data. We have a page http://www.realcooltv.com/index.php/details/87-stats-for-video that we update regularly that contains any more tangible ROI numbers.
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