In the 15 years I’ve been watching the web evolve, I think that the last five are the most crucial in how eCommerce evolves. We’re moving from an era when putting up a website with a shopping cart was “good enough” to one where consumers have become very empowered (and very frugal, given the financial condition of the economy for the last several years). Today, consumers shop on price, and they like to make informed decisions before they jump into a purchasing relationship – regardless how small the item may be. We’ve all watched as user-generated content (UGC) has helped to empower the consumer, from the largest retailers to manufacturers and hoteliers and travel destinations alike.
I came to Invodo in October because I believe that the world of online video as a decision-making tool is literally just beginning, and the sky is the limit. Consumers want to know the “ins and outs” of a product before they buy; but they want to be informed in a casual, relaxed way. Think about it – when a friend tells you why he loves his new Motorola Droid, he does it in a calm, evangelical way. He doesn’t do it like a salesman trying to close you on a new car. We believe that the same is true when informing consumers. Invodo seeks to deliver unique content, in an efficient way, that helps consumers to make informed buying decisions and result in satisfied customers instead of returns due to the product not working the way the consumer might have thought it could or should.
Too many vendors today assume that organizations have:
Video content lying around, waiting to be published to the Internet
Experience in content editing
Experience in hosting video content
Familiarity with optimizing the SEO of their content to ensure maximum value
While different organizations may vary, at Invodo we’re pretty sure that if the above was the case, everyone would already have video content on their eCommerce site, instead of having plans for implementing it in 2010, as huge numbers of organizations do.
Our goal is to provide a great, rapidly evolving platform with world-class ease of implementation and incredibly compelling – yet “pain-free” content generation. We believe that we’re pretty unique in the industry in doing that, and we look forward to showing more and more customers how and why we’re different. It’s truly an exciting time to be working in the eCommerce video market.
For anyone who doesn’t follow Professional Basketball, Cleveland Caviliers superstar LeBron James- http://www.nba.com/playerfile/lebron_james/index.html - is an All Star and MVP who helps his team win in multiple ways – he scores points, tightly defends opposing players, distributes the ball to teammates and provides rock-solid leadership. Because he is so good, he fills the arenas with sellout crowds and helps to sell a ton of team merchandise, which, in turn, allows his team to pay higher salaries for better players. It’s an economically virtuous circle.
eCommerce Video does the same thing. eCommerce Video helps online retailers win in multiple ways. It helps sell more products by boosting conversion rates – http://blog.invodo.com/2009/05/06/video-leads-to-higher-conversion-rates/ – (scores points), keeps people engaged on the site longer so they don’t go somewhere else to make a their purchase (defends against opposing players), provides fertile ground for Cross Selling and Up Selling (distributes the ball to teammates) and sets eCommerce Vendors apart as leaders in their space (rock solid leadership). As if that’s not enough, product videos are easily leverage to draw more SEO traffic and can be utilized on video networks such as You Tube, Google Video and Blinkx to further expand views, which lead to even more sales (fills the stands).
We’re pleased to be cited as a source in a recent Forrester Report on adoption of online video. A few highlights from the report:
64% of customers who view videos find them “very useful” in making purchase decisions
A majority of the top 50 online retailers have video on their sites (last year, it was only 18%)
In driving results, the right type of content and the right placement are everything
Babies R Us, an Invodo customer, was shown as an example of eCommerce video
Any impact video has now may be the tip of the iceberg, as a minority of consumers currently view video on product pages – yet video drives substantial conversion improvement. As more users adopt viewing videos, it follows that the conversion uplift will increase.
The report, by Patti Freeman Evans with Cristina Bugnaru and Brendan McGowan, reaffirms that high growth in this space is just around the corner – and that forward-thinking online retailers are incorporating video into their plans.
A recent survey conducted by TurnHere and reported on by ReelSEO produced interesting findings about marketing priorities for 2010. One hundred and sixteen respondents from a variety of companies, in both size and industry, agreed that online video was their number one priority for 2010 topping both email and search marketing.
Online video is still a mystery to many marketing teams. In the aforementioned survey, top reasons for using video included branding, exposure to audiences, viral purposes, and site stickiness. While it is easy to see the prominence of video on the internet, how does a business take a social trend and turn it into an effective piece of their marketing mix?
What kind of video will elicit results aligned with marketing goals?
How do you create that type of video?
Who and how watches online video?
How do you control content and target effectively?
What is the best video placement? Who takes care of hosting and streaming?
Video seems simple on the surface; just shoot it, post it, and all will be good. However, once you begin to scratch the surface, the variables involved in planning, creating, and distributing online video are many.
Invodo has created a turn key video solution that solves the online video dilemma. We understand that companies want and now need video to stay competitive in an ever changing online landscape. Video is complex and needs thought and attention to operate as an effective marketing tool. Decide the purpose for your online video and execute. For those who need eCommerce video that increases online sales and conversion I have one word- Invodo.
As Halloween approaches, costumes, candy, and fun ensue! However, Halloween also means that the Holiday shopping season is about to rear its aggressive and ugly head.
To all online retailers, make sure to prepare your sites to optimize conversion and attract more consumers this year. If you are asking “How?”…. the answer is eCommerce video. Let Invodo show you how true, authentic, and feature focused product videos can increase your conversion rates as well as provide your customers with a rich media experience.
Retailers – In the interim of syndicating video to your retail website, check out some fun costumes worn by Invodians ranging from a raccoon to a lion tamer, and even a product video! (yes that’s me.)
