Video’s boom in online retail
“E-commerce is now a core part of multichannel strategies for retailers, said Andrew Cowling, ANZ sales director for marketing at Brightcove.
“Retailers are starting to take advantage of videos that encompass the entire buyer’s journey to turn browsers into loyal customers.”
Cowling believes that online shoppers want to be empowered with as much information as possible before they buy, and video provides an effective way for retailers to do just that.
“Retailers with successful omnichannel strategies have typically included video on their homepage and campaign pages to engage with and increase visitors to their site,” he said. “Burberry and Hugo Boss now regularly include ‘hero’ videos on their homepage and live stream season launches when they introduce a new range.
“Mr Porter and Johnnie Walker launched a blended branded content campaign that saw more than 700 million minutes spent with the brands through video online, resulting in a 60 per cent uplift in sales. Similarly, SSF Shop, through their branded content campaign, saw an increase of 75 per cent in conversions.”
Cowling emphasises that the rise of “shoppable videos” has created a much easier and quicker path to purchase.
“This video format is growing in popularity as retailers make it easier for their customers to purchase products as quickly and seamlessly as possible,” he said.
“Jeweller, Michael Hill, found shoppable videos increased online conversion rates by 220 per cent.”
Cowling concludes that turning one-time buyers into loyal customers is also vital for retailers.
“Bunnings uses how-to videos to provide building and renovation advice online, extending the company’s expertise offered to customers in-store, to a completely new channel in a relevant and engaging way.
“Online retail in 2016 promises to be more visual, interactive and mobile for the highly informed shopper. Those that fail to adapt are likely to be caught behind the times.”