The Role Of Video In Omnichannel Browsing And Buying Behaviors

By Craig Wax, CEO, Invodo

Everyone loves online video: The average Internet user in the U.S. alone consumes 19 hours of video each month. But there’s more to it than crazy goats and giggling babies; video drives consumers to purchase.

Video provides a sensory, informational experience that brings the shopper as close to the product as possible without ever stepping into the store. This “hands-on-like” experience makes the consumer more confident to purchase and as a result, avoid buyer’s remorse.

According to a 2012 research report by the e-tailing group, 52% of consumers say that watching product videos makes them more confident in online purchase decisions. Video assists in putting consumers in a “ready to buy” state. A video demonstration can show size, scale, motion and features far more effectively than a one-dimensional photograph.

Video also plays a vital role in omnichannel retail strategies. Information now is available through more channels, at a faster rate, than ever before. Consumers who shop in-store have researched dozens of sites and often have real-time pricing information from other brick-and-mortar stores, as well as online competitors such as Amazon.com.

Because more shoppers are looking up product information, ratings and reviews on their tablets and smartphones, retailers have a tremendous opportunity to integrate video into the entire researching and consideration journey. In fact, a recent Forbes article indicated that mobile and tablet shoppers are three times more likely to view a video than laptop or desktop users. Gaining an advantage in this evolving world of multichannel retailing requires retailers to become more service-oriented, putting information in consumers’ hands when they need it. Compelling product videos can help retailers provide this information, and in turn, build loyalty and create stronger product differentiation.

It’s clear that the online video landscape is rapidly evolving. At Invodo, we’re expecting three key changes over the course of 2013:

1.       Driven by mobile and omnichannel trends, video as a shopping tool across channels and devices will become the norm. As new platforms and tools emerge, retailers must make content available across all channels in order to maintain consistency for the omnichannel consumer. Shoppers want product videos available on-demand via desktops/laptops, tablets, smartphones, and web-connected TVs.

2.       B2B will be big. B2B buyers are people too. Just like the consumer, they, too, benefit from the same personalized information a video can provide. Expect to see greater interest and investment in video for products geared towards B2B buyers.

3.       Segmented research will generate better targeted content. Personalized content leads to more satisfied shoppers and generates more sales. By the end of 2013, the conversation will change from “What do we gain by using video on a few product pages” to “What do we lose by not having video on more product pages.”

Craig Wax is the CEO of Invodo, a video solution provider. He leads Invodo’s overall market strategy. He brings a seasoned general management perspective to guide the company’s rapid growth. Craig holds a Bachelor of Business Administration with honors and a Master of Business Administration with distinction from the University of Texas at Austin.