In a retail arena dominated by Amazon, businesses looking to win that all-important competitive advantage online cannot afford to ignore the value of digital video activity.
In fact, according to a new guide from Retail Week, almost half (48%) of older millennials (aged 25 to 34) say they have been directly influenced to make a purchase after watching a retailer’s video.
For the Video Oscars guide, produced in association with Brightcove, Retail Week interviewed 1,000 UK consumers to find out what they look for in online video, where videos are most effective and the ways in which retailers can use video to build a lasting emotional connection.
“19% of consumers would seek out another retailer if it failed to provide a satisfactory online product video”
The results of the survey not only proved that digital video marketing is a successful means to generate sales and brand advocacy, but it also highlighted how consumers are beginning to expect digital video activity as standard from their online shopping journeys.
For instance, 19% of consumers said they would seek out another retailer if it failed to provide a satisfactory online product video, rising to over 44% for millennials.
Video impacts conversion
Alongside driving direct purchases, 27% of the consumers surveyed said a retailer’s video advert had inspired them to search for a product online, while 10% said a retailer’s video advert had encouraged them to browse for an item in store.
“47% of consumers have shared a retailer’s video over email”
Video is also an effective tool to build brand influence and advocacy. The Video Oscars guide reports that a staggering 47% of consumers have shared a retailer’s video via email, while 34% have done so using social media.
Younger consumers are even more likely to share a retailer’s video, with 53% of younger millennials (aged 18 to 24) and 60% of older millennials having done so.
Retailers must act now
Of the 1,000 UK consumers surveyed, 260 cited Amazon as the retailer that had delivered an innovative online experience in the past year.
Competitor retailers, meanwhile, are largely failing to grab consumers’ attention. Of the consumers surveyed, 280 couldn’t think of a single retailer that had delivered an innovative online experience in the past year or felt that no retailer has done so.
“280 consumers couldn’t think of a single retailer that had delivered an innovative online experience”
As laggard retailers begin to lose out and leaders triumph, now is the time for retailers to press play on video marketing.