The Impact of Video on E-tail
There were a few presentations from Internet Retailer about video that piqued my interest. Dave Witzig from ShopNBC discussed the impact of video on their highly successful ecommerce site and made some very strong statements that should be of interest to everyone.
1) Product videos should be your focus. ShopNBC has 6,000 1-3 minute product videos (representing half of their total SKUs). Focus on these videos primarily before going into other areas.
2) Customers that watch videos convert at twice the rate of customers who do not. Yes, you heard that right. That being said, he did not say what percentage of customers watch videos.
Because of the growing broadband penetration, video is becoming more and more mainstream. In fact, Witzig said that watching video online is now the fastest-growing form of consumer entertainment.
Remember that results will vary based on the demographic and your product. If your demographic is older, it still may be too early for you to jump onto this bandwagon. However, for some of you, now is the time to start thinking about this enhancement to your business.