[February 11, 2016]

Invodo 2015 Benchmarks Report Finds Use of Product Videos is Growing as They Continue to Serve as a Key Conversion Driver on Ecommerce Sites

Invodo, the visual commerce experts, today announced the release of their annual benchmarks report on product video performance trends. The 2015 Product Video Benchmarks Report reveals that 2015 was the biggest year yet for the use of product videos on retail ecommerce sites. As brands and retailers continued to add more product videos to their sites than ever before - 41% more than 2014 - total video views also increased by 42% year-over-year. Playing a major role in the overall growth of video views was mobile consumption, which increased nearly 150% from 2014's mobile views. Additionally, consumers' appetite for product videos and their ability to aid in purchasing decisions remain strong as evidenced by findings that the average video view rate was 12.4% and that video viewers were 1.7 times more likely to purchase than non-viewers.

"Product video is rapidly becoming a standard expectation for shoppers, and we see retailers responding," said Fred Waugh, VP of marketing, Invodo. "We anticipate consumers' demand for this type of content will only increase in 2016, driving retailers to further scale their use of video and push the boundaries of what's possible in order to deliver an even better online shopping experience."

The report also provided a 2015 holiday analysis, which revealed record-breaking video views on Black Friday (News - Alert) & Cyber Monday. While total video views on these two holidays were 92% higher overall than 2014, mobile views increased significantly - up 254% on Black Friday and 222% on Cyber Monday (News - Alert).

Key findings from the 2015 Product Video Benchmarks report include:

• Video Usage on Ecommerce Sites is at an All-Time High - Retailers and brands added an average f 41% more videos to their sites than in 2014.
• Mobile Video Consumption has Reached a Tipping Point - Mobile video views increased by nearly 150% year-over-year and accounted for 45% of total video views.
• Consumers Continue to Crave Video During the Online Shopping Experience - The number of video views was 42% higher in 2015, a growth rate of nearly 3x the 16% growth rate experienced from 2013 to 2014.
• Video Viewership Positively Impacts Purchase Behavior - Video viewers were 1.7 times more likely to buy than non-viewers.
• Video Length Influences Viewer Engagement - On average, viewers watched a video to completion 62% of the time. However, videos with a length between 16 and 30 seconds averaged the highest completion rate of 75%.
• Video Quality Impacts Buy Rate - Videos rated as least four out of five stars had more than twice the average buy rate of lower-rated videos.

Report Methodology

The 2015 Product Video Benchmarks report is based on aggregate data and information collected from a subset of Invodo's clients with complete, accurate and unbiased data from January 1, 2014 to December 31, 2015. All videos are featured on various product, category and home pages. The videos included originate from Invodo's client base of leading brands and retailers across a range of industries, including consumer electronics, fashion, sporting goods, and more.

About Invodo

Invodo helps leading retailers and brands turn online shoppers into buyers. Invodo works with clients to plan, create and publish video and other rich interactive content across thousands of products, resulting in more compelling consumer experiences and higher conversion rates. Invodo's comprehensive services and data-driven technology solutions have influenced over 53 million purchase decisions for more than 100 of the world's largest brands and retailers. Invodo is a privately-held company and is headquartered in Austin, Texas. Learn more at www.invodo.com or follow the company at The Invodo Blog, @invodo, and www.facebook.com/Invodo/.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160211005814/en/

[ Back To TMCnet.com's Homepage ]