Video is now an essential component within websites, part of the rapid transition to visual communications forcing writers like me to spend the weekends practicing with a camcorder. Video makes websites stickier and increases conversions.
I wrote about it a few months back suggesting that YouTube would, or could, become the essential social software for the enterprise. Google has content nailed.
More than 4 in 5 Internet users are consuming online video content in a given month in the US market. A recent Comscore report, summarized by SearchEngineWatch, suggests:
The average user spends more than 21 hours per month (up 47 percent) watching more than 200 content videos (up 20 percent). Americans’ growing interest in long-form video content is evident from the growth in the average time spent watching a video, which has jumped 23 percent in the last year to 6.4 minutes.
Increasingly, what people watch are corporate or product video. Below you’ll find some data, put together by wooshii.com CEO Fergus Dyer-Smith. Wooshii is an online platform for animation and video producers.
Wooshii’s claim to fame is that their community of 7,000 animation and video producers make business video affordable. Fergus quotes $900 as an average 90 second video cost on wooshii compared with $3,000 to $10,000+ in the offline market.
Does that make it a kind of elance, where producers have to bid against each other? I have an aversion to that kind of site. Fergus claims not – to use wooshii, you the buyer set a price and invite producers to look to the gaps in their schedules where they might find it well worthwhile to do some work at a lower cost than no work at all. It’s another example of the on-demand economy at work.
- research by comScore found that people are more likely – by more than double – to take action and visit a site upon seeing a video than people who had not watched it;
- online store StacksAndStacks.com claimed that visitors were 144% more likely to purchase a product after seeing a video of the product than those who didn’t. That’s an astonishing number!
- back in December of 2009, another retailer – Ice.com – found that viewers who chose to view video converted at a 400% increase over those who didn’t. Ice.com also credits video with decreasing returns by 25%;
- Onlineshoes.com provides us with another example, of a conversion at a 45% higher rate than other shoppers, and the site has seen a 359% year-over-year increase in video views. Product pages with video have higher conversion rates than product pages without video;
- another shoe internet retailer, Shoeline.com, saw a 44% increase in online sales conversions by using videos to showcase their products. (Internet Retailer, January 2009)
183 million U.S. Internet users (86 percent of the U.S. Internet audience) watched online video in the month of October 2012. They watched more than 37 billion pieces of video content, 11 billion of which were video ads (an all time high, and rise from the 9.5 billion of the previous month)
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