Online purchases up 2.2% in Q2
Even in this down economy ecommerce as a whole has continued to rise over the past year. Online retail behemoth Amazon reported revenue of $15 billion, up from $12.5 billion for the same period a year ago according to the Knowledge@Wharton article “Fit for the Holidays: Amazon is Shaping Up and Shipping Out.”:
“Even though the U.S. Census Bureau notes ecommerce accounts for only 3.6% of total retail sales in the country — up from 1% in 2001 — online purchases grew 2.2% in the second quarter of this year, while total retail sales fell 0.4%.
“What’s startling is not the magnitude of ecommerce sales relative to overall retail sales, but the growth rate,” says Marshall Fisher, professor of operations and information management at Wharton.”
Frankly I’m amazed online purchases still only account for just 3.6% of all retail sales. On the other hand that’s great news because as an industry it means we have a lot of growing to do…
Ecommerce sites expected to reach $45 Billion online this holiday season
According to Forrester Research, this holiday season American online retail sales are expected to reach $45 billion – an 8% increase from last year.
“Much of the growth can be attributed to improvements in the online shopping experience in recent years. In fact, ecommerce has come of age to such an extent that the lines between online and offline shopping are blurring.”
Why product videos are helping increase online revenues
Product videos are considered an important contributor to this growth and to the blurring of the distinction between online and offline shopping. Retailers are using video to enhance online shopping experiences by adding new engagement dimensions that help shoppers get a more tangible feeling for the products their looking for, which increases their sense of security and comfort about the item, moving them to make purchases more often.
By virtue of being mixed media videos simulataneously address the needs of different types of consumers:
- Voice-over narration attracts auditory learners, who absorb information best when hearing it.
- Visual cues such as bullet point slides work well with visual learners, who absorb information best when seeing and reading it.
Over the past two years we’ve seen all our clients, regardless of industry, consistently increase their ecommerce conversion rates significantly by adding video presentations to their product pages.
How to get the most out of your ecommerce videos this holiday season:
What follows are a few ideas we thought about over here at Treepodia that’ll help you increase your conversion rates and drive more sales this holiday season. Please feel free to add you own ideas, tips and pointers in the comment section of the article.
1. Focus – Use video to promote your holiday season’s top sellers
Limiting your focus to the seasons biggest sellers will ensure you make the most out of your video investment in the time frame available. You can add videos for other products when the holiday hubbub is over.
2. Fun – Dress your videos up for the holidays
You can create a more engaging, fun and seasonal shopping experience for your customers by giving your videos that special holiday flair:
- Adding the sound of jingling bells
- Showing a wreath-like trim around the edges
- Having a little elf present your product’s benefits.
3. Promote your promotion
Make sure you use all video’s interaction dimensions to convey your message. State your item’s promotion in the video’s narration and sign off with a slide about it at the end.
4. Happy Holidays Everyone!
Everybody likes receiving seasonal greetings. Take the opportunity, like me, to thank your visitors and add a personal holiday greeting message to your video : )