Month: June 2019

Interactive Product Videos: Interactive and Transactional Videos Explained

Interactive Product Videos: Interactive and Transactional Videos Explained

Digital marketing is a fast-changing area and sometimes it’s not that easy to keep up with its trends. Interactive videos are one of the latest examples. Such videos appeared on the horizon not so long ago but they are rapidly gaining popularity. Amazon, Walmart, Alibaba, Facebook, and other market behemoths have already started a race to provide customers with a more engaging video shopping experience. In other words, we can expect interactive product videos to become the new industry standard in the next year or two.

But how exactly do interactive, transactional videos work? What benefits may they bring to an e-commerce business? And what is the best way for online merchants to introduce interactive video solutions into their marketing and sales activities? In this blog post, we will explain all the ins and outs of this revolutionary type of content so you can easily outrun your rivals by adopting it today.

Interactive videos: general overview

As the name suggests, an interactive video is a video that provides an interactive experience for the viewer. This means that a person who watches such a video can engage with the content shown on a player. And the range of actions viewers are allowed to take is not limited just to pausing and going forward and backward like in linear videos. In fact, this type of video has interactive elements that are technology-enabled that encourage engagement and action.

In general, the list of things an audience can do with a particular interactive video depends on the purpose of such a video. For instance, a viewer’s capability to influence a storyline is the most common type of interactions when it comes the entertaining content like cartoons and movies. The most famous example of such a personalized video is Black Mirror: Bandersnatch. While watching this episode of a popular Netflix series, a viewer can make choices. And the way how the story further unfolds depends on such choices. Ultimately making for a much more engaging video experience.

Black Mirror: Bandersnatch screenshot
Image credit: Netflix

This level of engagement is something that captivates marketing executives looking to capitalize on video marketing. Luckily, with the right interactive video platform, you can tap into this level of engagement even when the primary goal is to sell a product or service. In such a case, giving customers an opportunity to buy from the video comes in first place. Interactive product videos that allows viewers to make a purchase without leaving a video player are called “transactional product videos” or simply “shoppable videos”. Let’s talk about them next.

How transactional product videos work

As a rule, transactional product videos contain embedded links that let customers get more information about a product or initiate a purchase from within the video. The only thing a customer needs to do is click an icon that usually appears on the featured product. Most often, icons within the interactive product videos look like a plus or shopping cart.

Mission Impeccable by Ted Baker screenshot
Image: Mission Impeccable by Ted Baker
Image credit: Popular Chips

After that, customers are directed to a product page where they have an opportunity to read the product details and complete a purchase. Hence, a person can interact with a product video while he or she is still watching a commercial. This practically eliminates a time gap between a customer’s desire to buy a featured product and the actual action aimed at satisfying this desire.

In practice, you may also see interactive product videos which are not directly aimed at selling products but benefit an e-commerce business in some other way. For example, there are videos with embedded downloadable files, questionnaires, explainer videos on customer service portals, etc. However, all these types aren’t nearly as efficient as shoppable videos.

What benefits interactive product videos can bring to a business

Shoppable videos outperform ordinary videos in many aspects as well as open a door to many more business and marketing opportunities. To be more precise, market research confirms that 78 percent of marketers who use interactive videos within their marketing campaigns said that it is indeed an effective tool. So let’s take a closer look at the main data-driven advantages shoppable videos bring.

Improve click-through rate

Video is the most clickable type of online advertising as compared to mobile, display, and rich media ads. It’s average CTR constitutes about 2 percent. At the same time, the performance of interactive product videos is nearly ten times higher. So, basically, there is no other format of digital ads that is as effective as transactional product videos.

interactive videos ROI
Image credit: afaqs.com

Increase conversion rate

Interactive product videos convert much better than linear videos. Study shows that the conversion rate of product videos customers can interact with is about 11 percent. This means that one in ten people who watch a shoppable video buys a product featured in it. One of the reasons is that interactive product videos make the process almost effortless. A customer doesn’t need to go back to the online store and search for the item he or she liked. So even the laziest digital buyers make a purchase.

Enhance engagement rate

The ultimate goal of shoppable videos is to convince a customer to buy a product and make the buying process as easy as possible. However, statistics show that interactive product videos have a positive impact on the engagement rate as well. In particular, they increase the viewing time by 47 percent. For this reason, a transactional product video not only helps you boost sales but it’s also a great tool to convey brand messages and build brand loyalty.

Stick in customers’ minds

Another long-term benefit of interactive product videos is that consumers remember them better than ordinary videos. Interestingly, this doesn’t depend on the fact of whether such consumers actually interacted with the content or not. According to the study by Magna, interactive videos are 32 percent more memorable than linear videos and this increases purchase intent by nine times.

Gives insights about buyers’ behavior

Interactive product videos let online retailers learn their audiences better. In particular, they allow you to track every click. In addition, they give you valuable insights about how customers behave, what they like or dislike, what encourages them to take action, etc. As a result, you can determine purchase intent more accurately and tweak your marketing content accordingly.

The easiest way to create an interactive product video

The adoption of interactive videos by online retailers used to be slow and associated with many risks. This is because it required custom development that inevitably led to high costs and uncertain outcomes, not to mention that the whole process was quite lengthy. For these reasons, e-commerce store owners felt unsure about the potential ROI. So they hesitated to introduce interactive product videos into their business activity.

However, the situation has changed as new technologies became more advanced. With DUZY tv’s platform for interactive video creation, online retailers can make shoppable videos in just a few clicks. Another great thing about DUZY tv’s patented solution is that it doesn’t require any upfront fees so it is a completely risk-free option. But let’s see how everything works in greater detail.

DUZY tv screenshot

Connecting an e-commerce store to DUZY tv’s platform

The first thing an online retailer needs to do is to register and create an account. This stage requires nothing more than pretty standard information like email address and password. After that, a user will be able to follow the guide and get connected in a few minutes.

Creating a shoppable video

To create an interactive product video with DUZY tv’s solution, online retailers just need to upload their existing video content to the platform. Since the store and the platform are connected, the items are pulled into DUZY tv automatically so users just need to choose the relevant products from the list. For the same reason, items which are unavailable will be marked “out of stock”.

DUZY tv connecting store

Using shoppable videos created with DUZY tv

All interactive product videos are stored on DUZY tv’s platform. However, online retailers can upload them to the product or landing pages on their websites. It’s worth mentioning that about 58 percent of digital buyers consider e-commerce stores which have product videos as trusted vendors. On top of that, shoppable videos may be shared on social media and used as a part of email marketing campaigns.

Financial aspects

As mentioned, DUZY tv doesn’t charge any payments in advance. An online retailer pays a minor share of a transaction only after a purchase is completed. The same happens when it comes to donations which are also supported by the platform. If the main purpose of an interactive video created with DUZY tv is to generate leads, a user pays a flat fee.

Make use of transactional, interactive product videos today

Interactive videos are a revolutionary type of content that is rapidly gaining popularity in many areas, including digital marketing. The so-called transactional or shoppable videos allow buyers to make a purchase right in a video player and, thus, they make a buying process as simple and fast as possible. As a result, an online retailer gets many benefits such as high CTR, engagement and conversion rates, strong brand loyalty and enhanced brand awareness. And the greatest news is that DUZY tv’s patented solution lets Internet merchants create shoppable videos in just a few steps without paying any fees in advance.

Ready to embrace the future of e-commerce by creating your first shoppable video? Absolutely, yes!

Published with StoryChief

Video Marketing Benefits: Capitalizing on The Most Powerful Marketing Method

Video Marketing Benefits: Capitalizing on The Most Powerful Marketing Method

Content is king. You have probably seen this phrase from the essay by Bill Gates many times. But what content, exactly? Nowadays, there are so many types of it, from a blog post on a business website to a funny animation on social media. So do they all have the same value? Are they interchangeable? The answer is, of course, no – because everything depends on your specific purpose for using a particular piece of content. While content is king, video marketing benefits make it clear that video is the new king of content.

This becomes obvious once we narrow the scale down solely to marketing. In terms of increasing internet traffic, improving click-through rates, and boosting conversion rates, online videos absolutely dominate written content, images, and even animations.

In this article, we will discuss the power of video and why companies use video marketing in the first place. We will also outline core video marketing benefits and give you some tips on how to truly capitalize on videos in a simple yet efficient way.

Why video marketing is so powerful

The answer may be found in our nature. For us as human beings, it is easier to retain information from videos as compared to other types of content. This is because our brain processes visual content much faster than messages delivered with written words (up to 60,000 times faster according to some studies). And due to so-called mental laziness that is also inherent to all people, we tend to consume information in the form that requires the least effort.

On top of that, video content combines moving images and sound. In other words, it simultaneously engages our auditory sense in addition to the visual sense. As a consequence, video content makes information more memorable. To be more precise, people in general remember nearly 50 percent of what they saw and heard, and only 30 percent of the information they only saw but did not hear.

cone of learning
Dale’s cone of learning
Image credit: elearningindustry.com

In addition to being more memorable, videos also create a stronger emotional connection than text content. It is, of course, impossible to measure and compare the emotions a person experiences when he or she reads a text and watches a video. But we can look at indirect consequences, like the number of social shares and engagements.

According to statistics, people share videos 12 times more often than they do with links to articles. As a result, videos have more chances to go viral than other types of content used in content marketing.

Benefits of video marketing

Nowadays, online videos have a great impact on the way a product or service is perceived by target audiences. For this reason, you’re much more likely to receive a good return on marketing investment (ROMI) when video content is part of your company’s marketing strategy. And the numbers speak for themselves.

Revenue

Businesses exist to make money. That’s why generated revenue is the metric that matters the most at the end of the day. However, many marketers and business owners wonder if video is worth it. After all, the cost of creating video campaigns are usually higher than running other marketing campaigns. The answer is yes.

Statistics show that companies on average earn $8.34 per internet user who saw their online video. This figure is about ten times higher than the profits from photo advertisement.

Conversion rate and sales

A conversion rate is the most discussed metric when it comes to video marketing benefits. And it’s no wonder. Videos are indeed an extremely engaging type of content and they often evoke the viewer’s interest to learn more about a product or service. As a result, landing pages with embedded videos show up to an 80 percent increase in conversions.

video marketing benefits
Image credit: score.org

Naturally, a higher conversion rate leads to a greater number of closed deals. According to the survey by Wyzowl, 81 percent of organizations that implemented video marketing saw an increase in sales.

Brand loyalty

In today’s world, consumers usually have a wide choice of similar goods and services. Hence, trust in a particular brand has become a key differentiator along with the price and quality. Online videos help organizations build strong brand loyalty by showing buyers that a company cares about serving them well. Because not only do videos entertain but they also explain and educate.

One major video marketing benefit in particular, according to one study, is that 64 percent of digital buyers are confident buying from an online store after watching a product video. This is also important in the long run, because it helps online retailers create a base of loyal return customers.

Search engine optimization

Google loves videos
Image credit: moovly.com

Enhanced SEO is also an essential video marketing benefit. If you’ve ever participated in discussions with marketers, you might have heard that Google loves videos. While that’s not quite the case, a website that contains videos is more likely to show up on the first page of the Google search. However, this does not happen because the King of Search Engines has some special rules related to video content.

The reason is that internet users stay on websites that have embedded videos for a longer time. As a result, Google “thinks” that these websites have content of the high quality and shows them above other search results. According to a study, video content can increase a website’s chances to reach the top of Google’s search results by more than 50 times.

Video content is a new industry standard

people and computer screens

The importance of video in marketing is so significant not only because this type of content brings many advantages to a business. Online videos have already become a new industry standard. This means that most people treat them as a must-have element of a brand’s online activity.

In particular, 85 percent of buyers said that they would like to see more videos posted by companies they buy products from. One of the reasons is that video format allows for conveyance of a greater amount of information in a clear and efficient way. Hence, consumers need to spend less time on research. And this is a huge benefit of video marketing for digital buyers.

On top of that, as many as 81 percent of organizations use video content for marketing purposes. So, basically, if you do not utilize videos as a marketing tool, you deliberately agree to put your business at a disadvantage.

To provide you with the bigger picture: Global video marketing revenue reached almost $28 billion in 2018 and it is expected to grow by 14.6 percent year-on-year. The next big question is how do you take part in this and start profiting from the various video marketing benefits?

How to create an engaging video

It goes without saying that there is no single video that will do all the work. There’s no magic formula that allows you to tap into the video marketing benefits that are out there.

To create successful marketing campaigns, marketers should choose among different types of video content depending on the stage of a buyer’s journey, purpose, target audience, etc. However, there are some best practices that will help you make any online video compelling and boost  customer engagement.

Keep it within 2 minutes

People watch online videos because they allow them to get necessary information about a product quickly. Hence, if you try to cover every single detail in one explainer video, it will become endless and no one will actually watch it until the end. The optimal length for product videos constitutes 1-2 minutes. So it is recommended to stay within this range so as not to lose customers’ interest and attention.

video length table
Image credit: searchenginewatch.com

Tell a story

To get all the benefits of video marketing, you not only need to show your products. You have to show them in a way that will make the viewers want to buy such products.

In other words, your online videos have to evoke emotions. For this reason, focus not only on messages you want to deliver to customers but also on a storyline that will relate to your target audience. A great example of such videos is “Let’s build” by LEGO.

Make it actionable

A good product video should be both inspiring and actionable. This means two things. First of all, you should tell viewers about an action you want them to take. Basically, include a call to action, like “buy this product”. Secondly, you should provide viewers with an easy way to take this action.

For instance, you can place a link to a product page under a video or include interactive elements in a video. The latter option is, of course, much more efficient and innovative. It used to be quite expensive (and time consuming), but recently the situation has changed. Now, you can create shoppable videos in a few clicks without spending a fortune on custom development. Let’s talk about this in greater detail.

How DUZY tv can help you capitalize on video marketing benefits

With DUZY tv’s patented solution, online retailers can make interactive videos by simply registering on the platform and connecting their e-commerce store to it. The shoppable videos they will receive in return will allow customers to make a purchase without leaving a player. In short, it allows you to take full advantage of the wide range of video marketing benefits.

The only thing buyers will need to do is click on the plus icon inside of a video ad. For example, if a viewer likes a T-shirt featured in the ad, he or she will be able to buy the T-shirt. All while still enjoying the video featuring it.

DUZY tv

How can this help make a video marketing campaign more effective? The main advantage of shoppable videos is that they shorten the distance between a buyer’s desire to buy a product and the actual purchase. This is because customers don’t have to go to the online store and spend time searching for the item they saw in the video.

Since the buying process becomes fast and simple, the engagement rate increases as well. As we can see, videos created with DUZY tv’s patented solution results in a 45.71 percent engagement rate. In comparison, the average engagement rate of Instagram videos is 1.73 percent. Naturally, this leads to an increased conversion rate, the greater number of sales and, consequently, higher profits.

In short; take advantage of video marketing benefits

Internet users are more inclined to watch videos than read articles. That’s why video must be an integral part of marketing strategies for any business that strives to grow. It significantly improves how you engage new buyers, retain existing customers, and overtake your competitors.

However, to be a step ahead of the rivals, just creating engaging videos is usually not enough. Companies must also be innovative and make these videos actionable. DUZY tv’s patented solution is an easy, efficient, and cost-effective way to craft shoppable videos that will skyrocket your e-commerce business. Allowing you to take full advantage of the wide range of video marketing benefits.

Want to make your business grow and thrive with DUZY tv’s shoppable videos? Register now!