We’re pleased to be cited as a source in a recent Forrester Report on adoption of online video. A few highlights from the report:
Any impact video has now may be the tip of the iceberg, as a minority of consumers currently view video on product pages – yet video drives substantial conversion improvement. As more users adopt viewing videos, it follows that the conversion uplift will increase.
The report, by Patti Freeman Evans with Cristina Bugnaru and Brendan McGowan, reaffirms that high growth in this space is just around the corner – and that forward-thinking online retailers are incorporating video into their plans.
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I was blown away by the quality of the report sheerly from the perspective of how broadly it covered online video in e-commerce. The growth rate, 68% this year among Top 50 retailers compares to 18% last year from Top 50 retailers, was astonishing.
Justin
Couldn’t agree more, Justin – it’s exponential growth in implementation. I view that as a leading indicator of exponential growth to come in two areas.
First, we’ll see growth in depth of implementation: as retailers go from video on a few key pages to video across all product (and other pages), we’ll see a massive increase in the demand for content and for a scalable way to get that content to the needed locations efficiently. Second, there’s plenty of room for similar growth in end-user acceptance and consumption.
So, in short, we’re in a market that’s seen huge growth over the past year – and yet the true eCommerce video boom is just ahead of us. That’s great news for both of us as well as for online retailers and shoppers.