Boston will soon welcome top multi-channel retailers and eCommerce solution providers for a week of strategy sessions, thought leadership presentations, and high-level networking at this year’s eTail East. From monetizing social media to international expansion, the most relevant topics to multi-channel retailers will be covered. The most exciting component to this year’s conference is the addition of the Online Video and eCommerce Innovation track. As the industry has proven, online video is an integral part to any marketing mix. But the strategy behind it is complex. Below are my top picks for the sessions to attend to gain online video knowledge and strategy tips for a successful video program.
1. Panel Discussion: Best Practices For Using Online Video To Drive eCommerce
This is a great opportunity to hear online video best practices straight from the mouths of retailers. Expect the panelists to address the different options for creating video, how to utilize online video to support sales activities and the in-store experience, the partners out there to help with video, and how to monetize video content. All in all, it will be an educational panel worth attending. Tuesday, August 9th; 2:10pm; Track C.
2. eCommerce Video Innovation: Driving Revenue and Customer Engagement Across Channels
If you want to delve into video strategy and see the possibilities and the future of online video, this is the presentation to attend. Craig Wax, Invodo CEO, will be sharing tactical information on how to use video across channels to deliver business results. Attend and leave with an elevated understanding of how to drive revenue and increase customer engagement through video . Tuesday, August 9th; 2:45p; Track C.
3. Building An Innovative & Nimble eCommerce Site That Drives Customer Value
For those looking for the nitty-gritty components to a successful video strategy, this is the session for you. Ajit Sivadasan, VP/GM Global eCommerce & Sales at Lenovo, will address everything from technology to the challenges of balancing cost and flexibility, organizational challenges, and the critical success factors that contributed to Lenovo’s success. Tuesday, August 9th; 5:10p; Track C.
If the above sessions leave you wanting more online video information, stop by Invodo’s booth 55. We love discussing video strategy…It’s what we do. See you in Boston!
The 2011 Internet Retailer Conference & Exhibition is now wrapped and boy was it huge! This year’s IRCE was the largest ever. With more speakers, exhibitors, and attendees, the energy and information circulating throughout the show was abundant. I had the opportunity to speak with retailers of all sizes to learn their needs, wants, top priorities, and key session learnings. Here are three top takeaways from this year’s IRCE.
1. Social Media is here to stay. As I have blogged before, social media is a top priority for online retailers. With 700 million users, Facebook commerce is on everyone’s mind and dominated the conversation on the first day of IRCE. Retailers such as Levis and Ticketmaster shared their Facebook success stories and best practices on how grow and leverage fans. While there is still some ambiguity around social media, IRCE sessions provided great information that retailers can surely use in their quest to figure out Facebook.
2. Retailers are increasingly thinking Cross-Channel. Creating a consistent online and offline experience is increasingly more important for multi-channel retailers. Bob Cell of MyBuys and Glenn Edelman of The Wine Enthusiast shared survey results from 1,000 consumers’ cross-channel experiences and 20 retailers’ practices to meet customer expectations. At a more detailed level, Nikki Baird of RSR Research covered strategies that retailers can use to ensure that store staff understands and supports web initiatives. From streamlining internal initiatives to meeting high customer expectations, the need for cross-channel consistency is top priority.
3. Video. Video. Video. Increasing customer engagement and site stickiness is a key to online retail success. To beat out the competition, retail sites need a differentiating factor that gives shoppers what they want: a unique, informational, and engaging experience. And nothing does that better than Video. Trailblazing e-retailers such as Walgreens, who has 1,500 videos on their eCommerce site and initiatives to create content for web TV, shared their thoughts on this new age of retailing at IRCE. I predict that the Internet top 100 retailers will all have video on their site by 2012. If they don’t, I predict they won’t be in the IR 100 for too long. Video is the new media for communicating your message. Be it product video, customer service video, or promotional video, retailers are recognizing the need and taking quick action.
We know from the results our clients experience that eCommerce video drives results across a business – increased conversion, decreased returns, enhanced SEO, improved experience, and increased engagement. However, building the business case in order to fund an initial project can be a challenge for retailers.
In order to help, Invodo CEO Craig Wax recently laid out how to build a basic eCommerce video business case in Digiday. As he notes, because video isn’t a line-item in most budgets, a business case must be built. The first step is identifying the key metrics you plan to influence and setting goals. Next, you should make a plan for what products you plan to cover, utilizing the 80/20 rule. And you’ll need a plan to measure and adjust.
Whether you’re already working with video or just now considering it, it’s a must-read. The full article is here.
The primary objective of eCommerce video is simple- sell more online through the power of video. While there are many factors involved in achieving that objective, one of the most important is effective product page video implementation. Follow the 3 best practices below when integrating video on your product pages to drive maximum video results.
In web design, “above the fold” refers to the portions of a webpage that are visible without scrolling. Of course, the exact location of the “fold” differs based on browser and monitor resolution. Identify the portion of your product pages that lie above the fold and target that location for your video implementation.
Placing your videos above the fold, increases video awareness and more importantly, video view through rate (VTR). Video above the fold realizes an average VTR of 25.7% – almost twice the 15.1% for players below the fold. With a higher VTR, you increase the opportunity to convert viewers into in buyers.
PurePearls.com does a great job of “above the fold placement” in the hero position for maximum video impact.
Make your videos visible and easy to watch. Use video merchandising icons and video call-to-actions (CTAs) to draw attention to your video content and drive views.
For even greater visibility, add a text call-to-action, ex. “Click to Play” or “Click to View”, next to your video icon. The addition of text to an icon on your product pages increases your view through rate to 23.9% versus the 21.4% without.
Red Envelope, online gift retailer and Invodo client, does a great job of employing an eye-catching video merchandising icon. They chose to use an animated gif play button accompanied with a text CTA, “Watch Video.” Not only does this catch customers’ attention, but also provides a direct call to action to watch video.
Provide your customers with a consistent and brand rich shopping experience. 
Choose a video platform that allows for customization so you can implement your video to match your existing site design.
A great example is SwimwearBoutique.com. They chose to use a custom aspect ratio for their videos and implement a vertical embedded player, above the fold, in order to provide their customers with the best video experience possible. In addition, the transition from their product photos to their videos is seamless. They truly provide a shop by video experience.
Be creative and have fun with your video implementation but always remember the objective: sell more online through the power of video.
What is more exciting than the Oscars, Emmy’s and MTV Music Video Awards combined?
The 2010 Streaming Media Readers’ Choice Awards!
Voting is now open for you to choose your favorite companies, products, and services in a variety of industry categories. This year, Invodo is honored to be a nominee for the “Best Online Video Company – Content.”
You can place your votes up until October 1st. The top three vote-getters in each category will be announced on October 18th and the winners will be announced at Streaming Media West on November 2nd.
Invodo is excited to be a part of the online video industry and could not be more thrilled about our nomination. Eric Schumacher-Rasmussen, editor at Streaming Media, was equally thrilled at this year’s nominations.
“When I first looked at this year’s suggested nominees, all I could say was ‘Wow’. We received more than 250 nominations, all of which show just how vibrant the online video industry is, and how much it continues to grow. In addition to the old standbys, it’s been great to get introduced to so many new faces. And what they all have in common is a commitment to not just technological innovation but to the belief that online video continues to be a revolutionary force for communication. Check out the list of nominees, and I’m sure you’ll feel the same.” – Eric Schumacher-Rasmussen
Remember, you can only vote once in each category so make it count. Vote Invodo!
Today the people at SXSW started building the gigantic metal cage for this year’s Video vs. Social Cage Match at SXSW Interactive.
The buzz has already started over who will win this battle to the death between video and social. Craig Wax, CEO of Invodo, and Natanya Anderson, VP of Content Strategy and Delivery at Powered, will be the main contenders with Tim Walker, Content Manager at Breaking Point, as the referee/instigator.
Rounds will include:
In order to see this is epic match, you must VOTE! Create a free SXSW account here and then give the “thumbs up” to Cage Match: Social vs. Video. No ballot box stuffing – you can only vote for each panel once (but vote for as many panels as you like).
Don’t let 30″ metal cage and the intense training of both Craig and Natanya go to waste. You won’t be disappointed so vote today!
Online video continues to gain traction and popularity across the web. ComScore recently reported 170 million U.S. Internet users watched online video in November 2009, with a total of almost 31 billion videos viewed.
These are big numbers. 170 million people translates into 340 million eyes watching online video (give or take a few for all the pirates out there). The majority of these eyes, 39.4%, are watching video on Google sites such as YouTube, and others are entertaining themselves on sites owned by Hulu, Microsoft, and Yahoo.
To keep these people happy and watching, fresh content is needed. Based on the 31 billion online videos viewed, I’d say the demand is being met, and online video is being produced and pushed to the web quickly to satiate the video-hungry. My automatic thought is: With such a large and eager market, why has online video been so hard to successfully monetize? YouTube, for example, has millions of viewers and videos and is arguably the hub for online video, yet they still have not turned a profit.
When it comes to making video profitable, I like to think of online video as a unique engagement tool and NOT as a commodity. When effectively produced and distributed, video indirectly monetizes itself. Video is complex in the way it reaches, engages, and communicates with viewers, and the effect that video has on a viewer is where the value lies.
At Invodo, we see the benefits that video can have in the eCommerce space. A tool that conveys the features and benefits of a product, gives purchase cues to consumers, and solidifies a brand’s image all in one little player is an absolutely powerful thing. We produce, distribute, and manage video to help retailers and brands sell more, and it works. With 170 million US internet users watching 31 billion videos, video is without a doubt changing online behaviors and the overall eCommerce landscape. Don’t miss out!
Ahh, it’s over! Both Black Friday and Cyber Monday are now in the history books for 2009 and boy do I have some takeaways.
First of all, the answer is YES. I braved the brick and mortars on Black Friday in hopes of finding perfect gifts and maybe something for myself at incredible discounts. While seeking out all the material possessions my heart desires, I got to thinking….. Why am I in a store rather than sitting at home, shopping from my computer with a leftover turkey sandwich and piece of pumpkin pie?
Was it…..
Basically, I stumped myself on why I was in the middle of pure mayhem rather than utilizing the amazing technology available to me (a.k.a. online shopping). Then it came to me as I was looking around the department store at the beautiful Christmas decorations, smelling the potpourri just put out, and talking to a sales women who was describing a new pair of boots that would be perfect for work and going out. At that moment, it didn’t matter that I could be trampled because I was that deep into my shopping adventure.
Stores invest lots of money into retail spaces in order to create a specific and consistent shopping experience for the consumer. As any retailer knows, this is highly important for both branding purposes as well as consumer loyalty. But what about online stores? What are they doing to draw me in, keep me there, and make me buy? I have seen efforts on behalf of e-tailers to enhance and bring additional dimensions to a previously banal online shopping process but its really not enough. Consumers, like me, want more.
Until we figure out how to disperse scents through monitors, video is the next step and the key to elevating the online shopping experience. Video can literally act as a virtual salesperson describing and contextualizing products, giving the consumer a rich and interactive experience. It is inherent that online retailers see the opportunity to utilize the technology available to them to both expand their brand but more importantly, differentiate their offering.
Thankfully I have been able to see first hand the positive impact of video on retail websites. As a prime example, check out the TaylorMade R9 Driver on Golfsmith’s website versus the same driver on another website, without video. Which shopping experience do you prefer?
Come talk to Invodo to see how we can transform the way you sell online.
When you think about eCommerce video, what do you think of?
Personally, I like to think of it as pie. Now, I’m an apple pie fan – but with Invodo being based in Texas, you of course have your all-important pecan pie, and of course the classic pumpkin pie. But… why pie?
Think for a moment about your eCommerce properties. You’ve spent a lot of time and money building the sites that you have today:
Thing is, even though you have a pretty good “meal” going, something is missing. The trick to getting consumers to make that buy decision hinges upon them understanding the product you’re offering to them well enough to change their mind the rest of the way, without losing them to a competitor. Besides being comfort food, pie makes a great analogy for eCommerce video because without it, the meal just isn’t complete. Without eCommerce video, consumers will be less likely to convert than without it.
Just as importantly, you have to understand how to make a good pie – the crust, the filling, the whole deal – or you have to find someone who you trust to make a pie you won’t be disappointed in serving to your family. We’re experienced in the full lifecycle of eCommerce video. Whether you have experience producing or releasing video or not, that doesn’t matter. We’ve got success stories under our belt with customers who’ve never produced video, with customers who have, and with customers who’ve even bought other platforms that just required too much work to keep running.
At Invodo, we are skilled at production, editing, and hosting video, and have created easy to integrate API-driven eCommerce video platform. Give us a call, we can help you to ensure your eCommerce experience is all you want it to be, with fully, easily integrated eCommerce video.
Happy Thanksgiving to our customers, readers, family and friends.
Forrester’s recent analysis of six video platforms is an interesting read. On the one hand it seems comprehensive, with 37 criteria applied rigorously. On the other hand, covering only six platforms leaves most of the market uncovered. A bit of an in-depth sampler, as it were. The always-insightful Will Richmond at VideoNuze calls out this contradiction, observing that the report is useful for a “first-cut evaluation of a limited segment of the market”.
Before evaluating platforms, though, I’d ask a simple question: what do we plan to accomplish with it? As a marketer, I plan to use it to sell more products. Very specifically, as an eCommerce marketer, I plan to use it to drive conversions. When evaluating any platform through that purpose-driven lens, two truths emerge.
First, all platforms have a lot in common. The basic use case, in eCommerce at least, is simple: users want to be able to view a video of the product at the point of purchase. Speeds, feeds, and types of encoding don’t matter to the end user, although the quality of the experience matters greatly. Other features and functions should be viewed with healthy skepticism. Always ask this simple question: how does this feature help the consumer’s decision process?
Second, the platform alone doesn’t solve the problem. As a businessperson, which is more important to you: your CRM platform or your customer data? Without that customer data you don’t have a business, just a CRM platform. And without the right video content, a video platform gets you about as far as a car with an empty gas tank.
Every phase of Internet evolution starts with a proliferation of platforms and ends with the realization that content is king. Should we expect it to play out differently in the eCommerce video space?
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