The ways that 360 product videos impact your eCommerce business
Crossing the divide from 2019 to 2020, it seemed that product video was emerging as the next ‘big thing’ for eCommerce, and that 360 product video was about to come into its own. Even Amazon started making the feature available for its sellers.
Today, in this article, you are going to learn:
- How 360 video will help to increase your eCommerce conversion rates and sales — fast.
- What your competitors are doing and what you must do about it.
- What your customers expect to see when they visit your eCommerce platform.
- How 360 video can solve 4 of the 7 reasons your customers abandon your product page before purchasing.
Afterwards, be sure to check out our current free 360 video offer at the end of this page!
360 product video for eCommerce does all of these — and more.
Now that we are well into 2021, with a global pandemic (hopefully) at our backs, it is time to pause, take a breath and decide where product marketing is going next.
And the indications are that, even as some lives return to a version of normality, many of the adapted lifestyle changes that have been made are now permanent — including our increased reliance on eCommerce and all types of online shopping.
Fortunately, marketers and surveyors have kept busy over the past year, and we have a pretty clear idea about the direction in which we should be heading.
First, according to the latest data from HubSpot, it is worth noting that 91% of marketing professionals think that video has become even more important for brands over the past year.
In the same survey, they noted that more than 99% of current video marketers plan to continue using video in 2021 and that a whopping 96% plan to increase or maintain their video budget.
Almost 50% of them believe that competition will be harder because the pandemic made video a necessary investment.
HubSpot continues “Of course, while oversaturation is a challenge, it isn’t an insurmountable one. It simply raises the bar in terms of content quality. Your videos will need to be well-planned, and very well-executed.”
Elsewhere, Animoto reported that 96% of consumers find video helpful when deciding to purchase, and 73% of buyers stating that watching a video makes them more likely to buy.
If you need more convincing about the power of video for marketing, you can find a lot more data on this subject in our article Will video marketing help my business?
“Of course, while oversaturation is a challenge, it isn’t an insurmountable one. It simply raises the bar in terms of content quality. Your videos will need to be well-planned, and very well-executed.”
360 product video for eCommerce
Getting your product even seen online in today’s market is a challenge. Getting it to stand out and be noticed even more so.
And this is where 360 product video will help to increase your eCommerce sales — fast.
In the latest report from the Competition and Marketing Authority (Online platforms and digital advertising — 2019), the UK Government estimated that around £14 billion was spent on digital advertising in the UK alone in that year, with around 80% of that spent on Google and Facebook.
Of that, display advertising expenditure was over £5 billion.
So whether you are actively advertising, or even just listing your products on your eCommerce platform, you need to be constantly considering and monitoring two elements:
- That you are listing the right product in the right place (eg. being seen by your target market)
- That you are getting maximum ROI from your advertising and listings
The following insights regarding your visual content tackle the second challenge; the first is a matter for your own research to determine.
In other words, identifying the right product and the right market is not enough — you need to then market your product in the right way.
Using 360 product video to promote your product
Once you have established your product and platform, getting it noticed becomes the priority.
360 product video is not yet the baseline standard — but it is fast becoming that way. So the sooner you adapt and adopt, the better.
According to a major Salsify report, eCommerce customers want more and more visual content. They report that today’s online consumers expect to see at least eight images per product.
As you can see above — the number one complaint of consumers abandoning a product page was not enough information or detail provided. Quality images provide a lot of this detail — whilst also taking care of the third-highest complaint (concerns about authenticity) and clearly the fourth — the problem of low-quality images and video.
In fact, lack of enough video or photos is in sixth place as well — so you can see how many issues can be addressed simply by providing high-quality product video.
HubSpot adds to that with the conclusion that almost nine out of ten people report wanting to see more videos from brands in 2021.
Back to Salsify again — the same report breaks down what consumers want even further (diagram below):
Customers want more visual content than you think — take a look at the right-hand graph. Two of the largest spending groups (by age) expect to see 4–5 product videos when they shop online!
The result of all this? 360 product video has become the most powerful tool for online shopping across eCommerce platforms.
According to a study by Adobe, 91% of medium-to-heavy consumers online believe a 360-degree product viewer is a must-have.
And that is why the 360 product video for eCommerce has become the latest trend in the online shopping experience.
91% of medium-to-heavy consumers online believe a 360-degree product viewer is a must-have.
The importance of 360 product video for eCommerce stores
So why does a 360 product video make such a difference?
Simply put — it addresses consumers’ biggest concerns when shopping online today.
66% of shoppers who buy online say that 3D and segmented reality visuals (360 videos) increases confidence in what they are buying.
A vast majority of the population are visually predicated; that is, their eyes and what they see are the dominant factor in their thinking and decision-making processes.
The most successful eCommerce businesses understand this and cater to it.
360 product video allows the consumer to see the product close-up, from every angle and gives them the freedom to inspect it (almost) as if they are in-store and handling it personally.
It is the online equivalent of a test drive.
They are the single easiest and most cost-effective way to address the majority of concerns that consumers have today when buying online.
How 360 product videos will help you sell more
We have taken some time to lay the groundwork and explain the data and the reasons behind why 360 product videos work.
But — as ever — the real question is how will 360 product video boost your eCommerce sales?
A recent study conducted by Internet Retailer Magazine demonstrated that 360 product viewers increased sales conversion rates by 13%.
In research conducted on behalf of WooCommerce, it was found that improving the product visual experience overall can increase sales by up to 40%.
For anyone in eCommerce, the ability to wave a magic wand and increasing sales by 13% (or even 40%) sounds like it would be the quickest decisions made in the history of online selling. There really is nothing to debate.
360 product videos simply help you to sell more — faster.
And the good news doesn’t stop there!
As well as making you money through extra sales, 360 product video can also save you money.
Barclaycard has had research conducted which demonstrates that superior visuals give the consumer more confidence in the product purchasing process, as well as in the product itself. This, in turn, can hugely reduce product return rates.
WooCommerce claims that the accuracy of visuals can reduce returns by nearly 50%, saving time and money for both you and your customers.
360 product video has come a long way fast, in the last couple of years, partly spurred on by the sudden changing needs of the consumer, and partly by rapid developments in technology.
What is clear is that the market is getting more crowded and the competition is getting increasingly tougher — so treading water is even less of an option than it was before.
Maintaining an edge is now a business fundamental for all eCommerce, and 360 product videos currently provide that edge.