This is the IRCE Featured Address, How the Video Experience is Transforming the Way People Shop, presented by Sukhinder Singh Cassidy, Chairman & Founder - Joyus. Joyus made their default experience shop by video instead of shop by product.
78% of consumers watch at least one online video per a week.
Video accounts for 50% of mobile traffic.
Content and commerce convergence is here - provide excellent video content.
Shopping at Joyus is video-focused. Video player is the product page, with a carousel on the side that allows you to add the product currently discussed in the video can be purchased.
Use product videos to give how-to content, show different looks, etc. Don't use it just to show different views of the product.
Video commerce is about the art of Selling Special. Video is a way to focus the customer's attention. It works best for a curated selection, not an overly wide selection.
Video-first commerce requires great merchandising, finding hero products, trusted expertise, product-led selling.
Find hero products. Make sure it's a solution to a real problem your customers face. Provide a way for customers to discover new brands and products. Make sure these products are unique.
Establish credibility, trust & affinity with the right expert in your product videos - again and again. Use the same expert in your videos - it establishes a connection between the customer and the expert in the video. They'll come back and buy more because they establish trust for that person.
It’s better to bring your best product experts in to your product video project and then train them on the on-camera skills. Authenticity is important.
Videos should feature 1-4 products max, showing the best product first, with 3 unique selling points. Single product videos outperform. Keep them to 30 seconds to 3 minutes.
Measure video ROI through revenue per video. Some of the best videos take 1-2 years to mature.
Effective videos have 0.5% - 5% video view conversion rate, $0.50 - $2.00 revenue per view.
30-60% completion rate on video - once a user commits to watching a video, they tend to finish it.
55% of users will watch the video no matter what product or host - they find the video entertaining.
Capture maximum video ROI via aggressive distribution - distribute your video to as many places as you can.
Editorial partnerships drive reach for your videos.
Distributed & real-time shippable video player is critical to success - this way when video is embedded on other sites, users can buy directly from the video.