By Marty Roberts, SVP of product strategy and marketing at Brightcove
E-commerce continues to drive retail sales in Australia. It’s forecasted that 76% of the Australian population will use eCommerce services in 2023. As more businesses integrate e-commerce into their business model, it is harder for brands to cut through the noise and create meaningful relationships with consumers.
Online video provides new opportunities for businesses to engage consumers and increase sales conversions. Research by Brightcove reveals that 8 out of 10 consumers rely on video to make online purchase decisions.
While incorporating online videos may seem straightforward, a lack of strategy can result in wasted resources and a low return on investment (ROI). A smart video strategy enables businesses to maximise the impact of video on e-commerce revenue, while also enhancing brand image.
A three-pronged approach to executing a smart video strategy
The video experience is key to any online video strategy. Fast loading times, high video quality and accessibility all improve a potential consumer’s perception of your brand and therefore, their intention to purchase.
As the demand for high-quality videos grows, it is even more crucial that businesses invest in a lightweight online video platform that is regularly updated to ensure optimal performance. Adaptive bitrates are another feature that allows video quality to adapt to available bandwidth, ensuring viewers can enjoy videos with minimal disruptions.
Finally, accessibility is not only important for those with disabilities, it also enables businesses to reach audiences who may choose to view the video without audio. Brightcove partnered with 3Play Media to provide a range of options to improve accessibility, such as closed captioning, live captioning, transcription, and audio description.
Interactivity is one of the most powerful tools to drive engagement and sales online. Whether your video is live or on-demand, there are opportunities to involve the audience, build brand loyalty and increase conversions.
For example, Brightcove Interactivity allows businesses to add polls, live chats and call-to-actions on videos through a range of overlays. However, more interaction is not necessarily better, as too many pop-ups and prompts can become confusing and distracting. It is best to start with no more than three interactions per video, while ensuring those interactions enhance the video’s goal.
Ad monetisation opportunities
Businesses can also take advantage of ad monetisation as a way to increase revenue returns that can be invested in their video strategy and ultimately grow their business further.
Ad monetisation involves inserting ads into owned video content, thereby generating additional revenue. Companies can then leverage that income to enhance their video strategy, creating higher quality and more engaging content for their audience. When carefully implemented, brands can take their video strategy to the next level without impacting the video experience. For example, Brightcove’s Ad Monetisation service optimises its ad server for efficiency, enabling businesses to insert ad content seamlessly, whether it is a video ad or overlay.
Video offers exciting potential for businesses looking to boost their e-commerce offering. However, it is crucial that they take a considered and strategic approach to their video strategy to be successful and maximise ROI. By investing in a quality video hosting platform, businesses can ensure they are delivering the best video experience while also having access to ad monetisation solutions that enables businesses to reinvest in their video strategy.
Top Image: Marty Roberts