How Retailers Can Drive Revenue with Video Analytics

Video has become an essential piece of the retail buying journey. More effective than text or static pictures alone when it comes to explaining features and benefits, customers are starting to expect quality video content when purchasing or researching products. But while content may be king, any video campaign requires accurate measurement in the form of analytics in order to optimize for success. Eliot Towb, a product manager for GoodData client Invodo, shared some key insights on video analytics in his article “Why Online Video is Essential to Omnichannel Success.”

“You must have analytics in place to get the most out of your video program,” Towb writes. “Without analytics, you will not be able to detect site issues or changes that reduce the impact of video, and ultimately, the increased conversion that follows from a well-executed program.”

Towb goes on to present three sets of analytics that can help online retailers maximize revenues from their video content:

• Engagement metrics (View Rate, Completion Rate, Sharing) that tell the retailer how often and how long customers are interacting with its videos, as well as how likely they were to share videos with their communities.
• Satisfaction metrics (Ratings, Comments) let retailers know whether customers found the content helpful and how well it met other expectations. “Comments are especially valuable for product videos in determining whether you have the right feature content in your videos,” Towb notes.
• Conversion metrics (Cart, Purchase Activity) represent the impact the retailer’s video content has on their bottom line.

Read the full article here.