More than 85% of consumers worldwide rely heavily on video when they shop online, with it increasing confidence in what they are buying – but it has to load rapidly or they are off to a competitor.
The global study, led by Brightcove, finds that almost half of consumers worldwide (48%) say that video increases their confidence to shop online, with 71% saying that video with interactive features – such as links to purchase – are essential when making an online purchase.
Around a third (36%) say that video is most helpful in discovering new products online, while more than half of livestream event attendees say they made a purchase as a result of a live virtual shopping experience.
Almost two thirds (64%), however, say that they won’t wait more than five seconds for a video to load on a retailer’s website.
Older generations have less patience than younger generations when it comes to waiting for videos to load. Close to one in five of GenZ and Millennial will only wait less than a second, compared to roughly three in ten of Gen X and Boomers.
While 91% of those surveyed feel more confident in a purchase made on a brand’s website or marketplace than on social media, nearly half (46%) of consumers report that they will wait no longer than 2 seconds for a video to load on a brand’s website and 64% will wait no longer than 4 seconds. This expectation for flawless video delivery is true across devices as well. Three out of five consumers do most of their online shopping on mobile (61%) and desktop computers (60%).
“Video gives shoppers the ability to see and hear a real customer give their opinion on a purchase. This can be an incredibly powerful way to build trust and confidence. In fact, video content produced by other customers is the most trustworthy type of video according to over half (51%) of all consumers surveyed globally,” says the report. “For example, 81% of consumers worldwide who have purchased electronics online in the last three months report that video played an important role in their purchase. “