Retailers Look to Expand Video, Cut Podcasts
Tight times call for drastic measures for online retailers. To many, this will mean cutting less necessary marketing tools and spending more on ones that are worthy of investment.
According to recent figures released by Internet Retailer, 43.3 percent of respondents to its “Web Site Design, Content and Rich Media” survey conducted by Knowledge Marketing said they planned to add video or streaming media features to their sites this year.
Though these are costly additions for any online retailer, early indicators may make it easier to swallow some costs now in order to grab a hold of big returns.
Jeffrey Grau, senior analyst at eMarketer, said Web retailers are reporting “a lower number of abandoned shopping carts, reduced return rates and higher sales,” among other benefits to having online product videos.
Adding online product videos to their sites is nothing new for online retailers. Recent figures released by comScore show that 34.8 million consumers in the U.S. viewed retail videos online as of October 2008, a 40 percent boost from the previous year.
Other features that retailers are eyeing for addition to their Web sites include personalized product recommendations, customer reviews and ratings, product configuration, alternative payments and blogs or forums, among others.
The rough economy has persuaded many U.S. online retailers to think about cutting some marketing programs and Web site technologies. A survey conducted by SLI Systems showed that 38 percent of retailers are inclined to cut podcasts and static display ads, while 33 percent are inclined to cut mobile technologies.
Twenty-eight percent are leaning towards doing away with interactive display ads, while 24 percent are inclined to cut online video features.
Sources:
http://www.emarketer.com/Article.aspx?id=1006883
