Most marketers are no strangers to the power of video, so why is this format often left out of their retail media playbook? As the retail media market continues to grow, so will the importance of creating richer, more immersive advertising experiences that will capture consumer attention and inspire purchases. Video is perfectly poised to fill the gap in the current retail media landscape.
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Here Are 10 Reasons Your Retail Media Strategy Should Include Video:
1. Consumers prefer video content. 80% of consumers prefer to watch live videos over reading blogs (1) and 66% of consumers said they prefer watching a video compared to reading about a product (2).
2. Video Ads Have Higher Engagement. The average click-through-rate for video ads is 7.5x higher than display (3).
3. Video Influences Consumer Purchase Decisions. 84% of people say they’ve been convinced to buy a product or service by watching a brand’s video.(4)
4. Video Improves the Customer Experience. 60% of shoppers said livestream content improved their online shopping experience (5).
5. Video Helps Shoppers Understand Products. 96% of people have watched an explainer video to learn more about a product or service (6).
Videos Are Also a Powerful Tool for Marketers
6. Videos Build More Brand Awareness. Research suggests the average user remembers 95% of a message when it is watched, compared to just 10% when it is read. This means prospects are more likely to remember your message via a video ad than an image or text ad (7).
7. Videos Help Brands Build Trust. 52% of marketers say that video helps them build trust with potential customers (8).
8. Video Increases Overall Campaign Performance. Campaigns that combine both display and video ad formats, on average, record a 320% increase in detail page views and a 150% increase in purchase rate compared to display-only campaigns. (9)
9. Videos Help Boost Sales. 78% of marketers say video has directly helped increase sales (LemonLight) (10).
10. Video Creates Better ROI. 74% of marketers say video has a better return on investment than static imagery. (12)