A global study led by Brightcove has found that over 85% of consumers worldwide heavily rely on video when they shop online.
An option to watch a video for an item helps consumers gain confidence in the product they are purchasing, however, it must load quickly else they seek other options or websites.
The research found 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.
Approximately 36% of respondents claim that video is most helpful when searching for new products online, with more than half of livestream viewers saying they made a purchase off the back of a livestream shopping experience.
Patience runs thin for shoppers when videos take longer than five seconds to load, 64% of respondents refuse to wait.
Older consumers were found to have less patience than their younger counterparts. Around 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 two seconds for a video to load on a brand’s website and 64% will wait no longer than four seconds, the report read.
“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,” it claimed.