Product videos seem to be the next defining factor for purchase on e-commerce platforms. Snapdeal, one of the popular online marketplaces, had introduced videos for product listings in January this year. The move has helped the company boost sales, which jumped 30 per cent after the introduction of video listings.
The e-commerce platform has added a wide range of product videos on its app. However, the feature is available only on the Snapdeal mobile app. Placed under 'SD TV' category, these ten seconds videos have visuals of the product, displaying utility and key features of the same. These videos are available for all products except books. However, when checking out on the mobile application, visuals did not appear to be of high quality.
Rajnish Wahi- Senior Vice President - Corporate Affairs and Communication, says, "Videos help buyers make an engaging and informed decision. More than 75 per cent of Snapdeal's buyers are from tier-II and tier-III cities. Product videos help overcome language and literacy barriers. These videos also help buyers discover new and interesting products. It is aligned with Snapdeal's positioning to provide a fun and engaging discovery-led online experience for its users."
Snapdeal believes that the product videos are a boon for seller brands because they cannot afford to display their products in print or TV, a costly way of advertising. Snapdeal along with providing a video platform has been shooting videos for sellers.
"We have created a huge and growing library of short-format videos to help users get an enhanced idea about the functionality of a product, which is important given that a significant number of products that we sell could be lesser known seller-brands or a product that consumer has never seen before. Videos have helped us drive sales. Ten-second videos of products are far more captivating and help buyers make decisions faster than static pictures of the products concerned," adds Wahi.
According to the company, more than 70 million users visit Snapdeal every month to browse through and buy from nearly 200 million SKUs listed by nearly 500,000 registered sellers. In the last two years, the company has seen 60,000+ new seller partners come on board adding over 50 million new listings. Snapdeal was founded by Kunal Bahl and Rohit Bansal in 2010. The company has received several rounds of funding from SoftBank, Foxconn Technology Group and Alibaba Group, among others. The company is valued at over $5 billion.