According to HubSpot, including a video on a landing page can increase conversion by 80%. It’s the high time you know Goodvidio, an application that helps you increase sales on your eCommerce store using product videos from social media.
Company and product name
Where are you headquartered?
Goodvidio has offices in Sheffield, UK and Thessaloniki, Greece. Our sales efforts are focused on the UK and the US, so part of our sales team in UK-bound. Our engineering and curation teams are located in Greece.
What does the company do?
Goodvidio is a conversion optimization solution for eCommerce, helping online retailers and brands use the power of videos from social media to engage and convert shoppers. Goodvidio makes the discovery, curation, publishing, and management of product videos from social media possible at a whole new level of effectiveness and scale for eCommerce. Using on-site product videos as conversion optimization tactic is oftentimes a missed opportunity due to cumbersome video sourcing and management. Goodvidio helps automate the effort while focusing on maximizing the conversions.
What is unique about the company?
Unlike other video solutions for eCommerce that focus on video creation, Goodvidio allows eCommerce businesses to capitalize on the wealth of video content about products readily available on social media sites such as YouTube. 49% of consumers search YouTube for product reviews before purchasing. Goodvidio helps eCommerce stores bring to their product pages the most relevant product videos in order to engage shoppers and increase conversion rate by 80%.
Another thing that sets Goodvidio apart is integrated A/B testing function that allows each store to find out not only the impact of videos on its conversion rate, but also what kind of videos are most effective for converting its visitors.
What have you learned from early versions of the product or service?
We’re a rapidly developing company, so our service has progressed a lot since the first versions we had back in 2014 when we had just started. We are a customer-centric company, so our software evolves as we discover and learn more about our customers and their growth aspirations. For instance, over the past year we have learned that Goodvidio is not a good fit for online stores that are just starting out and do not have a significant traffic. We have fine-tuned our service to answer the needs of well-established and fast-growing eCommerce stores who know the value of video and need an efficient solution to make product videos work for conversion optimization. We have also modified our pricing, based on the feedback of our customers to make it more convenient for them to use our service.
What early traction has the company gotten?
What helped us a lot initially is gaining the trust of large multi-brand corporations such as Mondelez International who expressed great interest in running our service on some of their brands’ eCommerce sites. The early success and massive increase in the conversion rate and visitor engagement Goodvidio brought to their brand Tassimo lead to further adoption of our service. Right now Goodvidio runs on the sites of their globally known global brands such as Tassimo, Cadbury and Oreo. Besides global eCommerce brands such as Mondelez and Deutsche Telekom, our customer base also includes European small-medium sized online retailers such as Travis Perkins, Golf Online, and others selling consumer goods, such as electronics, beauty, sporting goods, baby products, appliances, gadgets, and accessories.
Why does your company have high growth potential?
Video is the most effective ways of achieving conversion rate growth on eCommerce sites, alongside with user-generated content from social media.
96% of consumers find video content useful when shopping online. Consumers are 64% more likely to purchase from an online retail site after viewing a product video. 52% of shoppers say that watching product videos makes them more confident in purchases. Conversion rate increases 30-160% on eCommerce sites where product videos are present.
52% of marketers agree that video outperforms other types of content in terms of ROI. However, the implementation of video in eCommerce, especially in the form of user-generated content from social media is still not used to the full potential. 54% of marketers report lack of effective ways to track and report how visual assets such as video affect conversions. So, there’s a huge potential for growth, as eCommerce businesses explore ways to use videos from social media to increase conversion rates. Goodvidio solves the problem by automating video discovery, curation, publishing, management and optimization, and allowing eCommerce stores to focus on results and eCommerce KPIs.
Who is a founder?
Goodvidio was founded by Kostas Bratanis and Dimitrios Kourtesis, both of whom are graduates of the University of Sheffield in the field of computer science. Before founding Goodvidio, they worked in research areas such as software engineering and quality assurance in cloud platforms, intelligent information management, and cloud computing
Who are the company’s competitors?
Goodvidio’s competition can be versatile, depending on the level of complexity of Goodvidio’s features you’re looking at. For instance, at the level of video discovery and curation, our competitors include visual commerce platforms that help brands aggregate user-generated content such as Olapic or Yotpo. We also compete with tools for automated product video creation such as Treepodia. At the higher-level features such as video optimization, we stand alongside A/B testing and conversion optimization tools for eCommerce such as Optimizely. However, we do not have direct competitors who have one-to-one match with our service in terms of its breadth and depth or in terms of the focus on product videos from social media.
How do you plan to scale in the next 12 months?
In the past six months we focused our product efforts in developing integrations for the popular eCommerce platforms such as Magento, Shopify, and WooCommerce. One of our goals is to make our service more accessible and easier to use for the merchants running their stores on these platforms. Right now Goodvidio integrations are available for Magento, WooCommerce, and BigCommerce, with Shopify and PrestaShop coming up by the end of this year.
Maybe it’s time to consider Goodvidio in your e-business? Let us know!