The democratisation of video content and the popularity of social media sites like YouTube are changing the way that ecommerce sites operate, and one start-up, based in Greece and London, is emerging at the forefront of that change.
Goodvidio is a “conversion optimization service”, founded in 2014, that helps online stores increase sales by automating product video discovery, curation, publishing, video management, and optimization.
This week the start-up announced that it has now raised a total of $1m of seed funding, from the National Bank of Greece, and from the Jeremie Openfund II, as well as angel investors.
Goodvidio also announce today that the service has been launched out of beta and is now available for public sign-ups. Brands with an online presence and ecommerce stores can apply for a 15-day free trial with the subsequent subscription service starting at $149 pcm, with the most expensive subscription, which includes features such as A/B testing, advanced engagement and conversion insights being $999 pcm.
The company say they will be integrating with two renowned ecommerce sites, Magento and WooCommerce, as part of the launch, and have also revealed the results of their beta trials, carried out with more than 40 international brands including Tassimo, Mondelez, Travis Perkins and Deutsche Telekom, which suggest that Goodvidio’s service is able to deliver increases of up to 80% in sales conversion rates, 340% increase in session duration, and reduce bounce rates by 70%.
The product has been praised by brands’ staff including Paula Sweetman, Digital Engagement and eCommerce Manager at Jacobs Douwe Egberts, who said “we have been delighted with the collaboration with Goodvidio – the execution has been seamless, the results impressive and the team are exceptionally well-versed in meaningful metrics.
High praise indeed – Goodvidio co-founder and CEO Dimitrios Kourtesis explains the company’s mission thus: “”64% of purchases made online are now being influenced by videos shared through YouTube. We want to help online retailers bring this invaluable content from social media into their product pages and make the online shopping experience so much more intuitive and convenient, resulting in increased sales.”
The company are amongst the first to address what seems now like an obvious niche – products are becoming increasingly centre stage on sites like Facebook, YouTube, Snapchat – think of the “unboxing” phenomenon – and yet ecommerce sites rarely display product videos, or if they do, they are often poor quality.
Why pay for a promotional video when a dedicated You-tuber has already reviewed your product in the minutest detail and made the video accessible to everyone. All you need to do is find it, and display it. Goodvido provides the platform to do this quickly and efficiently.
“We believe the play button is the most compelling call to action and it deserves its rightful place in ecommerce” say Goodvidio. “We want to build a bridge between user-generated video content and ecommerce that leads to tangible results.”
Goodvidio were finalists at Seedcamp Week in London, 2014, as well as finalists at Retail Week Live 2015 Innovation Campus, and placed third in the “most wanted E-Commerce start-up in Global Startup battle 2013.
It’s great to see a start-up growing in the traditional; lean, agile style, ticking each box as it progresses from the idea stage, to the build, testing, beta, and finally full scale launch, with funding.
Disruptive, clever and resourceful, Goodvidio is an affordable marketing outlet for early stage ecommerce sites, and who knows what it could do for larger sites with serious budgets. The integration of video into all things digital has had a sense of inevitability about it ever since Facebook decided to go “full moving picture”.
The ongoing popularity of what many see as the humble, some would argue outdated shopping channel is evidence that product videos work, and so, we also know, does eCommerce.
Watch this space?