If you’re running an ecommerce business, then you know just how important it is to keep up with the latest marketing trends. It allows you to stay a step ahead of your competitors.
In today’s digital age, consumers are watching more and more videos. To ensure you’re reaching your target audience as much as possible, video marketing should definitely have a place within your online marketing strategy.
But merely producing video after video isn’t enough. You need to also understand the what, the how, and the why of video marketing, which includes knowing about the current video trends.
If you’re looking to get up to speed on the top video trends, look no further. In this article, we’ll present to you the top 10 video marketing trends you need to know about in 2023.
Let’s get straight to it.
1. Video Usage in 2023
One of the most important video marketing trends pertains to its usage.
According to recent research, as many as 86% of businesses use video marketing in one way or another. This is a 23 percentage point increase from just five years earlier in 2017, during which just 63% of businesses used video for marketing.
Of the businesses that currently use video marketing, nearly all (99%) say they plan to continue doing so (Wyzowl, 2022).
That’s not all. More than nine in 10 (92%) regard it as an “important” part of their overall marketing strategy, which is a testament to the effectiveness of videos.
If you’re planning to jump on the latest video marketing trends, you need to know what marketers are producing videos for. Currently, the top trending videos include explainer videos, which nearly three in four (74%) marketers create, social media videos (68%), presentation videos (50%), and video testimonials (46%).
2. The Livestream Boom on Mobiles
But just what type of videos are hot? By the looks of it, live streaming is set to be one of the most popular video marketing trends in 2023.
The numbers say it all—the average US consumer has an average of 9.5 video streaming apps installed on their mobile phones (PR Newswire, 2020).
Considering that users have, on average, around 80 apps installed on their phones. This means that more than 10% of these apps are video streaming apps.
If you need further proof of this video marketing trend, let’s take a look at its growth figures. The latest statistics show that the global streaming market has been growing rapidly in recent years.
In 2020, the market was worth $161.37 billion, a whopping 55% year-over-year increase from its value of $104.11 billion in 2019 (What’s New in Publishing, 2020). Analysts predict the sector will continue to grow and be one of the hottest video marketing trends of the year.
3. More Short-Form Videos
Live streaming aside, short-form videos will also continue to trend in 2023 (Design Shack, 2020).
This video marketing trend has been spurred by the recent launch of Instagram Reels in August 2020 and the continuous growth of TikTok.
There are a few rumors about Instagram’s plans to further develop Reels. These include possible monetization opportunities for content creators, enhanced video editing tools, an improved look, and the ability to sell products and services directly on Reels.
If these prove true, we can definitely expect to see greater adoption of Instagram Reels in 2023.
And who can forget TikTok? Not only has TikTok taken the social media world by storm, but the fastest-growing social media platform is also now on track to hit 1.2 billion average monthly active users.
To win at video marketing in 2023, short-form, fast-paced, and energetic videos are certainly among the most popular video marketing trends to focus on when planning your 2023 marketing campaign.
4. Top Video Trends: User-Generated Video Content
User-generated content plays a key role in marketing strategies and video content is no exception to this. In fact, user-generated video content ranks among the top video marketing trends in 2023.
Its effectiveness in attracting users and keeping them engaged is clear. User-generated videos on YouTube receive up to 10 times as many views as branded content. That’s not all: studies show that users who land on a site via UGC spend twice as much time on the site (Econsultancy, 2020).
User-generated video content also does a much better job of converting users into sales. The chances of these users arriving on an ecommerce site via a video UGC and carrying out a purchase are also 184% higher and these users also spend 45% more.
This is particularly effective in industries that are heavily driven by user opinions, including travel and health and beauty.
But whether or not your business operates in these industries, user-generated video content is definitely something you should be incorporating into your video marketing strategy in 2023.
5. More Online Training and Educational Videos
When the coronavirus pandemic hit, as many as 93% of households with children said they had to adopt some form of distance learning. Even though the world has started to emerge from the pandemic today, the video marketing trend of online learning is set to continue.
One of the biggest video marketing trends of 2023 has to do with e-learning. The e-learning market is expected to surge, growing at a compound annual growth rate of 10.3% from $250.8 billion in 2020 to $457.8 billion in 2026 (Report Linker, 2022).
This growth won’t be unique to school-age learners. Analysts say e-learning has become part and parcel of businesses across many sectors, including IT, retail, healthcare, and financial services.
Educational videos also currently rank among the most popular types of videos on the internet, watched by 30% of internet users. So if you’re looking to grow your ecommerce business, it’s certainly a form of content that can help to increase leads and sales.
6. Video Advertising Growth
If you need further proof of the growth of video marketing in 2023, let’s take a look at some digital video ads expenditure figures.
In 2018, video ad spend in the US totaled $23.69 billion. This year, it is set to hit $76.97 billion, an 11.6% annual increase from 2022. The growth of video advertising is not showing any signs of stopping. This figure is forecast to continue rising over the next few years and reach $91.95 billion in 2025. By 2027, video ad spend is forecast at $105.9 billion, surpassing $100 billion for the first time (Statista, 2023).
In other words, from 2018 to 2027, brands’ expenditure on video ads in the United States will more than quadruple. This means that competition for video ad space will be fierce. If you want to excel at it and be ahead of others, you’ll need to get a jump on the latest video marketing trends now.
7. Video Marketing Trends: Importance of Video in Marketing
Just what are the drivers behind these video marketing trends in 2023? For starters: the effectiveness and performance of videos.
More than nine in 10 (96%) video marketers agree that videos play an “important” role in their overall marketing strategy (Wyzowl, 2023). In fact, when asked for specifics on how videos have helped their business, nearly all of them say videos allowed users to better understand their product or service, boosted traffic, and resulted in greater brand awareness.
That’s not all—87% say video marketing has helped to increase sales and 92% believe that investing in videos generates good returns.
Given these impressive stats, it should come as no surprise that as many as 70% of marketers not currently using video in their strategy plan to start doing so in 2023.
8. Interactive AR Content
Next on the list of the biggest video marketing trends of 2023 is the growth in augmented reality (AR) and virtual reality (VR) usage.
In 2023, the AR and VR market is worth $31.12 billion. This is forecast to grow over the next few years and reach $52.05 billion by 2027 (Statista, 2023). To put this growth in perspective, this is nearly seven times the $8.43 billion the market generated in revenues as recently as 2017.
Given its rising popularity, it’s definitely something you want to consider in your video marketing strategy in 2023.
Already, popular brands like IKEA and L’Oreal have adopted VR into their online content. IKEA consumers can use the tech to visualize products in their homes without having to visit the store, while L’Oreal allows users to try on its lipsticks virtually by using their phone’s front camera.
9. The Rise of Shoppable Videos
As ecommerce grows, more and more brands are starting to create seamless shopping experiences for consumers. One of the latest video marketing trends in this regard is the rise of shoppable videos.
Shoppable videos provide interactive experiences for buyers as it allows them to purchase the product being advertised in the video ad directly from the content. This does away with having to search for the product seen in the ad, which makes for a faster and easier purchase.
This will be one of the hottest video marketing trends not only in 2023 but beyond. Already, engagement rates of shoppable videos, particularly clickthrough rates and conversions, have surpassed those of display advertising (Internet Retailing, 2020).
US tech company Clinch, which helps brands integrate shoppable features to their video ads, says that their services are in “high demand” among their clients and many are starting to launch these experiences for the 2020 year-end holiday shopping season.
10. Virtual Events Are Here To Stay
One of the biggest impacts the coronavirus pandemic has had has been on in-person events. About seven out of 10 organizers have had to move their event online in 2020 as part of the measures to curb the spread of the virus (PCMA, 2020).
Going forward, even as restrictions loosen and face-to-face events become a possibility again, it’s likely that many events will continue to be held virtually—either as a standalone or a complement to an in-person event.
In fact, almost half (48%) of all event planners expect attendees to prefer online sessions. Considering the benefits of holding events online, this is no surprise.
Virtual events save on traveling time as attendees can be there and soak in the content in just a few clicks, which opens up the event to people all over the globe. It can also save costs, because organizers won’t have to rent a physical location to accommodate dozens or even hundreds of participants.
With so many advantages, there’s definitely a place for video marketing opportunities at these events, and we can expect this to feature as one of the biggest video marketing trends in 2023.
Conclusion
There you have it: the top 10 video marketing trends you need to know in 2023.
Insights into these top video trends should help you better access how to approach your video marketing strategy going forward. That way, you can get ahead of your competitors and excel at one of the most effective marketing strategies.
If you’re hoping to use video to boost your ecommerce business, then don’t forget to also check out the 10 ecommerce trends you need to know.
Summary: Video Marketing Trends
Here’s a summary of the Video Marketing Trends you need to know in 2023:
- 99% of marketers currently using video marketing say they plan to continue doing so.
- The average US consumer will have 9.5 video streaming apps installed on their smartphones.
- Short-form videos like TikTok and Instagram Reels will trend in 2023.
- Users arriving on an ecommerce site via user-generated video content are 184% more likely to purchase.
- The e-learning market is expected to reach $457.8 billion by 2026.
- Expenditure on digital video ads is forecast to reach $105.9 billion by 2027.
- 96% of marketers say video is an “important” part of their marketing strategy (Wyzowl, 2023).
- The augmented reality (AR) and virtual reality (VR) market worldwide is expected to hit $52.05 billion in 2027.
- Shoppable videos have higher engagement rates than display advertising and will trend in 2023.
- Seven out of 10 event organizers moved their in-person events online in 2020. Going forward, nearly half expect virtual events to continue trending.
Want to Learn More?
- 10 Social Media Trends Every Marketer Should Know [Infographic]
- 10 Facebook Trends That You Need To Know [Infographic]
- 10 TikTok Trends That You Need To Know [Infographic]
- 10 Instagram Trends That You Need To Know [Infographic]
Is there anything else you’d like to know about Video marketing trends and wish was included in this article?