Animoto, a cloud-based video creation service, polled 1,051 US adults for its Online and Social Video Marketing Study as it sought to learn about their perception and experiences with video marketing as a promotional medium.
It found that Generation Y was heavily reliant on video in much of their engagement with companies. "Video is no longer optional for brands and businesses looking to market to millennials," it said.
The study revealed that seven in ten millennials were likely to watch a video when shopping online and eight in ten found video helpful when researching a purchase decision online.
And while 62% of this group would rather watch a video than read text, it was also the case that the addition of video increased the likelihood of them reading a newsletter from a company.
"There are 80m millennials in the US alone and their craving for online video as a preferred communication channel is growing" said Brad Jefferson, CEO and co-founder, Animoto.
"Video is an effective way for businesses to share their brand voice and story," he added, pointing out that it is now possible for companies of any size to create professional-grade videos to reach this audience and increase business.
The impact is potentially significant as the survey revealed that millennials were 150% more likely than Baby Boomers to comparison shop with video while in-store, and 146% more likely to watch a video if was available on a company's site while shopping online.
These habits reinforced Animoto's claim that brands should strategically incorporate video into their online presence to assist millennials throughout the purchase cycle.
Data sourced from PR Newswire; additional content by Warc staff