3 Video Lessons From Startup Joyus
How has Joyus, the San Francisco-based video shopping platform startup that's raised more than $19 million in funding, been able to realize success from its use of online video? Sukhinder Singh Cassidy, chairman and founder of Joyus, explained how via three lessons during her keynote presentation at the Internet Retailer Conference & Exhibition in Chicago yesterday.
Joyus is a video-meets-social-meets-online-shopping destination that makes short videos with experts talking about highly curated lifestyle products in beauty, fashion and fitness, and sells them to a core demographic of urban, 30- to 45-year-old women.
Cassidy said Joyus’ video view conversion rate (VVCR) ranges from 0.5 percent to 5.5 percent. In addition, its average revenue per video (RPV) is 83 cents, meaning every thousand video views produces $830 in direct sales revenue. (Joyus shares a percentage of the sales on its site with its merchants.)
Singh Cassidy is comfortable in the online technology industry. A six-year veteran of Google, she served as the search company's president of Asia Pacific and Latin American operations. After stints on the board of directors at J.Crew and style website Polyvore, as well as a year as CEO-in-residence at venture capital firm Accel Partners, Singh Cassidy launched Joyus in September 2011 with $7.9 million in unattributed funding led by Accel.
3 Online Video Lessons
Online video is integral to the success of Joyus. Singh Cassidy offered the audience at IRCE three tips for using video more effectively on e-commerce sites:
1. Find your "hero" products. The concept of a hero product is a term used to describe a company's cult products — i.e., best-sellers. "Hero products usually offer a solution to a problem, and in the beauty business that translates very well in video," Singh Cassidy said.
A hero product should also be a discovery product — i.e., it's something consumers can't easily find elsewhere. "You don't want [your hero product] to just be window-dressing for Amazon," Singh Cassidy said. "There's great value in having products from emerging brands on your site that no one may have heard of yet."