If there’s any more doubt over how videos can substantially augment messaging that brings leads and revenue, Phyron will put that to rest. The Swedish tech company revealed that its automated videos attract 50 per cent more potential customers than ads without videos in the new and used car market. One of their customers reported that the video ads helped sell cars three to five days faster than ads without, significantly improving the turnover of stock on their digital forecourts.
The customer, a Hungarian e-commerce company which based their findings based on a sample size of 10,000 cars sold during Q1 2022 said, “Ads using their videos get on average over 50 per cent more visits and cars are sold three to five days faster”.
The innovative video and Artificial Intelligence (AI) solution is the world’s first software solution for automated video production and distribution for the global automotive industry. The team have been working with car retailers and partners since 2019 and now counts over 1,000 customers across Europe in 65 Dealer Groups equating to 50,000 cars currently carrying a Phyron video in the ads. Since January 2021, its customers’ car videos were viewed more than 236 million times and the firm is also now expanding into the North American market.
The unique AI software and its algorithms enable it to create videos for car advertisements which can be used on OEM brand or retailer websites, as well as classifieds, across social media channels and targeted email distribution.
Not only do its automated videos save retailers huge amounts of time and money on video production, especially as there is no need for a salesperson to video any cars on site or prepare a script of key features, they ensure premium quality films of every single car in a firm’s inventory has an engaging video ad attached to it in minutes.
It works by taking a data feed from a retailer or car brand, including at least three still images and key product details. The artificial intelligence (AI) then identifies the key properties in the images, including various shot angles, interior elements and exterior highlights, and then strips out the backgrounds and replaces them with a neutral one. The unique software then adds special effects, shadows and overlays the desired product specifics and any customer offers on the relevant images, including price and retailer dealer branding.