PHYRON, the Swedish video tech pioneers, has revealed the striking impact its automated videos have on the sale of new and used cars with reports of their video ads attracting 50% more potential customers than ads without videos.
Phyron customer, Adevinta Hungary, the classifieds specialists also reported that the former’s video ads helped sell cars three to five days faster than ads without, significantly improving the turnover of stock on their digital forecourts.
Adevinta Hungary, part of Adevinta Group, leaders in the Hungarian e-commerce market with two well-established brands. The figures are based on a sample size of 10,000 cars sold on their digital automotive platform, Használtautó.hu, during Q1 2022.
Phyron CEO Johan Sundstrand, said “We’ve always known that our technology was a huge help to automotive retailers, this latest data demonstrates the power of Phyron’s automated videos in the real world. Being able to drive over 50% more potential customers to a car ad gives a huge boost to the potential for a sale in the fast-paced online environment.
“In fact, it helps vehicles sell three to five days faster than classified adverts without Phyron videos. This significantly helps both private sellers and dealerships, to move cars more quickly, improving cashflow and profitability.”
Phyron’s 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 has 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 Phyron 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.
The innovative process works by Phyron 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.
Thanks to cloud computing, Phyron can process an unlimited amount of videos concurrently, taking about 10 minutes to render them all, posting them live on a single retailer or classified online auction site, or scale them across an entire network if needed. If a detail changes, such as price, or promotion, the data feed updates and the video is re-rendered automatically as part of the small video fee.
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