Almost half of the consumers surveyed would pay a premium of ten percent or more for precise product information, with as many as seven percent being willing to pay over 50 percent more. More than half of the buyers would also spend more money on productsif these contained transparent information about brand values. These include, for example, the CO2 footprint, product miles or information about the sustainability of the sources of supply.
Product information influences consumer behavior
Three quarters of consumers would choose another brand after a bad experience with product information. Four out of five consumers would abandon a planned purchase and almost six in ten would return a product if they clicked on incorrect product information bump. The study also found that consumers around the world now routinely rely on search engines and social media recommendations to find out about products online before buying them in-store.
In addition, four out of five buyers are open to product information that is provided via new technologies such as chatbots, virtual reality or voice assistants. Although brick-and-mortar salespeople are still considered a trustworthy source, 81 percent of respondents conduct online research before deciding whether to buy a product in-store.
Consumers expect high quality and product-related experiences
“Consumers are confronted with product information with every purchase and are increasingly proactive in their search for transparent, precise and consistent product experiences,” explains Fred de Gombert, CEO of Akeneo. “Our study finds that consumers around the world expect high-quality, product-related experiences from brands – and that they are increasingly willing to pay more to reward the brands that get it right.”
Akeneo is a solution provider in the field of Product Experience Management (PXM) and Product Information Management (PIM). The company supports manufacturers and retailers in offering a consistent customer experience across all touchpoints, in e- and mobile commerce as well as at the POS. With Akeneos Open Source PIM and data intelligence solutions, product data is harmonized, translated and processed centrally. (sg)
Also read: E-commerce trends 2021: New report from Adobe, Akeneo and TechDivision