Global consumers willing to pay a premium for better product information
The world’s consumers are increasingly aware of the importance of rich, accurate, and consistent product information, and will reward brands that deliver strong product experiences — or punish those that fall short, according to a major global survey
The survey, conducted for Akeneo in February 2021 by Opinion Way, saw 3,500 consumers from seven countries on four different continents share their views on B2C product experiences. Among the survey’s key findings:
- Almost half of the consumers would pay a 10% or greater premium for accurate product information, with even 7% willing to pay over 50% extra.
- More than half of shoppers would also pay more for products featuring clear information about brand values such as carbon footprint, product miles, or responsible sourcing information.
- Three-quarters of consumers would switch brands following a bad experience with product information.
- Four out of five consumers would abandon a planned purchase, and almost six out of 10 would return a product if they encountered flawed product information.
The survey also found that consumers all over the world now routinely use modalities such as search and social recommendations to research products online before making in-store purchases, and almost four out of five shoppers are interested in receiving product information using new technologies such as chatbots, virtual reality, or voice assistants. While in-store sales representatives remain highly trusted sources of product information, 81% of consumers say they conduct online research before deciding on an in-store purchase.
“Consumers encounter product information every time they make a purchase, and they’re increasingly proactive about seeking out clear, accurate, and consistent product experiences,” says Fred de Gombert, Akeneo’s CEO. “This survey shows that all over the world, consumers expect brands to deliver strong, product-driven experiences — and that as consumers grow more discerning about product information, they’re increasingly willing to pay a significant premium to reward brands that get this right.”