Consumer Behavior

Consumers more price-conscious these days

Adobe Stock

June 27, 2023

Cost-of-living concerns are prompting 66% of consumers to spend more time validating before making a purchase and 60% will abandon a purchase if they obtain bad product information from any source.

Those are top findings from a global Akeneo survey, "Product Experience Satisfaction Around the World."

The findings revealed that consumers expect reliable, rich, consistent and informative product experiences across all channels where they interact, according to a press release, and results indicate consumers worldwide continue to prioritize purchasing from brands that have similar values to their own, expect easy returns and are open to utilizing emerging retail technologies.

Additional findings include:

• 84% researched products online before buying offline (in a store), and 77% have browsed products in-store but purchased online.
• 54% of consumers have returned a product due to incorrect pre-purchase product information and 40% of consumers rank an easy return process as one of the top two services a retailer should offer.
• Nearly 66% of consumers are interested in utilizing one or more innovative technologies when shopping, including chatbots, voice assistants and VR tools.
• Compelling shopping experiences creates loyal customers: Nearly 66% of consumers say they would become a loyal customer if a brand/retailer offered a more compelling shopping experience.

"There is a lot of talk about "digital shelves" which of course are important to shoppers. However, year after year our surveys confirm that consumers are interacting with brands across online channels as well as in-person, highlighting the importance of an omnichannel product experience strategy, not just a digital one," Kristin Naragon, chief strategy and marketing officer at Akeneo, said in the release. "If your products' stories are not showcased everywhere your shoppers are, you are not delivering on the customer experience promise that you committed to the board and to your customers. This means that your CX strategy cannot exist without a product experience strategy. This report acts as a tool for retailers to understand consumer behavior, build great product experiences and apply that experience to every shopping and post-sale channel."