Consumer Behavior
Survey: Consumers will reward brands delivering strong experiences
April 9, 2021
Today's global consumers are willing to pay a premium for a strong, values-driven product experience and punish those retailers that fall short in delivering such an experience.
That's a prime finding of a global survey from Akeneo, a product experience management provider.
The survey, conducted in February 2021 by Opinion Way, polled 3,500 consumers from seven countries on four continents regarding business-to-consumer product experiences.
More than half of shoppers would pay more for products featuring clear information about brand values and 10% are even willing to pay a 50%-plus premium, according to a press release on the survey.
Specifically, consumers would like to see these key brand values shown in product descriptions and catalog information:
- Certificates and quality labels (62%).
- Brand and products history (50%).
- Respect for the environment / sustainability (49%).
- Product origin (46%).
- Fairtrade / responsible sourcing (39%).
- Social commitment (27%).
Three-quarters of consumers would switch brands following a bad experience with product information, four of five consumers would abandon a planned purchase, and almost six out of 10 would return a product if they encountered flawed product information.
While in-store sales representatives remain highly trusted sources of product information, 81% of consumers said 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," Fred de Gombert, Akeneo CEO, said in the release. "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."
