Consumers happy to pay more for better product experiences
As today’s consumers increasingly adopt a research online, purchase offline approach to their buying journey, they are looking for retailers that can deliver a strong, values-driven product experience. They are also willing to pay a premium when they find those better experiences.
According to a global survey by product experience management provider Akeneo, cited by Retail Customer Experience, more than half of shoppers would be willing to pay more for products with clear information about brand values. What’s more, 10% would pay up to 50% more for products from companies that shared their values, while 82% would pay up to 30% more.
Consumers are clear about which brand values are most important to them. They are looking for values that align with their own, including:
· Certificates and quality labels (62%)
· Brand and product history (50%)
· Respect for the environment and sustainability (49%)
· Product origin (46%)
· Fairtrade and responsible sourcing (39%)
· Social commitment (27%)
The survey, which questioned 3,500 consumers from seven countries about business-to-consumer product experiences, also found that 72% would buy another product if they felt that product information wasn’t up to scratch. Meanwhile, 74% would abandon a planned purchase, and more than half would return an item if the product information was flawed.
Writing about the survey’s findings, Akeneo’s CEO Fred de Gombert explained: “Consumers encounter product information every time they make a purchase, and they’re increasingly proactive about seeking out clear, accurate, and consistent product experiences.”
He continued: “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.”
At Delta Group, we work with brands and retailers to deliver strong product experiences and connect with consumers. Get in touch with the team to find out how our marketing services can help your business deliver impact and boost sales.
