Companies that show caution toward these innovative technologies now miss an opportunity to make their mark in the space before clear leaders emerge and win over younger shoppers. Yet when compared to consumer data, 42% of consumers said they’re more likely to purchase a product after experiencing VR or AR in stores, and 40% expressed interest in purchasing ‘pure virtual’ goods in the metaverse. That number drops to 13% for online VR and AR experiences, like the metaverse and digital collectibles. Only 14% of businesses believe consumers are much more likely to purchase a product based on in-store AR experiences, such as augmented fitting rooms. In light of skepticism across the industry, many businesses are avoiding virtual and augmented reality experiences. In the year ahead, 55% of businesses plan to increase their level of sustainable product information to meet evolving consumer expectations and differentiate themselves from competitors. Providing shoppers with more transparency in the supply chain by adding ESG data to product labels, listings, and ads can have a significant impact on sales and brand loyalty. Nearly half (49%) of businesses recorded increased demand for sustainable products in 2022, but 34% of consumers say brands and retailers make sustainability information too difficult to find.
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Additionally, 55% feel it could leave them vulnerable to competitors, up 49%.Ĭonsidering consumers reported that knowing more detailed information about products was one of the top factors that would entice them to choose one brand or retailer over another, companies need to have full control over their product data ecosystem.
Sixty-two percent (62%) of businesses fear poor product information is creating negative online experiences, up 72% year-over-year. The report identifies four key areas where businesses should focus their attention in 2023: Product informationīusinesses’ concern over the quality, consistency, and accuracy of product information across global campaigns is on the rise.
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The report reveals a sharp contrast between what consumers want and how businesses intend to meet demand amidst the downturn and provides decision-makers with actionable takeaways on how to create a competitive advantage by straying from the norm. Productsup, the leading Product-to-Consumer (P2C) software company, today launched the Business growth report, a study comparing business priorities for the year ahead with today’s consumer expectations.
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