Products Up GmbH
Productsup study: Consumers want more product information when shopping in the analog, digital, and virtual worlds.
In the Metaverse, humans become part of the Internet. This also opens up entirely new opportunities for businesses. In order not to disappoint consumers’ expectations about trading in the Metaverse, companies must set the course now and lay the foundation for the Metaverse through consistent product management. Study shows what’s driving consumers right now trade shortage, Today released Productsup, the leader in P2C software. The report shows how companies can meet global consumer demand for more product information. This affects sales across all channels. According to the study, when it comes to switching to another brand or retailer, one of the most important factors for consumers (35% agree) is getting more information about products.
The report is based on a survey of nearly 5,700 consumers aged 16 and over in the United States and Europe, including 1,008 in Germany. They were asked about their preferences, expectations, and behavior regarding mixed shopping experiences. In order to do justice to the holistic approach, various aspects regarding sustainability, requirements for products and shopping experiences in the Metaverse have been taken into account, because with the increasing hype around shopping in the Metaverse, the expectation of bigger and better virtual experiences is also increasing. The main findings of the survey are:
Sustainability information is critical to purchasing decisions, but it is hard to find
Globally and across all age groups, 88% of consumers value sustainability. 67% of shoppers are more willing to purchase products when sustainability information is well presented. In Germany, this was stated by 68% of those surveyed.
Consumers around the world appreciate products that don’t end up in landfill right away. Instead, they prefer reusable (71%) or recyclable (70%) products. In Germany, 74% of respondents state that reuse is a buying argument for them, and for 72% it is recyclable. Despite this, consumers say it is difficult to find information on the product’s reusability (34%) and recyclability (30%).
Businesses can use relevant sustainability information to build consumer confidence. The report shows that understanding why a product deserves a label like organic, fair trade, or eco-friendly is the most important step in increasing global consumers’ trust in ethical brands and products (43%). In Germany, 46% agree with this statement. Conversely, support for sustainability labels goals (27% worldwide and in Germany), partnerships with global NGOs (26% worldwide, 27% in Germany) and positive journalism about ethical practices (22% in all worldwide, and 19% in Germany) at least. Influential, perhaps because consumers see them as mere marketing moves.
Metaverse products and experiences should provide real value
According to the study, the fact that sales of non-fungible tokens (NFTs) are declining may be due to the fact that many consumers (60%) are still not interested in buying only virtual goods.
However, there are clear signs that this is about to change: 40% of global shoppers (37% in Germany) are currently excited about buying virtual products that improve their shopping experience. This is especially true for the younger generation, because acceptance of virtual goods is twice as high among those aged 16-24 (50%) than among those aged over 55 (26%).
To successfully drive sales in the Metaverse, companies must ensure that their products and experiences match consumer preferences. Nearly half of consumers (46% worldwide, 45% in Germany) stated that the virtual experience of vibrant functions, such as viewing a digital billboard in their home using augmented reality glasses, is the most important factor driving their temptation to do so. Buy in the metaverse. Faster returns (45% globally, 48% in Germany) and the ability to order a physical product in the metaverse to have it delivered in the real world (44% globally and in Germany) also has an impact.
Consumers in Spain (63%), Italy (55%), the US (47%) and Germany (44%) are the most interested in shopping on the Metaverse. Consumers in Denmark (31%), the UK (32%) and Norway (36%) are the least interested.
“As the hype around shopping in the Metaverse increases, so do expectations for bigger and better virtual experiences,” said Marcel Hollerbach, Chief Innovation Officer, Productsup. “However, our research shows that the principles of today’s commerce will apply in the Metaverse as well. Companies looking to enter the Metaverse must ensure that their technology stacks can handle an unprecedented flow of data to deliver faster speeds and more… channels and support new innovations” .
Hybrid shopping experiences are required
Today’s customers want hybrid experiences – physical, digital, and virtual. Respondents said they are more likely to make a purchase when their shopping experience includes a mobile app that provides more product information when shopping in-store (47% globally, 46% in Germany). The same applies to virtual and augmented reality when shopping online (42% worldwide, 44% in Germany).
“In today’s retail world, brands and retailers need to deliver premium experiences tailored to consumers, no matter where they shop,” said Lisette Huyskamp, Head of Marketing, Productsup. “Consumers are not distracted by the green wash. They expect the Metaverse to be as good as real life. These expectations cannot be met unless product information is managed with a strong P2C strategy.”
Download the full study here: www.productsup.com/guides/the-commerce-shortfall
From March 28, 2022 to April 1, 2022, the census globally surveyed 5,698 consumers from the United Kingdom, Germany, France, Italy, Spain, Belgium, the Netherlands, Denmark, Finland, Norway, Sweden and the United States. Censuswide is a member and employs members of the Market Research Association, which is based on ESOMAR principles.
With Productsup, brands, retailers, service providers, and marketplaces can overcome the challenges of commerce clutter. Productsup’s Product-to-Consumer (P2C) platform processes more than two trillion products per month and enables long-term business success – through its global, strategic and scalable platform, covering all information value chains from producer to consumer across all platforms, channels and technologies. map via. Productsup, founded in 2010 and headquartered in Berlin, now has more than 250 employees in offices around the world. Productsup works with more than 900 brands including IKEA, Sephora, Beiersdorf, Redbubble and ALDI. Find out more at www.productsup.com/de.
Product-to-Consumer (P2C) management is a new class of software based on the mapping, understanding, and ultimately control of all three-dimensional product information value chains. P2C management offers brands, retailers, service providers, and marketplaces a structured approach to controlling, managing and maximizing their business ecosystems.
Fink & Fuchs AG
Original content from: Products Up GmbH, transmitted by news aktuell