Consumers willing to pay more for products with information about brand values

by | Apr 15, 2021 | Public Relations

It’s time for product marketers to offer the truth, the whole truth and nothing but the truth about their wares to consumers, and if it bumps prices up a little, it may be worth it. Consumers around the world are increasingly aware of the importance of rich, accurate, and consistent product information, and they will reward brands that deliver strong product experiences—and punish those that fall short, reveals new research from product experience management firm Akeneo.

Consumers willing to pay more for products with information about brand values

The survey, in February 2021 by Opinion Way, saw 3,500 consumers from seven countries on four different continents share their views on B2C product experiences.

Consumers willing to pay more for products with information about brand values

Among the survey’s key findings:

  • Almost half of consumers would pay a 10 percent or greater premium for accurate product information, with even 7 percent willing to pay over 50 percent extra.
  • More than half of shoppers would also pay more for products featuring clear information about brand values such as carbon footprint, product miles, or responsible sourcing information.
  • Three-quarters of consumers would switch brands following a bad experience with product information.
  • Four out of five consumers would abandon a planned purchase, and almost six out of 10 would return a product if they encountered flawed product information.

Consumers willing to pay more for products with information about brand values

The survey also found that consumers all over the world now routinely use modalities such as search and social recommendations to research products online before making in-store purchases, and almost four out of five shoppers are interested in receiving product information using new technologies such as chatbots, virtual reality, or voice assistants. While in-store sales representatives remain highly trusted sources of product information, 81 percent of consumers say they conduct online research before deciding on an in-store purchase.

Consumers willing to pay more for products with information about brand values

“Consumers encounter product information every time they make a purchase, and they’re increasingly proactive about seeking out clear, accurate, and consistent product experiences,” said Fred de Gombert, Akeneo’s CEO, in a news 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.”

Consumers willing to pay more for products with information about brand values

Download the full report here.

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Richard Carufel
Richard Carufel is editor of Bulldog Reporter and the Daily ’Dog, one of the web’s leading sources of PR and marketing communications news and opinions. He has been reporting on the PR and communications industry for over 12 years, and has interviewed hundreds of journalists and PR industry leaders. Reach him at richardc@bulldogreporter.com; @BulldogReporter

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