New inriver study finds more than three quarters believe it is important for a brand to showcase their eco-practice information online; moreover, the majority always look elsewhere and immediately buy competitor products if there is missing information
CHICAGO & MALMÖ, Sweden, September 21, 2022–(BUSINESS WIRE)–New research from inriver looking into online shopping behaviors and preferences confirms sustainability is a top priority for consumers when making purchases.
The report, "Inside the mind of an online shopper," is based on a survey of 6,000 consumers across the US, UK and Germany and found a mere 18% of respondents thought it wasn’t important for a brand to showcase their sustainability or eco-practice product information online. Combined with accurate product descriptions and product availability surpassing any notion of brand loyalty, the report explores the essential elements retailers and product manufacturers should consider leading up to the Golden Quarter and holiday shopping season.
Research is king for consumers
With rising living costs and continued supply chain issues, research is king during the purchasing process with many consumers looking to compare and shop in more than one place to find the best deals. The report found even if a website provides all the production information, 83% said they will look elsewhere.
What’s more, findings show brands need to get it right the first time to increase their chances of making a sale. Nearly three quarters (69%) of respondents will not buy a product if the product description is poor. On top of that, inaccurate online product descriptions left almost half (47%) of respondents feeling frustrated and even 36% feeling angry with a significant 86% admitting to taking their business elsewhere.
Instant gratification versus returns
The need for "now" overtakes brand loyalty almost every time, with two-thirds (62%) saying they would switch to a competitive product if their first choice was out of stock, with only 12% saying they would be unlikely to switch.
Despite this need for immediate access to products whenever they want them, the research suggests the reasons behind having to return products could also impact trust and confidence. The most common reasons for returns for those surveyed was the product not being as described (32%), followed by a poor fit (21%) or it being the wrong item (12%).
Creating the right digital impression
At a time when online experience is critical to the purchasing decision, complete and accurate product information is the first opportunity to make a good impression. In fact, 81% agree product information was either an essential or very important factor when deciding to buy. And written descriptions are still seen as the most important detail (39%), ranking above images (25%), customer reviews and ratings (18%), and video (12%). This has interestingly remained somewhat unchanged compared to the survey conducted last year cementing the critical need for the right information and written content online.
"Brands are bracing themselves for the most unpredictable Golden Quarter and holiday shopping season yet. Issues surrounding health, supply chain disruption, and rising living costs are impacting consumer trends like never before," said Niels Stenfeldt, CEO at inriver. "Our report highlights the need for brands to build a digital shelf customers can rely on. This is true across all sectors, with even B2B industries like manufacturing seeing buyer behavior that now reflects B2C trends. For companies looking to exploit these behaviors, the importance of better product data has never been clearer. Not only to drive revenue and customer experience but to also create the product stories that truly matter."
inriver’s product information management (PIM) SaaS solution equips brands with a single source of product data truth across even the most complex global value chains. With inriver’s digital shelf analytics capabilities, brands can automatically monitor all online touchpoints and get the engagement intelligence and data-driven insight needed to make the right adjustments at the right time, on the right channel. For more information, visit inriver.com.
To read more on current consumer trends and discover how brands selling online can give customers exactly what they want, download inriver’s Inside the mind of an online shopper here.
ENDS
Methodology
This independent survey was conducted by OnePoll in June 2022 in the U.S, Germany and UK. Insights were collected from 6,000 online shoppers aged 18+ years old from across each region.
About inriver
inriver empowers organizations to deliver revenue-driving product information at every touchpoint. inriver’s Digital-first PIM™ enables organizations to bring compelling product stories to life for highly customized purchases, obtain actionable guidance on what influences buying decisions, and then quickly adapt to put insights into action. inriver helps B2B and B2C organizations turn product information into strategic assets to drive revenue for over 1,600 brands and 700 customers globally. Headquartered in Malmö, Sweden, inriver has offices in Amsterdam, Chicago, Davao, London, Manila, Munich, and Stockholm. For more information, please visit www.inriver.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220921005004/en/
Contacts
Vicki Cook
inriverglobal@hotwireglobal.com
Roku (NASDAQ: ROKU) faces a challenging scenario in the near term due to supply chain disruptions and inflation. However, it has this powerful tailwind at its back over the longer term. In this video, I will highlight how this could help Roku's stock bounce higher.
If you are looking to add exposure to oil and gas stocks, tread carefully. And consider the strongest, most-diversified names.
We remain bullish on the auto maker’s shares, despite its recent supply problems. Wall Street analysts seem to agree.
T2 Biosystems Inc (NASDAQ: TTOO) executed a territory-exclusive distribution agreement in the Baltic Region, including Lithuania, Latvia, and Estonia. Under the terms of the agreement, T2 Biosystems will sell T2Dx Instruments, along with T2Bacteria, T2Candida, and T2Resistance Panels, through the distributor. Related: T2 Biosystems Q2 Sales Below Expectations, Sticks To Annual Guidance. The execution of this exclusive distribution agreement further expands T2 Biosystems' commercialization. Epide
The blue oval brand has set itself the ambition of producing 2 million electric vehicles globally per year by the end of 2026. In 2021, the group only manufactured 27,140 electric vehicles in the United States. This means that reaching 2 million units five years later is a huge challenge even when your name is Ford, a company that has been producing and selling vehicles around the world for several decades.
The report was released by Henley and Partners, a firm that tracks global wealth, last week. Through an analysis of over 150,000 high-net-worth individuals and high-priced homes in cities, the firm was able to assess city wealth. High-net-worth individuals are defined as “individuals with net assets of USD 1 million or more.”
Weakening growth and a strengthening dollar are weighing on crude prices, which are near the level they started the year.
While sentiment in oil markets has been decidedly bearish of late, Russia’s escalation of its war in Ukraine and the opening up of China provide major upside potential for oil
Yahoo Finance tech editor Dan Howley breaks down Microsoft CEO Satya Nadella's recent comments about the company's acquisition of Activision and also Microsoft Viva reporting a jump in work meetings and user productivity.
Marko Papic, the ClockTower Group’s chief strategist, argues the real risk to oil and gasoline prices comes from Iraq amid rising tensions in the Middle East.
Ford Motor Co (NYSE: F) broke ground at its $5.6 billion BlueOval City complex in Tennessee, getting closer toward its goal to sell 2 million electric vehicles annually by late 2026. BlueOval City will likely build advanced batteries for future Ford and Lincoln EVs in 2025. It also includes the F-150 Lightning and a second battery-electric pickup, TechCrunch reports. BlueOval City is Ford's largest, most advanced auto production complex in the company's 119-year history. Overall, the $11.4 billi
Mercedes-Benz has planned out measures by which it could reduce gas consumption by up to 50% but has not reduced it beyond 10% as of yet, the carmaker's production chief Joerg Burzer said on Friday. Chief executive Ola Kaellenius said in July a 10% gas reduction had already been achieved and that a further reduction of up to half could be implemented. The comments echoed Volkswagen executives on Thursday who said the automaker was exploring short-term measures like stocking up parts on ships and trains and, in the medium term, switching to suppliers abroad if European suppliers could no longer withstand the pressure of high gas prices.
(Bloomberg) — Some Asian liquefied natural gas importers are reluctant to procure more fuel for winter due to sky-high prices, risking shortages if the weather suddenly shifts much colder.Most Read from BloombergBank of England Says Paper Banknotes Only Good for One More WeekJapan to Restore Visa-Free Travel From Oct. 11 as Covid Pandemic Recedes Risk Assets Swept Up in Rout as ‘Fear Gauge’ Soars: Markets WrapSouth Korea President Caught on Hot Mic Insulting US CongressUnless Rents Rise, Housin
(Bloomberg) — Volkswagen AG is exploring ways to counter a shortage in natural gas, including shifting production around its network of global facilities, signaling how the energy crisis unleashed by Russia’s invasion of Ukraine threatens to upend Europe’s industrial landscape.Most Read from BloombergBank of England Says Paper Banknotes Only Good for One More WeekJapan to Restore Visa-Free Travel From Oct. 11 as Covid Pandemic Recedes South Korea President Caught on Hot Mic Insulting US Congres
Favorable natural gas price is aiding Range Resources' (RRC) upstream operations.
Oil drops sharply Friday, with U.S. prices below $80 a barrel to mark their lowest finish since January, as recession fears grip financial markets, sinking global stock markets and contributing to a further rise by the U.S. dollar.
In the prevailing times of heightened volatility, keep a close watch on two promising auto retail stocks- Penske (PAG) and Sonic (SAH) – to have a healthy passive income stream.
Oil and gas exchange-traded funds (ETFs) offer investors more direct and easier access to the often-volatile energy market than many other alternatives. While there is the potential for significant returns by investing in the oil and gas sector, the risks can be high.
Beer makers face a combination of issues such as inflation and supply chain shortages, which could lead to some beer shortages and brewery closures.
The car company has run into supply constraints with the brand-name badges and the nameplates that specify the model, important identifiers for the auto maker’s products.
About Author
