Take a look into some of the statistics that could be driving more sales towards the metaverse and the current status of sustainable retail.
On the 12 May 2022, Productsup, the leading product-to-consumer (P2C) software company, released The commerce shortfall report, which highlights how companies can meet global consumer demand for product information, hurting sales across all channels. The report reveals how the possession of more information about products is one of the top factors that would entice consumers (35%) to shop with a different brand or retailer.
The report is based on a survey of nearly 5,700 consumers aged 16 and up across the US and Europe, asking about their preferences, expectations, and behaviour toward hybrid shopping experiences – focusing specifically on shopping sustainably and in the metaverse. Key findings from the report include:
Sustainability Information Is Crucial In Shopping Decisions But Hard To Find
Globally and across all age groups, 88% of consumers value sustainability, and 67% of shoppers are more likely to purchase products if sustainability information is well-presented.
Consumers insist on prioritising products that will not end up in a landfill, and instead prefer ones that are reusable (71%) or recyclable (70%). Despite this, consumers say information on a product’s reusability (34%) and recyclability (30%) is difficult to find.
Companies can also leverage relevant sustainability information to build consumer trust. The data shows providing further explanation of what makes a product organic, free-range, or eco-friendly is the leading step to boost consumer trust in ethical brands and products (43%). Conversely, supporting causes in line with sustainability labels (27%), partnerships with global non-government organisations (26%), and positive press about ethical practices (22%) were the least influential, as they could be seen as “cause-washing”.
Metaverse Products And Experiences Need To Have Real Value
Considering sales for non-fungible tokens (NFTs) are declining, the report reveals this may be because many consumers (60%) still aren’t interested in buying virtual-only goods.
However, there are clear signs that this will change, with 40% of shoppers currently excited to buy virtual products that will enhance their experience. This is especially true for younger generations as acceptance of virtual goods was twice as high for those aged 16-24 (50%) compared to those aged 55+ (26%).
To successfully drive sales in the metaverse, companies need to ensure their products and experiences match consumer preferences. Almost half of consumers (46%) said experiencing life-like features virtually, such as seeing a digital painting in their home using augmented reality glasses, is the leading factor that would entice them to make a purchase in the metaverse. Faster return processes (45%) and the ability to place an order in the metaverse for a physical product that is delivered in the real world (44%) are other leading factors.
Most interested in making purchases in the metaverse are consumers based in Spain (63%), Italy (55%), and the USA (47%), while the least interested are Denmark (31%), the UK (32%), and Norway (36%).
“As the hype for shopping in the metaverse increases, there is an expectation for bigger, better virtual experiences,” said Marcel Hollerbach, Chief Innovation Officer at Productsup. “Yet our research suggests that the same principles of commerce that apply now will also rule metaverse engagements. Businesses looking to enter the metaverse will need to ensure their tech stacks can handle an unprecedented influx of data flows to support faster speeds, more channels, and new innovations.”
Omnichannel Is Old News
Today’s shoppers want hybrid experiences – physical, digital, and virtual. Globally, respondents revealed they were more likely to make a purchase if their shopping experience includes a mobile app that provides more product information while shopping in-store (47%), as well as virtual and augmented reality while shopping online (42%).
“In today’s commerce world, brands and retailers need to deliver nuanced experiences tailored to consumers wherever they shop,” said Lisette Huyskamp, Chief Marketing Officer at Productsup. “Consumers aren’t distracted by “green-washing,” and they expect the metaverse to be as good as real life. These expectations can’t be met unless product information is managed with a strong P2C strategy.”
Download the full report here: www.productsup.com
The research was conducted by Censuswide, with 5,698 consumers from the US, UK, Germany, France, Italy, Spain, Belgium, Netherlands, Denmark, Finland, Norway, and Sweden. The fieldwork took place 28 March, 2022 to 1 April, 2022. Censuswide abides by and employs members of the Market Research Society, which is based on the ESOMAR principles.
About Productsup: Learn more at www.productsup.com.
A Little Bit About P2c
Product-to-consumer (P2C) management is a new category of software based on mapping, understanding, and, ultimately, controlling all 3D product information value chains to cut through the chaos of commerce anarchy. P2C management offers brands, retailers, service providers, and marketplaces a systematic approach to controlling, directing, and maximising their commerce ecosystems.