Product information

Retail Metaverse Drives Growing Digital Demands for Product Information, New Research Finds

The latest Metaverse coins from retailers are driving greater digital demand for product information, reveals the latest data from Akeneo, the global leader in product experience management (PXM).

Original research of over 1,800 shoppers in its latest 2022 B2C Survey: Product Experience Satisfaction Around the World’ Report, showed that more than two-fifths (42%) of UK consumers now want to use augmented reality (AR) to find product information when shopping. travel, as more brands and retailers begin to offer Metaverse retail formats.

Following the first Metaverse games from luxury and high-end brands such as Gucci, Tommy Hilfiger and Dolce & Gabbana, Selfridges became the first department store to open a virtual flagship earlier in March. With 70 brands, its flagship Metaverse allows shoppers to view and explore exclusive non-fungible tokens (NFTs) from brands like Paco Rabanne in its virtual store, which is also set up to accept crypto-payments and accept currency. digital and cryptocurrency.

Along with wanting AR to play a bigger role in product discovery, other digital formats of product information are now also being demanded by shoppers. Almost a third (32%) of UK consumers want to be able to use voice commerce technology to find out more about the goods and services they are looking to buy, while 37% would be open to using chatbots to help. future as part of the product discovery in their buying journey.

As the digital demand for product information grows, the role of the store in providing product information remains; 72% of respondents say they use multiple sources and channels when researching a product and deciding what to buy, and an additional 81% began researching a product in-store and then purchased it online.

This omnichannel expectation of access to product information becomes even more important because insufficient product information not only leads to lost sales and abandoned purchases, but also risks diminishing brand loyalty. Six in ten (62%) said they would abandon a purchase because of poor product information, while two-thirds (65%) would stop buying from a brand altogether because of poor product details. product, saying they would lose trust with that retailer.

“The way we buy is changing rapidly and it’s critical to understand not only how and where consumers are interacting with your products, but also what their expectations are of your brand.” said Fred de Gombert, CEO of Akeneo. “The product experience you design for your various online channels must first be consistent and then continue across all points where your consumers will shop and return, whether digital or physical. This survey provides retailers with a roadmap of what to prioritize when thinking about their omnichannel strategy, with rich and consistent product experiences at the top of the list. »