Study reveals poor product content's impact on digital sales
The quality and completeness of product content across industries and retail channels significantly impacts online sales and enhances brand loyalty. According to the Product Information Report, the impact of poor product content on digital sales is most readily apparent in three areas: Returns, Shopping Cart Abandonment and Brand Trust. More than 1,500 consumers were surveyed about their online shopping habits and the importance they place on content in making purchase decisions and how the quality of product data impacts all facets of the online retail business. To learn more about the impact of poor product content, take a look at the infographic below:
The above infographic showcases the impact of poor product content and its impact on three areas:
- Returns – In the past year alone, 40% of consumers had returned an online purchase due to inaccurate product content. The most returns came in the clothing and apparel category, where one in four consumers returned an item due to a lack of quality product information.
- Shopping Cart Abandonment – More than 90% of consumers have abandoned an online shopping cart due to cost (61%), delivery time (33%) and poor product descriptions (30%). On top of that, more than a quarter of consumers have left their purchases behind when there are not quality images or product reviews.
- Brand Trust – Retailers that provided inaccurate product information had 86% respondents stating they would be unlikely or very unlikely to make a repeat purchase to that retailer. Only 13% of consumers would likely shop with that same retailer again.
In the eyes of the digital consumer, a product is only as good as the information associated with it. If that product content is incomplete in any way, purchases will be delayed, products returned, and brand equity lost. All are very costly propositions that can ultimately be solved with quality product content.
Where the Problem Begins and Ends
While manufacturers want to provide the highest quality and most complete content possible, they still face significant challenges in doing so. In the past, separate departments have dealt with product data, which often resulted in discrepancies between in-store and online inventories. Many of these organizations also did not have the right tools and processes in place to ensure data integrity and consistency were maintained.
Today, though, manufacturing organizations of all sizes, across all industries have worked hard to weed out inefficiencies, eliminate departmental silos, and streamline processes. Yet, within the realm of product content management, development, and exchange, they remain saddled with meeting ever-increasing and significantly varied retail partner requirements. Because of this, product content is inconsistent and incomplete.
To solve these discrepancies, companies are moving to product content management solutions like the Shotfarm Product Content Network to move product information from Point A to Point B in the simplest, most efficient, and most affordable way possible. With one system and any format, thousands of retailers and manufacturers can efficiently manage, develop and exchange quality product content.