Correlation Between Product Information Quality and Conversion
Online consumers aren't just going to tolerate surface level product details or lackluster descriptions this holiday.
According to the 2015/2016 Shotfarm Product Information Report, online consumers are seeking out the "best and most complete product information available" prior to making purchase decisions and will readily move between manufacturer and retailer websites to find it. Those retailers offering the most "compelling, engaging, and complete content" according to the report, are viewed as the most trustworthy by shoppers and will be rewarded by repeat purchases, lower levels of returns, and long-term loyalty.
Additional highlights from the study include...
Returns: Forty percent of consumers have returned an online purchase in the past year specifically because of poor product content. The most returns come in the clothing and apparel category, where one in four consumers has returned an item due to inaccurate product information.
Shopping cart abandonment: More than 90 percent of consumers have abandoned an online shopping cart, with cost (61 percent), delivery time (33 percent), and poor product descriptions (30 percent) the top three reasons for doing so. In addition, more than a quarter of consumers have left their purchases behind in the absence of quality images and product reviews.
Brand trust: Eighty-six percent of those surveyed said they would be unlikely or very unlikely to make a repeat purchase with a retailer that provided inaccurate product information. Only 13 percent of consumers would likely shop with that same retailer again.
"Until now, the importance of product content on buying behavior has been largely theoretical," said Mike Lapchick, CEO of Shotfarm. "We're now able to see a direct correlation between the quality of product information and conversion, abandonment, returns, and more. What's so valuable about this study is that the findings are actionable. Poor product content is such an easy and affordable problem to correct and the now-documented benefits of doing so are overwhelming."