Productsup report flags top priorities for creating strong customer experiences in 2023

Productsup has launched a study comparing business priorities for the year ahead with today’s consumer expectations.

The retail software firm, which works with the likes of Ikea, Aldi, and L’Oreal, collaborated with Censuswide, polling 755 senior commerce decision makers across 16 countries.

It also surveyed 5,698 consumers from the UK, Germany, France, Italy, Spain, Belgium, Netherlands, Denmark, Finland, Norway, Sweden and the USA.

Its report identifies several key findings: 

Businesses’ concern over the quality, consistency, and accuracy of product information across global campaigns is on the rise.

62% of respondents fear poor product information is creating negative online experiences, up 72% year-over-year. Additionally, 55% feel it could leave them vulnerable to competitors, up 49%. 

49% of businesses recorded increased demand for sustainable products in 2022, but 34% of consumers say brands and retailers make sustainability information too difficult to find. 

In the year ahead, 55% of companies plan to increase their level of sustainable product information to meet evolving consumer expectations and differentiate themselves from competitors. 

In light of scepticism across the industry, many businesses are avoiding virtual and augmented reality experiences.

Only 14% believe consumers are much more likely to purchase a product based on in-store AR experiences, such as augmented fitting rooms. That number drops to 13% for online VR and AR experiences, like the metaverse and digital collectibles.   

At the same time, however, 42% of consumers said they’re more likely to purchase a product after experiencing VR or AR in stores, and 40% expressed interest in purchasing ‘pure virtual’ goods in the metaverse.

With tighter budgets, only 24% of businesses expect to increase overall ad spend this year. They’re pulling back on newer channels – 79% don’t intend to increase Snapchat, or TikTok ad spend – and instead focusing on the platforms they’re more familiar with, like Facebook and YouTube. 

“If most businesses are struggling to drive sales, move out inventory, and reach new customers, then it’s time to stop following the majority,” says Marcel Hollerbach, Chief Innovation Officer at Productsup.

“History has shown that harsh economic climates reward the brave outliers who embrace change and go all in on innovation. To be successful in 2023, companies have to be willing to experiment and invest in areas that are outside the norm.”