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JUST THE NUMBERS: CUSTOMERS’ FUTURE EXPECTATIONS

July 31, 2022
July 31, 2022
Viktor Bystrov via Unsplash

Recently, Productsup released their Commerce Shortfall Report, a survey based on 5,698 global consumers and their expectations for retail's future. Through the report, it became clear that sustainability is essential for consumers, with 70% more likely to buy a product if it is recyclable. The metaverse also heavily came into play, with 60% of consumers admitting they have no interest in virtual shopping. Here's what else the report found:

Sustainable shopping:

  • Customers are 70% more likely to buy a product if it is recyclable, and 71% are more likely to buy a product if it is reusable. 
  • 34% say information on a product's reusability is hard to find.
  • 30% say information on a product's recyclability is hard to find.
  • 43% say providing further information on what makes a product organic, free range, or eco-friendly is the leading step to building customer trust in a brand.
  • 26% say partnering with global nongovernmental organizations is the least effective way to build trust, with another 22% naming it as positive press.  
  • 22% of shoppers aged 55+ are less trusting of sustainability claims from brands, in contrast to 30% of those aged 16-24.
  • Sustainability is essential to 88% of consumers globally, with information on what each country needs sustainability-wise varying. 
  • 40% of consumers in the Netherlands think online comparisons are the second-most effective way to raise awareness of a product's sustainability. 
  • 45% of Spanish and 40% of Italian consumers think packaging should have QR codes with sustainability information.

The metaverse:

  • The metaverse's revenue is expected to reach $800 billion by 2024.
  • 60% of consumers are not interested in buying virtual-only goods.
  • 46% said that virtually experiencing lifelike features, such as seeing a digital painting in their home using AI, would entice them to purchase in the metaverse.
  • 45% said a faster return time would entice them to purchase from the metaverse.
  • 44% said a product purchased from the metaverse delivered in real life would entice them to buy from the metaverse.
  • 27% of consumers don't think shopping in the metaverse will offer a different experience from shopping in the physical world. 
  • Exclusive deals online (55%) and in-store (54%) are the top factors persuading purchases, showing consumers want to shop in various dimensions.

Purchasing decisions:

  • 35% of consumers say shipping fees included in the price would stop them from shopping with a brand's competitors.
  • 35% say knowing more detailed information about products would stop them from shopping with a brand's competitors.
  • Around 20% of 16- to 24-year-olds said that influencers recommending a brand would push them to purchase, in contrast to about 7% of over 55-year-olds.

Overall, it is evident consumers want to improve their approach to sustainability. However, it is the brands and retailers that need to make a shift towards true transparency with their product information. Despite the metaverse's expected growth, it would also seem that many are still having to adjust to the appeal of only owning things on a virtual level, yet there are still some swaying factors. It would seem time and more widespread adoption will be the deciding influences.


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