New York –
Productsup, a leading Product-to-Consumer (P2C) software company, today announced business growth report, a study that compares business priorities for the year ahead and consumer expectations today. The report reveals a stark contrast between what consumers want and how businesses are meeting demand in a recession, teaching decision makers how to create competitive advantage by deviating from the norm. provide practical lessons about
The report identifies four key areas for businesses to focus on in 2023.
Companies are increasingly concerned about the quality, consistency and accuracy of product information in their global campaigns. Sixty-two percent (62%) of businesses are concerned that poor product information creates a negative online experience, up 72% year-over-year. Additionally, 55% feel they may be vulnerable to their competitors, an increase of 49%.
Given that consumers reported that knowing more information about their products was one of the biggest factors in choosing one brand or retailer over another, companies You need complete control over your product data ecosystem.
Nearly half (49%) of businesses have recorded an increase in demand for sustainable products in 2022, but 34% of consumers say brands and retailers find it too difficult to find information about sustainability. says.
Providing shoppers with supply chain transparency by adding ESG data to product labels, listings, and advertising can have a significant impact on sales and brand loyalty. Over the next year, 55% of businesses plan to increase the level of sustainable product information to meet evolving consumer expectations and differentiate themselves from their competitors.
Metaverse and Digital Collections
In light of industry-wide skepticism, many companies are avoiding virtual and augmented reality experiences. Only 14% of businesses believe that consumers are much more likely to purchase products based on in-store AR experiences, such as augmented fitting rooms. Online VR and AR experiences such as the Metaverse and Digital Collectibles drop that number to 13%.
However, when compared to consumer data, 42% of consumers said they would be more likely to purchase a product after experiencing VR or AR in a store, and 40% said they were more likely to purchase a “purely virtual” product in the Metaverse. showed interest. Companies paying attention to these innovative technologies are missing out on an opportunity to be successful in this space before a clear leader emerges and wins over young shoppers.
Due to tighter budgets, only 24% of businesses expect to increase their advertising spend this year as a whole. They are ditching newer channels, with 79% of businesses not willing to spend more on Snapchat or TikTok. Instead, we’re focusing on more familiar platforms like Facebook and Youtube. This drop in advertiser activity makes more ad space available to other advertisers at discounted rates. Businesses should take this opportunity to secure top ad spots on some of the channels millennials and Gen Z use most.
Marcel Hollerbach, Chief Innovation Officer at Productsup, said: “History shows that tough economic times reward brave mavericks who embrace change and commit to innovation. must be done.”
This report is based on a survey of 755 senior decision makers (who are personally responsible or report to the person responsible for managing product information in their organization) in 16 countries.
Download full version business growth report For free, learn more about your top business concerns and priorities for the year ahead. Click here to access an actionable checklist based on the report’s insights.
Productup helps brands, retailers and service providers to sell more products to more consumers faster by giving them complete control over their product data. This includes importing, structuring and enriching product data and sharing it quickly and efficiently with any channel or touchpoint. Productsup is the first and only global enterprise-grade his P2C (Product-to-Consumer) platform, a month he processes over 2 trillion products. Founded in 2010 and headquartered in Berlin, Productsup has grown to include more than 300 of his employees in offices around the world, and more than 900 of his customers including IKEA, Sephora, Beiersdorf, Redbubble and ALDI. We partner with brands. For more information, please visit www.productsup.com.