New report identifies 4 business priorities for creating strong customer experiences in 2023

NEW YORK –

Productsup, a leading Product-to-Consumer (P2C) software company, today launched the company Business growth story, a study that compares business needs for years ahead with the expectations of today’s customers. The report reveals a wide gap between what consumers want and how businesses plan to meet the needs amid the downturn and provides decision makers with practical tools on how to create competitive advantage by deviating from the norm.

The report highlights four key areas where businesses should focus their attention in 2023:

Product information

Businesses’ concerns about the quality, consistency, and accuracy of product information across global campaigns are on the rise. Sixty-two percent (62%) of businesses fear bad product information creates a negative online experience, up 72% year-over-year. In addition, 55% thought it could easily leave them for competitors, up from 49%.

Considering that consumers report that knowing detailed information about a product is one of the top factors that will entice them to choose one brand or retailer over another, companies should have complete control over their product data environment.

Sustainable business

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Almost half (49%) of businesses recorded an increase for sustainable products in 2022, but 34% of consumers say that brands and retailers are promoting sustainability messages hard to find.

Giving consumers more insight into the supply chain by adding ESG data to product labels, listings, and advertising can have a significant impact on sales and brand loyalty. In the coming year, 55% of businesses plan to increase the level of their permanent product information to meet changing customer expectations and differentiate themselves from competitors.

Metaverse and digital collections

Given the skepticism across the industry, many businesses shy away from augmented reality experiences. Only 14% of businesses believe that consumers can purchase products based on an in-store AR experience, such as a fitting room. That number drops to 13% for online VR and AR experiences, like the metaverse and digital collections.

But when comparing consumer data, 42% of consumers said they are more likely to buy a product after experiencing VR or AR in a store, and 40% expressed an interest in buying “pure” products and metaverse. Companies that are wary of this new technology are missing an opportunity to make their mark in the space before the clear leaders emerge and win over the younger ones.

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advertising expenses

With budgets tight, only 24% of businesses expect to increase advertising spending this year. They are taking back new channels – 79% of businesses do not intend to increase Snapchat, or TikTok spend on advertising – but instead focus on platforms they are familiar with, such as Facebook and Youtube. This involvement by advertisers opens up advertising opportunities for others to capture – and at a reduced cost. Businesses should take advantage of the opportunity to secure top advertising positions on some of the channels most used by Millennials and Gen Z.

“If many companies are struggling to drive sales, get out of inventory, and reach new customers, then it’s time to stop following the crowd,” said Marcel Hollerbach, Chief Innovation Officer at Productsup. “History has shown that strong economic conditions reward those who have the courage to embrace change and innovate. To be successful in 2023, companies must be ready to experiment and apply money in a non-legal area.”

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This report is based on a survey of 755 decision-makers from 16 countries – whether they are independent or report to the authorities – managing product information in their organizations.

Download in full Business growth story for free to learn more about the top business concerns and priorities for the coming year. To access a possible checklist based on the report’s insights, click here.

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Productsup helps brands, retailers, and service providers sell more to customers faster by giving them complete control over their product data. This includes importing, organizing, enriching and sharing product data on any channel and in one place quickly and efficiently. As the first and only global enterprise-level Product-to-Consumer (P2C), Productsup processes more than two trillion products per month. Founded in 2010 and headquartered in Berlin, Productsup has grown to more than 300 employees spread across offices worldwide and operates more than 900 brands, including IKEA, Sephora, Beiersdorf, Redbubble and ALDI. Learn more at www.productsup.com.

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