{"id":15342,"date":"2023-09-26T15:17:57","date_gmt":"2023-09-26T15:17:57","guid":{"rendered":"https:\/\/mysourcefunding.com\/leadership\/product-content-70-of-online-shoppers-say-it-can-make-or-break-a-sale\/"},"modified":"2023-09-26T15:17:58","modified_gmt":"2023-09-26T15:17:58","slug":"product-content-70-of-online-shoppers-say-it-can-make-or-break-a-sale","status":"publish","type":"post","link":"https:\/\/mysourcefunding.com\/?p=15342","title":{"rendered":"Product Content 70% Of Online Shoppers Say It Can Make Or Break A Sale"},"content":{"rendered":"
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I recently sat down with Steve Sivitter, CEO of 1WorldSync, who\u2019s passionate about continual improvement in many areas, but especially customer satisfaction.<\/p>\n

In our interview, Steve talks about the critical importance of product content and the role it plays in whether consumers abandon their shopping carts, make a purchase, or return a product. In fact, 70% of online shoppers say product content can make or break a sale. He also shares his thoughts on how brands can meet their customers\u2019 expectations and earn their loyalty.<\/p>\n

Gary Dremik: <\/strong>What do consumers prioritize most \u2014 and have the highest expectations about \u2014 when they shop online? How can brands and retailers meet those expectations?<\/p>\n

Steve Sivitter<\/strong>: Consumers from different generations have different priorities. According to a recent Prosper Insights & Analytics survey, while U.S. shoppers in general consider a flexible return policy as \u201cImportant\/Very important,\u201d Gen-Z (64%) finds it less important than their Millennial (77%), Gen-X (77%) and Boomer (80%%) counterparts.<\/p>\n

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However, all generations say it\u2019s \u201cimportant\u201d or \u201cvery important\u201d that retail websites are user-friendly, with percentages ranging from 75% (Gen-Z) to 85% (Boomers).<\/p>\n

Also, important, or very important? The ability to pick up and return purchases from or to stores according to Gen-Z (53%), Millennials (65%), Gen-X (60%) and Boomers (55%).<\/p>\n

The best ways for brands and retailers to meet or exceed those expectations? Having easily navigable e-commerce shops with clear, accessible information about their products and content consistency across every platform or channel consumers engage. Accurate information enables customers to make properly informed decisions, knowing the item they receive will match their expectations.<\/p>\n

Drenik: <\/strong>What consequences do brands face when product content and imagery don\u2019t align with consumer expectations or the item once it’s received? <\/strong><\/p>\n

Sivitter<\/strong>: Customers return items for many reasons. The second most common reason online purchase returns? The item doesn\u2019t match its description or imagery on the website.<\/p>\n

A failure to meet expectations violates customer trust. Dissatisfied customers won\u2019t stick around if this situation happens often, and many will bounce after just one time. Disappointed customers may leave negative reviews, influencing potential future customers to shop elsewhere. Eventually, you\u2019ll see a drop in revenue as brand reputation suffers.<\/p>\n

Drenik: <\/strong>The National Retail Federation estimates that consumers returned $816B worth of goods last year. What are some of the issues associated with such a huge volume of returns? How can retailers decrease the number of returns they receive? Where does an omnichannel product content approach fit into the solution?<\/p>\n

Sivitter<\/strong>: High return rates are causing significant issues for retailers seeing increases in refund and promotional abuse, account takeovers and friendly or payment fraud.<\/p>\n

In 2020, over 10% of total U.S. retailer sales were returned, and 6% of those returns were fraudulent. Last year, returned merchandise nearly doubled from 2020\u2019s. Every return leads to lost sales revenue, but that\u2019s not all. Overhead costs associated with conducting the sale (like shipping), return shipping, repackaging, and restocking or disposal erode profits, too.<\/p>\n

But all is not lost. Retailers can decrease the returns they receive by following these best practices.<\/p>\n