Akeneo Reveals Data on Consumer Behavior and Product Returns

With 65% of shoppers making holiday returns this year, new data reveals the importance of accurate product information and consistent experiences to build brand loyalty

Akeneo, the Product Experience (PX) Company and leading provider of Product Information Management (PIM) solutions, released survey data focused on consumer holiday return behavior and the role product information can play in reducing returns, supporting sustainability efforts and boosting profitability. The findings discovered that 62% of consumers believe having more accurate product information upfront would reduce their likelihood of making a return, and in fact, 59% said they had made a return specifically because the online product description was misleading or inaccurate.

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As brands continue to rely on e-commerce to grow and scale business while also reaching more customers, it’s essential they focus on providing the most accurate and up-to-date product information. Akeneo’s most recent survey data provides deeper insights into the primary reasons consumers return products, generational differences in return and online shopping behaviors, and the steadily growing influence that sustainability has on consumers.

The data reveals that 65% of consumers returned or exchanged a holiday purchase this year. When it comes to how consumers opt to return a purchase, 65% said they would prefer to return in-store, if possible, followed by 22% shipping products back. This indicates that consumers are gravitating toward the most sustainable option by reducing additional shipping. In fact, 68% of respondents noted they are aware of the environmental impact of returns, and 39% said the environmental impact factors into their decision to make a return or exchange.

Insights from the survey confirm that investing in the product experience and providing reliable product data can help brands reduce returns, increase loyalty, and provide the best customer experience possible alongside profitability. When asked what products they return the most, 60% said clothing items, and when asked why they return products, sizing issues were the number one reason (58%) followed by 35% saying conflicting or lack of customer reviews; 34% saying misleading product images; and 29% reporting it is due to inaccurate product information online.

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To truly understand the customer experience and ensure customers remain loyal, brands need to invest in reliable product information, as the survey found that 62% said having more reliable information would reduce the likelihood of making a return. Whether customers are shopping directly from a brand website or on the hundreds of e-commerce marketplaces available today (Amazon, Walmart, etc.), the product experience must remain consistent, complete and accurate to instill brand trust and loyalty.

Additional Insights

• 60% of respondents are at least somewhat unlikely to continue shopping from a brand that has a confusing or frustrating return/exchange policy. Of those, 29% are very unlikely to continue shopping there.
• Millennials and Gen-Z are most likely to purchase multiple sizes with the intent to return one or more sizes of clothing items.
• Older generations (Boomers- 38% and Gen-X- 35%) are the most likely to not be aware of the environmental impact that returns and exchanges have. However, half of Gen-Z and 46% of millennials said they are aware of this and that this does have an impact on their decision.
• 44% of respondents say knowing their returns process is ethical and sustainable impacts their decision to shop with a brand.

“Sustainability continues to be top of mind for customers, and as brands continue to focus their efforts on improving their sustainability efforts, reducing the number of returns is essential,” said Romain Fouache, Chief Executive Officer at Akeneo. “Consumers expect detailed and accurate product information online, no matter where they are shopping. Brands that have invested in a strong product experience can reduce the amount of returns – positively impacting the bottom line while increasing customer loyalty and satisfaction by ensuring customers’ expectations are met. Strategies that put the product experience at the crux of customer experience (CX) have enhanced customer satisfaction, sustainability efforts, and boosted loyalty.”

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Source – PR Newswire

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