Product Knowledge Generates Online Sales December 03, 2007 Give your online customers what they want and increase revenue in the process
By Stacy Straczynski
Gifting at both consumer and corporate levels is of top priority now that the holiday season is rapidly approaching. Online shopping continues to grow in popularity yet again this year and your organization wants a big piece of that increasing revenue potential. Recent research suggests the best way to do that is to offer comprehensive information to your online audience.
According to the new survey conducted by WebCollage, a N.Y.-based Web content integration network, shoppers tend to visit—and purchase from—Web sites that provide easy-to-understand, detailed product information. The survey originally conducted in May 2007 set out to determine how online consumers go about researching products and how that experience influenced purchasing decisions. The "2007 Survey of Online Consumer Product Research Habits" confirmed that Web sites that offer compelling information to aid consumers in determining and comparing compatibility and quality of both products and their companies influenced where online shoppers made their final purchases. And over a third of respondents (37 percent) went so far as to report that they would purchase from a competitor who offered more compelling product information.
This information-over-price mentality points to a growing trend in the online shopping sector witnessed over the past few years. Ordering online—while offering convenience and alternative source and pricing options for products—can be tricky if enough information isn't provided by suppliers. Inaccurate and less-than-specific information can result in misguided purchases, meaning lost time and money due to mail-based returns.
"Customers want to know things like how a product works, its complete set of features and accessories and whether the product is compatible with products they already own," says Jed Alpert, vice president of marketing at WebCollage. "That's why manufacturers need to focus on providing their retail channel partners with complete product information, first and foremost."
And there are benefits to providing comprehensive product information on top of increased revenue from sales as well. The study found that consumers who supply complete product information online better engage their customers and actually enhance their buying experience, promoting customer loyalty and generating a returning client base.
Sales & Marketing Management Magazine
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