3. Supply chain transparency

Despite an overall trend towards price-consciousness, half of U.S. consumers surveyed said they would pay a premium for sustainably sourced products. Incorporating details like the origin of your materials, the ethical practices behind their sourcing, and the sustainability of your manufacturing process gives shoppers the confidence they need to value-based decisions.

As more consumers seek to align their purchases with their values, particularly around environmental and ethical concerns, the depth and clarity of the product information you provide can be the deciding factor in whether they’re willing to pay full price, or even a premium, for your goods.

Consumers are no longer swayed by vague buzzwords like “green” or “eco-friendly”; they want specifics, and product information provides that transparency. Clearly indicating where raw materials are sourced from or disclosing ethical practices involved in the production process adds a layer of credibility to claims of sustainability.

This transparency doesn’t just enhance trust; it also helps price-conscious shoppers see the long-term value of their investment. They can weigh the benefits of buying higher-quality, responsibly sourced items that may last longer and have a lower environmental impact, versus cheaper, less sustainable alternatives.

4. Resale markets

The rise of resale markets has been a game-changer for retailers, offering an opportunity to cater to budget-conscious consumers who are looking for quality goods at a reduced price. Creating a resale section on your website or in-store, where shoppers can purchase previously owned or returned items, can appeal to those who want to save money while still getting access to premium products.

Resale markets can also help you reduce the costs associated with excess inventory and returns. Instead of writing off returned items, you can give them a second life and sell them to shoppers who are excited to snag a good deal!

For resale initiatives to be successful, retailers must have detailed, accessible, and up-to-date information on the condition, specifications, and purchase or repair history of each item being resold in order to accurately classify and categorize these items for sale. Without this data, it becomes difficult to build trust with customers and ensure that the products in the resale market are accurately described, properly valued, and appealing to buyers.

Reliable product data also ensures that retailers can properly manage inventory for the resale market. By maintaining a database of available resale items, along with their condition, origin, and other pertinent details, retailers can streamline the process of updating their website or store with accurate resale options. This level of organization and transparency is essential to scaling resale operations, reducing operational inefficiencies, and delivering a seamless shopping experience to consumers.

2024 Holiday Shopping Season

This holiday season, price-conscious consumers will be looking for more value, not just lower prices. With the right strategies, you can stand out from the competition and delight value-driven shoppers, all while maintaining your margins and boosting sales during this critical shopping season. 

To learn more about the trends impacting the holiday shopping season, you can download the 2024 Holiday Shopping Guide here, complete with expert insights and actionable strategies.

Waking Up to a Solution

Striving to advance themselves and streamline their operations, Bensons for Beds chose to partner with Akeneo due to the agility and flexibility our solution fosters – ultimately enhancing customer journeys, both virtual and physical. 

With the help of Akeneo PIM, Bensons for Beds’ products were categorized and given a distinct product experience depending on the product type, ensuring that high-value items were fully enriched with information that strengthened the sales process.

In the PIM, Akeneo’s SKU generator also accelerated the retailer’s time-to-market by speeding up product creation and enabling data enrichment, resulting in products being launched to the public as quickly as possible. And control fields gave Bensons for Beds the freedom to slice and dice information based on what was relevant to the audience, depending on which channel they were viewing it through, improving both SEO visibility and onsite product search. 

Thanks to Akeneo’s user-friendly UI, the Bensons for Beds merchandising team was able to generate new product variations and options without relying on the IT team, empowering them to be more flexible, scalable, and efficient.

A New Dawn

With the help of Akeneo, the Bensons for Beds team can now ensure that accurate product information is reflected on their website, allowing customers access to enriched data wherever and whenever they need it. 

In their journey to provide customers with a seamless and enriched shopping experience, Bensons for Beds has harnessed the power of Akeneo to unify and elevate their product data across every channel. By streamlining the management of complex product information and ensuring consistency between their website and physical stores, they’ve empowered customers with the accurate, up-to-date details they need to make confident purchase decisions that won’t keep them up at night.

With that in mind, let’s take a look at five of the driving trends that stand to impact Black Friday and Cyber Monday this year – and how your brand can take the most advantage of each one.

Black Friday & Cyber Monday Trends

1. Promotions & Discounts

Promotions remain the cornerstone of Black Friday and Cyber Monday success. In fact, according to our recent survey on holiday shopping behavior, the top three priorities for consumers were discounts, promotions, and value for money.

The key to winning holiday sales in 2024 lies in clearly communicating the savings customers will receive through your promotions; whether it’s offering discounts for folks who sign up for your email subscription or providing more value-based discounts such as free delivery or hassle-free returns, offering your consumers with different ways to save encourages loyalty, trust, and high value for money. You can also curate kits or bundles of products that align with a customer’s interests or previous purchases, offering an opportunity for shoppers to explore complementary items.

2. Personalized Experiences

In a competitive market where consumers are inundated with choices, personalization has emerged as a fundamental element for fostering customer loyalty and satisfaction. Brands are beginning to recognize that one-size-fits-all marketing or product offerings no longer suffice. Instead, they are leveraging data-driven insights to deliver highly personalized experiences that resonate with individual shoppers based on individual actions and preferences.

The foundation of personalization lies in data collection; organizations must gather and centralize customer data from various sources, including website interactions, purchase history, social media activity, and loyalty program participation. Advanced analytics tools and machine learning algorithms can then process this data to identify patterns and trends, and help brands segment their customer base to create personas and tailor marketing efforts. During Black Friday and Cyber Monday, brands can leverage these insights to recommend products and promotions to individual shoppers that are more likely to resonate with those shoppers.

3. In-Person is Back

The 2024 holiday season is all about the omnichannel experience; 93% of shoppers plan to utilize both online and brick-and-mortar experiences this holiday season. The expectation of the modern day consumer is that they can make informed, confident purchase decisions whether they’re browsing your site or the aisles of your nearest location.

And it’s often not an “either/or” situation; shoppers will commonly initiate purchases journeys online, researching products, reading reviews, and comparing prices, before completing their purchase in a physical store nearby where they can see, touch, and try the product before buying. In fact, 65% of holiday shoppers stated that they research products online before making a final purchase, and 60% had previously utilized BOPIS (Buy Online, Pick Up In Store).

Retailers who can seamlessly connect these channels will create a seamless experience that drives customer satisfaction and loyalty. As the holiday season gets increasingly competitive, those who prioritize these hybrid experiences will not only see higher conversion rates but will also build stronger customer relationships that extend beyond the holidays.

4. Consistency is Key

As we just discussed, consumers interact with brands through a multitude of touchpoints before making a purchase. If the experience is disjointed or inconsistent at any point in this journey, it can lead to frustration and, ultimately, abandoned shopping carts or lost sales.

Consistency breeds trust. When consumers encounter a consistent brand experience across all touchpoints, it reinforces the perception that the brand is reliable and dependable. Trust is a critical factor in building long-term customer loyalty. Plus, a consistent brand experience reinforces brand identity and values. Whether customers engage with a brand online or in-store, they should encounter the same messaging, aesthetics, and overall feel. This cohesion strengthens brand recall and recognition.

From an operational perspective, consistency plays a pivotal role in streamlining processes for retailers. When a unified approach is adopted across pricing, product information, and inventory management, it significantly reduces complexity and minimizes the risk of errors. With consistent pricing strategies, retailers can avoid discrepancies that might arise between online and in-store pricing, ensuring a seamless shopping experience for customers.

A centralized product information management system ensures that product availability is up-to-date, reducing the likelihood of overstock or stockouts. This operational consistency not only enhances internal efficiency but also contributes to the overall reliability and reputation of the brand, especially during high-stakes events like Black Friday and Cyber Monday.

5. Sustainability is a Priority

While price remains the most significant factor for most consumers, there’s a growing segment that is willing to pay more for sustainability and ethical sourcing — in particular, the younger generation. With 59% of millennials and 50% of U.S. consumers overall are willing to pay a premium for sustainably produced products, we can see that there is a clear trend toward responsible consumption.

As shoppers are becoming more discerning, expecting brands to be transparent about their practices, they’re digging into product information and basing purchase decisions on how well a product’s story aligns with their ethical priorities. In this era of “conscious consumerism,” shoppers are no longer satisfied with vague claims or superficial acts; they want proof. This means that brands must go beyond the buzzwords and offer clear, detailed information about how their products are made, what materials are used, which suppliers were involved, what standards and regulations are met, and what responsible end-of-life practices look like. After all, transparency builds trust, and trust drives purchases.

Prepare for the 2024 Holiday Season

As we gear up for the whirlwind that is Black Friday and Cyber Monday, brands must be prepared to deliver on the shifting expectations of today’s consumers.

The key to success this year will be adaptability—leveraging data, streamlining operations, and delivering experiences that meet consumers when, where, and how they want it. Shoppers are more informed than ever before, relying on product descriptions, reviews, sustainability details, and pricing transparency to guide their decisions. Accurate and comprehensive product information not only helps customers find exactly what they’re looking for but also fosters confidence in their choices, leading to fewer abandoned carts and higher conversion rates.

Preparing for the holiday rush isn’t just about stocking shelves and offering discounts—it’s about ensuring that every product is accompanied with up-to-date, accurate, and easy-to-understand information across all channels. By providing the omnichannel experience that consumers are looking for, brands can meet consumer expectations, enhance the shopping experience, and ultimately, drive holiday success in 2024 and beyond.

These haunting experiences can be more frightening than any ghostly apparition, and as the bustling holiday season follows closely on the heels of Halloween, there’s no better time to confront and vanquish these retail specters.

Let’s take a look at just a few of the eerie and unsettling encounters that shoppers often face so that you and your team are well-equipped to banish bad product information from your shelves and screens.

1. Missing Product Information

We’ve all experienced the frustration of searching for a product, clicking on a listing, only to find that essential details are missing. You’re left wondering about the dimensions, the material, the return policy, or even the estimated delivery time. These gaps in information can leave shoppers feeling uncertain, leading them to abandon their purchase.

The reality is, these missing details are critical building blocks in helping customers make informed decisions. When key information like features, specifications, or benefits is omitted, it leaves potential buyers in the dark and creates hesitation.

To prevent these issues, start by creating a central repository for all product information that your teams, suppliers, and manufacturers can easily access. This ensures that up-to-date, accurate product details are available across all listings and simplifies the process of making updates when something changes.

Equally important is ensuring consistent, structured formatting in your product descriptions. By using bulleted lists, tables, or section headings, you make it easy for customers to scan and find the information they need quickly. When shoppers know exactly where to find critical product details, it not only enhances their experience but also builds trust in your brand, encouraging them to move from consideration to purchase.

2. Incorrect Product Information

Suppose you’re shopping for a winter coat from a popular fashion retailer. You find a coat that catches your eye due to its stylish design and a product description that promises it’s made of high-quality, warm materials suitable for extreme cold. The retailer’s website claims it’s perfect for harsh winters and even provides an image of the coat being worn in snowy conditions. But when the coat arrives, you discover that it’s not as warm as advertised; the materials used are thin, and the coat lacks proper insulation. Unsatisfied, you head back to this retailer’s site to start processing a return, and maybe leaving a not-so-positive review.

This is not an uncommon occurrence; in fact, 54% of consumers said that they have returned a product due to inaccurate pre-purchase product information.

For businesses, managing returns can be costly and time-consuming. Processing returns means lost sales and potential inventory management issues as returned items may need to be restocked, discounted, or discarded. Not only do they incur additional shipping and handling expenses, but they also risk damaging their reputation; dissatisfied customers are likely to leave negative reviews, decreasing the likelihood of future sales and eroding brand trust.

On a broader scale, returned products contribute to increased carbon emissions from transportation and waste, as many items, particularly in the fast-fashion industry, end up in landfills. Reducing return rates by providing accurate and detailed product information not only improves the customer experience but also supports more sustainable business practices.

Q: Did any speaker or session particularly inspire you? If so, what resonated most and why?

The most inspiring session for me was the session with Debbie Ellison, Global CDO at VML. She shared, “It’s hard to be brilliant at everything, all the time, all at once. You are responsible for your own happiness. Relationships only hurt if you don’t have them. Surround yourself with people who share your vision and do what you love.”

I was impressed by her resilience and grit, and the strengths she was passing on to the audience. What resonated most was the reminder to let go of the pressure to excel in everything simultaneously. It reminded me of the importance of being kind to myself and to others, without expecting something in return. For me, it reinforced the idea that empathy and connection are essential not only in leadership but in every aspect of business. This is what transforms teams into communities and challenges into opportunities. It’s a lesson I’ll carry forward—both personally and professionally.

– Julie Dura, Solution Engineering Manager

Q: How has the conference changed your perspective on leadership and the challenges women face in leadership roles?

It was inspiring to see so many talented women open to sharing their stories and what they have learned along the way. All of them are easy to talk to and genuinely care about changing the industry. Women in MACH is a powerful community of women willing to share and change the balance in tech. 

– Florence Le Guellec, Group Product Manager

Every industry undergoes various cycles and updates to its landscape, and the B2B sales sector is no exception. 

With the onslaught of new technology, updates, connectivity to customers, and the rapid increase and reliance on digital sales, B2B organizations need to step into the future sooner rather than later. And the future of B2B customer engagements looks increasingly like B2C. 

But how can companies adopt a B2C mindset and properly prepare to ensure they are staying competitive in the marketspace? The answer is through adopting a digital strategy and building a strong omnichannel presence. However, with 85% of B2B organizations already implementing a digital sales strategy, time is of the essence and companies need to kickstart their transformations now if they haven’t already.

Embracing the adoption of omnichannel experiences and a digital presence is no small task. Between ongoing regulation changes, sustainability efforts, and incorporating emerging technologies, executing a strong digital transformation can be daunting. By building a strong foundation and embracing changing customer behaviors and patterns as they happen, however, companies can ensure they are set for success and prepared for the future.

Embracing Emerging Technologies and Digital Sales 

A recent Akeneo study found that 90% of B2B organizations are planning to increase their digital sales strategy within the next two years, signaling the urgent need to invest in digital channel optimization and implement cloud-based platforms. 

As buyers continue to opt for and prefer digital options in their personal shopping habits, they’re coming to expect this type of personalized, self-service experience in the B2B shopping experience and in fact, nine in 10 B2B organizations reported that they are either already using or planning to use emerging technologies such as Generative AI, voice search, and visual configuration tools within the next 12 months. 

While B2B shoppers still appreciate the personal touch of an in-person interaction, digital channels as a whole are able to scale efforts beyond face-to-face meetings and allow companies to connect with customers no matter where they are or what time of day it is, which increases overall efficiency and helps to improve a customer’s overall experience. The digital world has allowed customers and companies to connect in unprecedented ways through various interactions across digital touchpoints such as websites, mobile, apps, social media, email, and more. 

As we continue on digital transformation journeys, this will only become more popular among customers and buyers, who want to do business on their schedules, which may not be during your business hours. This seamless usability and convenience in the consumer realm is what B2B buyers crave in their business lives, too. 

With ever-increasing methods of communication and connection to buyers and customers though, it’s important to ensure that data is being stored in a centralized, cloud-based platform so it’s consistently accessible to anyone in the organization who needs it, whenever they need it. Using a Product Information Management (PIM) solution to organize, enrich, and manage all the data collected helps streamline data processes across the entire organization, making a more seamless experience for both employees and customers.

But let’s not get too ahead of ourselves; first, why don’t we dive into the basics of supply chain sustainability, and how it can not only positively impact the environment but also your bottom line.

What is Supply Chain Sustainability?

At its core, a sustainable supply chain prioritizes responsible and ethical practices at every stage of production, distribution, and delivery. It encompasses sourcing raw materials responsibly, ensuring transparent communication of certifications to consumers, and maintaining ethical operations when delivering finished products. This approach is not merely about efficiency but about integrating sustainability into the business model to create long-term value.

Sustainability in the supply chain can be broken down into several key aspects:

Human rights and fair labor practices

A sustainable supply chain is built on the foundation of respecting human rights and ensuring fair labor practices. This includes paying workers a fair wage, providing safe working conditions, and ensuring that no child labor or forced labor is used at any point in the production process. Ethical supply chains prioritize the welfare of the people who are responsible for manufacturing and distributing products.

Environmental impact

Reducing the environmental footprint is a key element of sustainability, including everything from lowering carbon emissions during transportation to minimizing the water and energy used in production processes. Sustainable supply chains also seek out renewable energy sources and implement practices that reduce deforestation, pollution, and ecological degradation. As climate change accelerates, companies that are serious about sustainability are focusing on practices that protect ecosystems and conserve natural resources.

Material waste reduction

Another fundamental aspect of supply chain sustainability is ensuring that waste is minimized at every step of the product lifecycle, including raw material extraction, production, packaging, and disposal. Sustainable supply chains often embrace the principles of the circular economy, where materials are reused, repurposed, or recycled to minimize the amount of waste that ends up in landfills and extend the lifecycle of existing products. Companies are also exploring ways to design products that require fewer resources or use recycled materials, contributing to both environmental protection and cost efficiency.

Long-term viability

A supply chain built on sustainable principles is more likely to withstand disruptions, resource shortages, regulatory changes, future market demands, and shifts in consumer behavior because it is designed with flexibility and responsibility in mind.  Not to mention, investing in sustainability can often help build brand loyalty and trust as consumers increasingly seek out companies that align with their values.

As consumers, we’ve become accustomed to the conveniences of online shopping – all the products, options, and sales we could want, without ever leaving the comfort of our couches. 

While it can often sound like a dream, we’re all also familiar with the nightmarish pitfalls of digital commerce. Who hasn’t experienced those exciting moments of anticipation as a package arrives… and that excitement quickly turns to frustration and disappointment when we tear open the package only to find that what we received is not what we ordered, or at least not how it was pictured or described online. Whether the sizing is off, materials are wrong, color or quality, it can feel like you’ve been betrayed by the brand that made a promise and didn’t deliver. 

From a customer perspective, it can be devastating. Maybe you had planned to wear the outfit for a special occasion and now you have to go back to your closet for a disappointing but suitable back-up. Or, maybe it was a birthday present for a friend and now you have nothing to gift them for their special day. Regardless of why you purchased it, it’s not a fun or enjoyable experience when expectations don’t meet reality.

As frustrating as this is to consumers, it can cause a much bigger headache for the brand or retailer who misrepresented the product in the first place. At surface level, it might seem like they simply lost a sale if the customer returns the item. But the long-term impact can be much more consequential and, if not addressed, have a negative snowball effect on brand reputation and revenues. Plus, the cost and logistics of processing returns can have a massive impact on the organization.

Misaligned expectations on products are a big misstep on the part of brands, and one that can be easily avoided. Let’s take a look at why consistent, reliable product information is so critical to the pre-sale process, and how retailers and brands can ensure they are meeting and exceeding customer product expectations to drive improved customer satisfaction, retention, and revenue. 

Why Product Expectations and Experiences Matter

When it comes to the retail industry, customer experience has been in the limelight for years – and for good reason. Strong CX drives retention and revenue. 

However, there is an important caveat here that often gets overlooked: there is no customer experience without a product experience. 

The product is often the first and most significant touchpoint between the customer and the brand, so customer’s experience with a brand is deeply tied to how they interact with the product. If the product doesn’t meet their expectations, whether due to poor quality, incomplete information, or usability issues, it will negatively impact their entire perception of the brand.

From how it’s discovered online to how it’s described, purchased, and used, every interaction forms part of the customer experience.

The B2B industry has historically operated with a well-defined, albeit conservative, sales process. This approach has been characterized by face-to-face interactions, lengthy negotiations and sales cycles, and a strong reliance on established relationships. 

However, even the most conservative business approaches are subject to modernization as a matter of competition and survival. As B2B consumers increasingly look for experiences mirroring those in the consumer sector, companies are realizing they must undertake a digital transformation to remain competitive. 

Our recent study on B2B companies revealed that 85% have already adopted a digital sales strategy. We also found that, for these companies, digital channels are not just supplementary; they are substantial contributors to overall revenue. On average, digital channels account for nearly half (48%) of total company revenue, with one-in-ten (9%) companies reporting that digital sales make up over 80% of their revenue.

And this momentum is showing no signs of abating; 90% of B2B organizations stated that they plan to strengthen their digital sales strategies over the next two years. 

So what does this all mean in practice? B2B organizations can’t afford to delay their digital transformation any longer; evolving to meet customers where they are is the only way to ensure that your customers aren’t switching to more digitally-advanced organizations.

The role of emerging technologies

The adoption of digital sales strategies is closely linked to the use of emerging technologies. Nine of ten B2B organizations are utilizing or planning to implement advanced technologies, such as GenAI, voice search, and visual configuration tools, within the next 12 months. These technologies offer significant advantages, including improved efficiency, enhanced customer experience, and more streamlined operations. 

Generative AI, for example, can automate and personalize interactions, providing customers with tailored recommendations and support. Voice search technology can make it easier for customers to find products or services through voice commands, which reflects a growing trend toward voice-assisted searches. 

Visual configuration tools enhance the buying experience by allowing customers to visualize products in various configurations, making the decision-making process more intuitive, engaging, and informative. 

The importance of consistent, accurate, and reliable product information

While the adoption of digital channels and emerging technologies is crucial, it’s arguably more important to ensure product data remains consistent, accurate, and reliable across all channels. B2B organizations are catching on to this trend – nearly half (48%) are leveraging AI to ensure their data is uniform and precise across their various touchpoints. This is critical, as inconsistencies or inaccuracies in product information can result in lost revenue, customer dissatisfaction, or worse, reputational harm. 

In this context, AI is quarterbacking the process of updating and verifying product information across various platforms. This helps minimize human errors while ensuring that customers consistently receive accurate and current information, which is fundamental for building trust and facilitating informed purchasing decisions. 

Beyond ensuring data accuracy and consistency, AI is also transforming how B2B companies create and deliver product experiences. Approximately 76% of B2B organizations are utilizing AI to modernize the customer journey with personalized recommendations, interactive product displays, and dynamic configurations. These AI-driven capabilities create the more consumer-esque buying experiences decision-makers at B2B organizations are expecting. It also reflects a broader trend toward leveraging technology to help streamline operations, foster deeper customer engagement, and drive sales.