Whether or not a customer buys a product relates less to its actual monetary value and more to its perceived value. That is, how much does the customer in question believe something is worth—and how much are they actually willing to pay to acquire it?
You see, perceived value is subjective. As ConversionXL points out, customer perception relates less to actual market value and more to “the product’s ability to satisfy [their] needs or requirements.”
Savvy retailers understand how to market products to maximize this perceived value, ultimately increasing the possibility of customers making a favorable purchasing decision. The key to increase perceived value is conveying the benefits of your e-commerce products to customers. Provide an answer to this underlying question: What will your goods do to tangibly improve the lives of the buyer?
Keep reading to learn how to do so effectively.
Conveying Benefits Through Product Listings
Product listings are a major point of evaluation for people deciding to make a purchase. Potential customers at this stage in the funnel are looking at features, specifications, images, descriptions, etc. as they move toward a purchasing decision.
Here’s a good rule of thumb for retailers: Avoid the trap of assuming the data will speak for itself when it comes to product listings. If you open a furniture store through Shopify or another e-commerce platform, informing shoppers about your products’ materials, weight and size is just the beginning. Go above and beyond to demonstrate the actual advantages they stand to gain by choosing to buy your furniture. With this mentality, a simple nightstand becomes a solution to the age-old problem of not having enough convenient bedside surface space for glasses, books, glasses of water, etc.
A number of strategies are ideal for bringing product benefits to the forefront of your product descriptions. Here are five suggestions from Practical Ecommerce:
- Convey how your products solve a problem many people experience.
- Point out a niche problem of which people may not have yet been aware.
- Create a “feel-good” situation by highlighting how a purchase supports a good cause.
- Call attention to the most jaw-dropping feature/selling point across your listing.
- Use imagery that emphasizes the biggest benefit—showcasing its design or putting it into context.
Features and specifications provide a foundation for helping shoppers understand your products, but it’s up to you to turn these details into palpable benefits through marketing.
Conveying Value Through Customer Reviews
Another way customers assess the value of products is peer reviews and ratings. People tend to trust other customers more than they believe a brand, so a buyer highlighting the benefits they’ve reaped from purchasing your product goes a long way.
A retailer can and should tout the benefits of a mattress all day—emphasizing how it’s clinically proven to reduce back pain, for instance. But another customer actually saying their back pain has lessened since sleeping on the mattress is more likely to fuel conversions.
The power of social proof illustrates exactly why it’s so crucial for retailers to encourage buyers to leave honest ratings and reviews about their experiences—and to display these ratings in an intuitive place on their websites. One survey found 78 percent of U.S. consumers read reviews before deciding to make a purchase. Furthermore, 87 percent of buyers surveyed said they trust online reviews as much as they do the opinions of their family and friends.
Be sure to convey the benefits of your e-commerce products to customers. This approach to marketing your products will increase sales.