Today we are excited to announce the findings of our 2016 Consumer Trends in Product Registration Report: a study of registration data collected over a five-year period from more than 100 leading global brands.
“Working with more than 100 brands, Registria is in a unique position to bring you insights based on actual consumer registration behavior,” says Chris McDonald, CEO of Registria. “This research will change the way you think about and invest in product registration as the first step in your customer’s ownership experience.” Chris provides an introduction to the 2016 Consumer Trends in Product Registration Report.
The study found that the introduction of modern product registration methods—including digital, mobile (Photoregister) and IoT— increases product registration rates and reaches new customer segments—including millennials and other consumers who don’t typically register. As more people register products, they are doing it faster—almost immediately after purchase—making product registration the first touchpoint that a brand has to engage with their customers.
Key findings from the report are shown in this infographic. These insights include:
- • Product registration volume is approaching double digit growth in 2015 after a period of decline.
- • This growth is driven by a shift to mobile product registration from paper and web registrations.
- • The adoption of mobile registration is accelerating the speed to customer engagement for brands.
The last decade of technology has changed who registers:
- • Men have closed the gender divide and now register slightly more than women as a direct result of IoT based methods of registration for “smart” products.
- • Customers who register today earn more money than in 2005 and prefer digital registrations to paper.
- • More households with children register today than in 2005.
- • In general, customers who register are high value “Super Buyers” who earn more, purchase more, and skew older—except for those who register via mobile or IoT.
All of the data points to one conclusion: brands have an amazing opportunity to up-level their product registration strategy into a digital engagement strategy. By using mobile and IoT registration methods, brands will be able to connect with more high-value customers more quickly, which we’ve seen result in millions in additional aftermarket revenue and reduced customer service cost.