DENVER, CO–(Marketwired – April 28, 2016) – Registria, a SaaS company that is helping lifestyle and consumer electronics brands make a better connection to their customers, announced the results of its five-year Consumer Trends in Product Registration Report, which analyzed product registration data across more than 100 leading global brands such as LG, Whirlpool, Cuisinart and NordicTrack. The study found that digital and mobile product registration methods have nearly doubled the amount of completed product registrations, and that 57 percent of product registrations on a mobile device are completed within the first two weeks after a purchase.
This shift in behavior gives brands the ability to quickly and easily identify and engage with their customers in order to trigger aftermarket sales, activate warranties or communicate recalls.
“Over the last five years we’ve seen a significant change in the demographics and behavior of consumers who register products based on the adoption of new technology,” said Chris McDonald, CEO of Registria. “Brands that are optimizing mobile and digital devices to capture customers through product registration are seeing millions in additional aftermarket revenue and reduced customer service cost.”
Key findings from the study include:
- Digital and mobile methods have nearly doubled product registration rates, giving brands better and quicker ways to identify customers. For example, brands that have employed Photoregister(SM), an award-winning global mobile product registration solution, have seen an increase of 375 percent on average in product registrations versus asking customers to fill out and mail lengthy paper cards. And, IoT products — like smart TVs and smart appliances — present a plug-and-play opportunity for customers to immediately register, increasing rates even further.
- Registrations are also being completed more quickly — with 10 percent of registrations being completed on mobile devices within 24 hours, and 57 percent within the first two weeks. As a result, brands can leverage their customers’ excitement around the new product and begin building customer relationships almost immediately.
- Digital and mobile registration has given brands access to new and different customer segments. In 2005, consumers who registered products were mainly women, with an average age of 54 and who preferred paper registration. Now, younger customers, such as millennials who earn more than $75K annually, and ethnically diverse customers such as Middle Easterners and Asians tend to register their products more frequently, and through mobile devices.
- Consumers age 51-65 tend to register more through Web channels, while Baby Boomers prefer more traditional paper methods. Moms, who statistically spend more money and manage the household, tend to use smartphone registration. Those moms who are trend-conscious, prefer environmentally friendly products, work in a corporate job and are focused on fitness tend to register products the most.
- People who register products index 2.5X more than the average U.S. household as “Super Buyers” — who represent the top five percent of all purchasers. These Super Buyers are in every product category and ethnic group, and those using mobile and IoT methods demonstrate even higher spending power. Brands that connect early, within the first 24 hours after purchase and through mobile and digital tactics, are able to engage more of these Super Buyers and create new post-purchase revenue opportunities. Super Buyer registrants also tend to give products more favorable ratings and reviews, and also stay engaged with the brand over a longer period of time.
“We increased sales significantly over the previous year for one of our main brands,” said Tom Guenther, Digital Marketing Manager, Groupe SEB, leader behind household brands such as All-Clad, Krups and T-Fal. “Registria’s product registration solutions helped organize, strategize and deploy effective digital marketing campaigns that not only exceeded our goals, but put us in a fantastic position for growth.”
The inaugural Consumer Trends in Product Registration Report was developed based on research conducted for five years with more than 100 global brands in the following industries: major appliances, small appliances, consumer electronics (audio/video), consumer electronics accessories, computer peripherals, sporting goods, homewares, eyewear, power tools, lighting/plumbing, auto parts and guns and ammunition. Reports were compiled using activity derived from unique data sets, including proprietary surveys, manufacturer-published sources, and analyst reports.