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Why product research is broken and how we can fix it

 3 years ago
source link: https://www.buyforlife.com/blog/017nEbtoG86hMtQqKPxAcd/why-product-research-is-broken-and-how-we-can-fix-it
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Why product research is broken and how we can fix it

A survey with over 300 responses reveals why product research is broken and how we can fix it.

We analyzed the results and discovered some interesting findings. As we posted the survey on Reddit, it might be a bit biased towards this platform.

How people are doing product research

The amount of time we are investing in product research is mostly dependent on the price of the product we are planning to buy:

  • 88% of the consumers check user reviews before making a purchase. This is a major opportunity for businesses to get their products in front of customers before they make a purchase.

  • When buying a product that costs less than $100, people spend a few hours doing research.

  • When buying a product that costs more than $300, people spend a few days doing research.

Where do people find new products?

There are no real surprises about where people are finding new products. Like most people, they're going to be looking to Google, friends, family, Amazon, Reddit, retail stores, and ads and social media.

  1. Google

  2. Friends-/Familiy Recommendations

  3. Amazon

  4. Reddit

  5. Retail stores/Online shops

  6. Ads and Social Media

Where do people research products?

On average, people visit five websites for product research before making a purchase.

The top websites for product research are:

  1. Reddit

  2. Amazon

  3. Consumer Reports

  4. Wirecutter

  5. Youtube

Reddit is the number one website for product research due to its tight knit communities where people discuss the many different aspects of a product or product line which then leads to the discovery of an even better product. Amazon is also on top of the list due to its vast variety of products and ability to compare prices with other retail stores. If you ever wanted to read a little more hands-on and in-depth reviews, go to Consumer Reports or Wirecutter.

What are the top things that people check before making a purchase?

With everything from appliances to clothes, there are different things to consider before making a purchase. It's important to look at user reviews, to see what other customers have to say about products. What are their opinions on a product?

These are the top things people look for before they make a purchase:

  1. User Reviews

  2. Price Comparison

  3. In-Depth Analysis (e.g. Wirecutter)

  4. Videos

  5. Warranty

  6. Environmental Impact/Sustainability

  7. Repair Service/ Replacement Parts

  8. Discounts/Coupons

Challenges with Reddit

The biggest frustrations when doing product research on Reddit are:

  1. Products that aren’t available for purchase anymore

  2. Mostly USA related

  3. Finding specific products/ Database system/ Bad search

  4. Repetitive posts/requests

  5. Old products that are unused/not frequently used

  6. Hard to track changing opinions on brands over the years

  7. It's centered around certain categories

  8. Finding affordable options

A lot of things are just not possible within the constraints of Reddit.

The buyforlife platform originated from the subreddit r/BuyItForLife for these exact reasons. We want an easy-to-search, filterable and always updated database of long-lasting quality-products. Unavailable products should be flagged and a similar product of equal quality should be linked to it.

The biggest frustrations with product research

Product research, a necessary task for purchases, should be a breeze. Unfortunately, it's not. There are many points of frustration, but these are the biggest ones:

  1. Fake reviews

  2. Sponsored content / Ads

  3. It takes time

  4. Inconsistent metrics and info across sites

  5. Lack of long term use information

  6. Availability in my country

How we are going to solve these issues

Based on the findings, we have taken steps to improve the process and offer a better service:

1. Aggregating reviews from all over the web

We are collecting reviews from the most trusted sources on the internet and save them in our database. By doing a sentiment analysis, we can see which products are well-liked, which are not, and which have mixed reviews. This way, you just have to visit one website instead of multiple ones.

2. Summarizing reviews to save your time

We built a new service called reviewr.ai. It's like having a team of people reviewing products for you and summarizing the important points. Our AI generates a brief and concise summary of all the reviews.

3. Filtering out irrelevant and fake reviews

We run statistical analyses to spot discrepancies and contradictions among reviews and filter out fake reviews.

4. Tracking the longevity of products

We recently introduced a new feature on our platform: Recurring Reviews. After every year, the reviewer will receive an automatic reminder to assess the condition of the product and if the reviewer is still happy with it. This is how we can follow the whole lifecycle of a product.

Let us know what you think! Any feedback is appreciated. We are working hard on improving buyforlife every day, stay tuned!


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