According to Label Insight's 2016 Transparency ROI Study, consumer demand for product transparency is on the rise, and brands that fulfill this demand by providing comprehensive product information are poised to grow market share and revenue. Nearly 90% of consumers say transparency is important to them across every food product category, and 40% say they would switch to a new brand if it offered full product transparency.
Patrick Moorhead, CMO of Label Insight, says "… this study reveals what matters most to consumers in terms of the products they use and consume… draws a clear correlation between transparency and improved consumer trust, enhanced brand loyalty, and overall long term value in repeat purchase… "
The report addresses the impact of transparency on consumer loyalty and purchase behavior, and provides guidelines for brands on how to develop trust among consumers. Key findings include:
Moorhead concludes by noting that "… consumers place transparency above many other factors… switch to competitive products that provide detailed product information… providing information consumers want in one place… brands… create lasting trust and valued relationships… with customers…"
To access the complete report from LabelInsight, please visit here.