Business STATS A N D FACTS 56% 8 Pur ch CONSUMER P U RC H AS E CYC L E Warranty Conduct Product Research 3 Assess Product Options 4 Determine Purchase Location Installation/ 7 Setup Returns 6 5 Product Purchased 32% It did not work like you thought it would 32 30 28 26 Yo u p u r chased similar/ multiple products and decided not to keep this one It did not work out of the box Yo u decided to get a different model It broke while you were using it 3%: Percentage of recent consumer tech purchases resulting in a product return OUTCOME OF RETURNS Monetary refund (net) Replacement product (net) A credit card reimbursement 18 A cash reimbursement Wrote an online review Posted pictures/videos to social media Told a friend/family member about the product/purchase Disposal e TOP 5 REASONS FOR PRODUCT RETURNS ACTIONS TAKEN POST PURCHASE 43 Communicate to others (net) Post Purc 9 Purchase studies (audio, health & fitness, and wireless) provides insight into the consumer's path to purchase. These studies focus on what happens once consumers have purchased their device: returns, installation/setup, warranty, disposal, replacement, and future use and intention. s ha at e P h CTA's three Consumer Journey to Understand Requirements 2 10 Replacement 1 11 as JOURNEY TO PURCHASE Future Use & Intention 12 Store credit or a gift card towards a future purchase 63% 27 22 13 Same model and same brand 37 A different model, but the same A different brand model, and a different brand 16 15 6 Source: CTA Market Research 48 MARCH/APRIL 2016 I T I S I N N O VAT I O Nhttp://www.cta.tech/i3 http://www.cta.tech/i3