Coveo (TSX:CVO), a leader in AI platforms that transform
digital experiences with intelligent search, recommendations, 1:1
personalization, and merchandising, today announced its third
annual
Ecommerce Relevance Report with insights
based on a survey of 4,000 shoppers in the U.S. and U.K. The report
reflects how the current economy and affordability of products is
changing consumer behavior. It also shows that shoppers are wary of
their privacy, but willing to share more data about themselves if
it means they will get a better deal, or personalized offer.
The report also confirms that commerce
sites continue to have problems that create discontent,impacting
brand loyalty and trust.
"Shoppers expect their online
experiences to be equal or better than in-store, yet many brands
are not meeting these expectations," said Brian McGlynn, General
Manager of Commerce Solutions, Coveo. "Consumers also prefer
anonymity, which is a challenge for retailers who don't have the
trust of their consumers. We found that there are economy-driven
generational differences when it comes to brand loyalty and the
shift towards private label products. But building trust is a key
differentiator for building loyalty, and a great experience with
your brand can still make a positive impact on that trust."
Some of the key trends observed in
Coveo’s latest consumer survey data include:
- Shoppers prefer
anonymity. With the demise of the third-party cookie,
Coveo asked shoppers their views on giving personal information.
Nearly half (48%) said that they have abandoned an online purchase
when asked to create an account and 32% state they always checkout
as a guest. More than half of respondents (57%) are also unaware of
how much data they share when shopping online, a percentage that
stays about the same across generations. But consumers don’t seem
overly concerned about it when they get something in return — 52%
said that they are willing to share data when shopping online if it
means they get better deals and offers. In other words, retailers
need to make it worth their while to share that data.
- Affordability is a factor
in consumer shopping behavior: A majority
of respondents (83%) said they are relying on more affordable
stores or buying more private-store-label products, indicating that
brand loyalty may be at risk. Baby Boomers are most likely to be
loyal to brands and stores. Consumers in the U.K. are less brand
loyal and even more likely to buy private products than their
U.S. counterparts (42% and 37% respectively), while younger groups
are more likely to shop at more affordable stores than older
generations.
- Most consumers expect online
shopping to be better than in-person shopping. As
retailers try to satisfy online retail expectations, shoppers
resoundingly say they often encounter problems in the digital
world. Most respondents (93%) expect their online shopping
experience to be better than/equal to what they receive while
in-store. Most (91%) said they encounter problems online, with
nearly a third citing poor site performance (33%) and lack of
findability (32%) as the top issues, followed by missing product
information (27%), disorganized navigation (26%), not being mobile
friendly (25%), and too many irrelevant recommendations (24%). If
we look at only the digitally native Gen Z, 96% report encountering
problems. They are 46% more likely to be frustrated by lack of
product discovery, nearly 13% more likely to be upset that they
can’t discover new products, and 11% more aggravated that the site
doesn’t allow filtering.
- Online shopping and in-person
shopping are linked. Shoppers show a strong preference for
researching products before purchasing, with 79% saying
that they conduct research online and on social media. That
includes research on a brand’s website, with 37% researching
products online and purchasing in-store. However, 22% of shoppers
complain that they don’t know if stock is available at their local
store.
To download the full report, click
here.
About Coveo Solutions
We believe that relevance is critical for businesses to win in
the new digital experience economy and to serve people the way they
expect while ensuring optimal business performance, and that
applied AI is an imperative to achieve these goals.
Coveo Relevance Cloud™ is a market-leading AI Platform that
optimizes relevance into digital experiences such as commerce,
service, website, and workplace applications. Coveo injects search,
recommendations, personalization, and merchandising AI models,
including testing and analytics. Coveo’s AI platform is
cloud-native SaaS, multi-tenant, API-first, and headless, and can
easily integrate into almost any digital experience, with AI models
designed to learn from every interaction to serve the next. Our
solutions are designed to provide tangible financial value to our
customers by helping to drive improvements in conversion, revenue,
and margins, reduce customer support costs, increase customer
satisfaction and website engagement, and improve employee
proficiency and satisfaction.
Our AI platform powers digital experience relevance for many of
the world’s most innovative brands, serving millions of people and
billions of interactions, and is supported by a large network of
global systems integrators and implementation partners. Coveo is a
Salesforce ISV Partner, an SAP® Endorsed App, and an Adobe
Accelerate Exchange Partner.
Coveo is a trademark of Coveo Solutions, Inc.
Stay up to date on the latest Coveo news and content by
subscribing to the Coveo blog, and following Coveo on LinkedIn,
Twitter, and YouTube.
Highwire PRCoveomedia@coveo.com+1 418-263-1111
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Coveo Solutions (TSX:CVO)
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Coveo Solutions (TSX:CVO)
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