Data reveals 73% of U.S. consumers conduct at least half of their holiday shopping online, but finding accurate product information remains a key challenge
Boston, Massachusetts--(Newsfile Corp. - October 8, 2024) - Akeneo, the Product Experience (PX) Company and leading provider of Product Information Management (PIM) solutions, today announced results from a consumer survey examining the product and customer experience expectations for online shopping during the upcoming 2024 holiday season. The results of the survey showcase the desire consumers have to merge the worlds of physical shopping and online shopping, with 93% of respondents saying they shop both online and in-store, illustrating the clear need for retailers to prioritize a hybrid shopping experience that blends online and in-store.
As retailers prepare for the holiday season, it's imperative they ensure all customer expectations are being met and that they are providing the most seamless and frictionless experience for customers. This year, consumers are opting to be more price-conscious with their spending, as 40% of respondents said they would purchase less compared to previous years due to current inflation and interest rates. While this doesn't necessarily signal a downturn for retailers, it does illustrate the need for online shopping and product experiences to be as straightforward and frictionless as possible, while mimicking a cohesive in-person experience, to ensure what consumers order online meets their expectations when it arrives at their door. The data also shows that emerging technologies and sustainability are playing key roles for consumers this year, especially for younger generations.
New technology is transforming the online shopping experience
Online shopping is going beyond the traditional methods of searching on a company's website or a third-party retailer's website. As the focus continues to be on replicating the in-store experience online, retailers need to hone in on building a consistent omnichannel experience between all their mediums, including e-commerce websites, social media shopping, and brick-and-mortar stores. The Akeneo survey revealed 66% of respondents reported they prefer to shop via mobile apps and 25% are opting to use social media shopping methods, such as TikTok Shop, for their online shopping habits. This showcases the need for brands and retailers to think about their presence and product experience across multiple platforms. The same survey found that the second most common roadblock consumers face with online shopping is difficulty finding product information, behind out-of-stock items. Because 65% of all shoppers research purchases online prior to making a purchase, brands and retailers need to ensure they are providing simple, complete, and accurate product information consistently via every method of shopping (i.e., social media, third-party, and company website).
Technology-driven holiday shopping experiences continue to evolve to drive digital consumer and product experiences, especially through the increasing popularity and usage of artificial intelligence (AI). AI and virtual reality shopping experiences are also on the rise, especially in the retail space when offering virtual "try-on" shopping experiences. In the Akeneo survey, 15% of Millennials and 18% of Gen Z say they use AR/VR "try on" options when shopping, which can directly help reduce the number of returns, multiple orders, and product questions, as consumers are able to see how the article of clothing will look, or how the furniture will accent their home. Younger generations are opting for immersive shopping experiences, despite shopping online, to replicate the experience of in-store shopping while still benefiting from the convenience of shopping online.
Sustainability is playing a key role this holiday season
Gen-Z and Millennials continue to have an emerging spending power, and with this comes a shift in values. Despite an overwhelming 81% of consumers reporting that they plan to spend less or the same on holiday shopping as last year, Akeneo's survey found that 59% of millennials are more likely to pay a premium for sustainable products than any other generation, and half (50%) of U.S. consumers overall are willing to pay at least a small premium to ensure products are ethically sourced. As consumers are showing an increased interest in shopping responsibly and sustainably, retailers should ensure that all sustainability efforts are front and center this shopping season, ensuring that shoppers know how their purchase makes an impact. Despite a majority of consumers opting to resort to digital or online shopping (73% reporting that they will do at least half of their shopping online), consumers are still prioritizing sustainability and thinking about their impact on the environment, knowing that they are more likely to return items purchased online and being conscious of the impact shipping makes on the environment.
Overcoming challenges for online shopping
The demand for online shopping is there - but there are challenges for retailers to overcome. Consumers are still reporting that they experience technical difficulties and frustrations when opting to shop from their computers, tablets, or smartphones. When analyzing what causes friction during the already stressful holiday season, 30% of Gen-Z shoppers ranked a slow website or app as their most frequent issue encountered during holiday shopping.
Overwhelmingly, price and discounts were the number one contributing factor to what drives someone to make a purchase, with 59% of consumers rating price and discounts as the greatest influence on their shopping decisions. In second place was quality for every generation, and in third place was sustainability.
"Consumers are facing unparalleled amounts of information and choice online. Ranging from product options to varieties, to retailers - they are increasingly being faced with decision fatigue online," said Laetitia Korn VP of Marketing at Akeneo. "Through our data, we are able to analyze what exactly consumers are focused on, what matters to them, and what they expect to see from retailers this holiday season to help build trust and reduce the stress of holiday shopping. In the world of increased omnichannel shopping and seemingly unlimited choices, consistent product experiences and information is essential to create trusting and loyal shoppers."
To learn more about Akeneo and its product experience offerings please visit www.Akeneo.com. To view the full results of the survey, view our infographic.
Dynata Survey Methodology
The survey was commissioned by Akeneo and conducted by Dynata, the world's largest first-party data company. The survey was conducted in September 2024 of 1,000 U.S. consumers 18 years and older to understand what drives consumers to online shopping during the holidays and how companies can improve the PX and CX to provide the best overall experience for customers.
About Akeneo
Akeneo is the product experience (PX) company and global leader in Product Information Management (PIM); creating a world where every product interaction is an experience that guides consumers and professionals to the best purchase, anytime, anywhere. Akeneo empowers business leaders with software, education, and an engaged community all focused on the practice of product experience management.
Leading global brands, manufacturers, distributors, and retailers, including Chico's, CarParts.com, TaylorMade Golf, Rail Europe, Kering, and more trust Akeneo to scale and customize their omnichannel commerce initiatives. Using Akeneo's intelligent Product Cloud, companies can create elevated product experiences with user-friendly and AI-powered product data enrichment, management, syndication, and supplier data onboarding; as well as a comprehensive app marketplace and partner network to meet business and buyer needs. For more information: https://www.akeneo.com.
Media Contact:
Natasha Koleas
akeneo@pancomm.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225861
