Coveo (TSX), a leading enterprise AI platform, has released its fourth annual Coveo Commerce Industry Report. Based on a survey of 4,000 shoppers from the U.S. and U.K., the report highlights the significant impact of GenAI on online shopping experiences. 72% of consumers expect their online shopping to evolve with GenAI, including pre-purchase education and virtual assistance. Social commerce trends show Gen Z discovering products on social media, but only 14% purchase through these platforms. Despite high expectations for online shopping, 49% still encounter problems. The report also notes increased willingness to share personal data for better deals, with growing concerns over data usage.
With digital interactions becoming essential in retail, 94% of shoppers prefer starting or ending their shopping online. Coveo emphasizes the need for brands to integrate digital and in-store experiences to meet consumer expectations.
Findings in Coveo’s 2024 Commerce Industry Report include:
- 72% of shoppers expect GenAI to enhance online shopping, including pre-purchase education (37%) and virtual assistance (31%).
- 91% expect online shopping satisfaction to match or surpass in-store experiences; however, 49% still face issues.
- 39% discover products on social media, increasing to 55% for Gen Z, but only 14% purchase through these platforms.
- 44% say easy product discovery impacts brand perception; 18% value supporting content.
- 54% willing to share personal data for a better experience; concerns over data usage rise to 71%.
- 68% report issues with customer service, checkout, or post-transaction experiences, higher for Millennials (71%) and Gen Z (75%).
Download the full report here: Coveo 2024 Commerce Industry Report
So…:
How can you provide your customers with better shopping experiences through the use of AI?
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