90% of shoppers surveyed said they can be
enticed to add items to an existing order when shopping
online
LONDON and NEW
YORK, Sept. 12, 2024 /PRNewswire/ - Coveo (TSX:
CVO), the leading enterprise AI platform that brings AI Search and
generative AI to every point–of-experience, today announced a
new research report titled, "Gift or Grinch? Unwrapping This
Season's Shopper Spending Plans." The report, based on a
survey of 4,000 U.S. and U.K adult consumers, examines consumer
sentiment towards the upcoming holiday shopping season, from Black
Friday and Cyber Week through the December holidays. The survey,
conducted in July 2024 by Coveo in
partnership with Arlington Research, unveils indicators of a robust
upcoming fourth quarter for retailers, with 59% of shoppers saying
they plan to cut everyday purchases in order to prioritize gifting
budgets, and more than three quarters (76%) planning to maintain or
increase gift purchases this holiday season.
Another major finding in the report is that the vast majority of
shoppers can be swayed to purchase unplanned items this holiday
season – 85% of respondents said they are prone to impulse buys
online, especially fashion, shoes, and apparel. Furthermore, 90% of
shoppers said they are open to being persuaded to add items to
their existing online order, showcasing the potential for AI-driven
strategies to enhance retailers' ability to cater to shopper
preferences in real-time and increase cart values.
"Shopper enthusiasm and receptivity to persuasion are clear
standouts in our annual holiday report findings, signaling that
retailers have a major opportunity to capture a greater share of
consumer spending during the upcoming shopping peak," said
Lisa Grayston, GM Commerce at Coveo.
"Consumers are going into the holiday shopping season ready to be
inspired, which opens doors for retailers to lean on their
technological prowess to convince and convert. Retailers willing to
pioneer and experiment with AI-led strategies for delivering
exceptional product discovery experiences and the most relevant
offers on-the-fly are poised to thrive this holiday season and into
2025."
Additional highlights from Coveo's 2024 holiday report also
include:
- Black Friday and Cyber Week appeals to consumers, especially
for electronics, fashion, and big box shopping – More than
two-thirds (68%) of consumers surveyed are planning to visit one or
more retailers during Black Friday and Cyber Monday. Last year,
Coveo's retail executive holiday study found that 84% of retailers
felt that consumers can get deals anytime they want; nonetheless,
consumers are currently planning to take advantage of holiday
shopping peaks with electronics, fashion / apparel, and big box /
department stores as the top three retail categories.
- Grocery retailers can expect a healthy digital boost during
the holiday shopping peak – More than half (55%) of consumers
say they plan to grocery shop online or use delivery apps for
holiday meals and parties, and, of these respondents, 20% say this
is an increase to their typical online grocery shopping routine.
This trend is even more pronounced among younger generations, with
68% of Millennials and 69% of Gen Z choosing these convenient
options.
- Digital offers and discounts reign supreme for most
shoppers – An impressive 80% of consumers said they discover
special offers via purely digital sources, including email, social
media platforms, online search, and online marketplaces. The most
popular individual response for finding deals in general was
through online or in-store store advertising and signage, with more
U.K. shoppers preferring this method than their U.S. counterparts
(51% vs. 44%, respectively). Notably, only 13% of U.K. respondents
said they learn about deals through print mailings/coupons, 14
points lower than the U.S. cohort (27%).
- Some shoppers find holiday gifting a chore – While 45%
of U.S. shoppers (39% U.K.) said they enjoy the thrill of finding
the perfect gift, 19% admitted to dreading the process due to the
time and expense required, and 20% said they are indifferent,
viewing it as just another task to complete. Overall, 61% of
respondents said that specific site search categories such as
"gifts for dad" or "gifts under $50"
would be helpful when gift shopping online.
- Nearly a third of online shoppers are starting to look to
Gen AI for gift guidance – An emerging trend in the survey data
shows that 31% of shoppers say they would find an advisory
experience powered by GenAI useful for online gift shopping with
that number spiking to 44% for Millennials.
To download the report, click here.
About Coveo
We strongly believe that the future is business-to-person. That
experiences are today's competitive front line, a make or break for
every business. We also believe that remarkable experiences not
only enhance user satisfaction but also yield significant gains for
enterprises. That is what we call the AI-experience advantage – the
degree to which the content, products, recommendations, and advice
presented
to a person online aligns easily with their needs, intent,
preferences, context, and behavior, resulting in superior business
outcomes.
To realize this AI-experience advantage at scale, enterprises
require a robust, spinal and composable infrastructure capable of
unifying content securely and delivering AI search, AI
recommendations, true personalization, and a trusted generative
experience at every touchpoint with each individual customer,
partner and employee.
Coveo is dedicated to bringing this advantage to every
point-of-experience, using powerful data and AI models to transform
the enterprise in commerce, customer service, website and
workplace.
The Coveo platform is ISO 27001 and ISO 27018 certified, SOC2
compliant, HIPAA compatible, with a 99.999% SLA available. We are a
Salesforce ISV Partner, an SAP EndorsedⓇ App, an Adobe Gold
Partner, MACH Alliance member and a Genesys AppFoundry ISV
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.
Forward-Looking Information
This press release contains "forward-looking information" and
"forward-looking statements" within the meaning of applicable
securities laws (collectively, "forward-looking information"). This
forward-looking information is identified by the use of terms and
phrases such as "may", "would", "should", "could", "might", "will",
"achieve", "occur", "expect", "intend", "estimate", "anticipate",
"plan", "foresee", "believe", "continue", "target", "opportunity",
"strategy", "scheduled", "outlook", "forecast", "projection", or
"prospect", the negative of these terms and similar terminology,
including references to assumptions, although not all
forward-looking information contains these terms and phrases. In
addition, any statements that refer to expectations, intentions,
projections, or other characterizations of future events or
circumstances contain forward-looking information. Statements
containing forward-looking information are not historical facts but
instead represent management's expectations, estimates, and
projections regarding future events or circumstances.
Forward-looking information is necessarily based on a number of
opinions, estimates, and assumptions that we considered appropriate
and reasonable as of the date such statements are made. Although
the forward-looking information contained here in is based upon
what we believe are reasonable assumptions, actual results may vary
from the forward-looking information contained herein. Moreover,
forward-looking information is subject to known and unknown risks,
uncertainties, and other factors, many of which are beyond our
control, that may cause the actual results, level of activity,
performance, or achievements to be materially different from those
expressed or implied by such forward-looking information, including
but not limited to macro-economic uncertainties and the risk
factors described under "Risk Factors" in the Company's most
recently filed Annual Information Form available under our profile
on SEDAR at www.sedar.com. There can be no assurance that such
forward-looking information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such information. Accordingly, prospective investors
should not place undue reliance on forward-looking information,
which speaks only as of the date made.
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SOURCE Coveo Solutions Inc.