These results are underpinned by ecommerce leaders’ greater understanding of their customers’ journeys. They’re 78% more likely than their mainstream counterparts to recognise that shopper experiences are made up of ‘micro-moments’; small, intent-driven interactions that are critical to progress along the path to purchase.
Leaders are also 28% more likely to recognise that these micro-moments aren’t linked in a linear way. Customers no longer move smoothly from awareness to interest to consideration to action (if they ever did). Instead, leaders understand that their customers interact with the brand across multiple touchpoints according to their own information needs.
These leaders are more than twice as likely as the mainstream players to recognise the precise intent and specific goals of individual shoppers at the exact moment of engagement. So they can deliver the exact information each customer needs in order to progress to the next stage of their journey.
The new report follows on from similar research carried out by London Research in 2021. Since then, retailers see this ability to deliver personalised content and product experiences as the single most important capability of a product discovery solution, ahead of others such as customisability and ease of use.
The report also finds that the implementation of the right product discovery solution can deliver impressive results. Retailers report the problems caused by the volume of products on offer are markedly less significant than they used to be.
The proportion who ‘strongly agree’ that shoppers on their site struggle to make a decision because there are too many products has fallen from just less than a third (31%) to under a quarter (22%). Similarly, the proportion who strongly agree that shoppers have difficulty finding products that genuinely interest them has fallen from 25% to 18%.
Looking forward, the danger for mainstream companies is that leaders are better equipped to deal with the next big technological leap. Eight out of ten retailers say they’re looking at AI as a way to improve their product discovery capability.
But while nearly three-quarters of leaders say AI capabilities are definitely a consideration in their product discovery technology investment decisions, only a third of mainstream companies say the same. The risk is that more enthusiastic adoption of AI by leaders widens the gap between them and their mainstream competitors.
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