Elastic, the company behind Elasticsearch, released a commissioned study conducted by Wakefield Research, an independent research firm, titled Product Over Price: The Critical Role Personalization Plays in Converting Online Searches into Sales.
The study reveals insights into the ecommerce shopping experience, illustrating how online retailers can turn searches into sales by providing shoppers with personalized product recommendations quickly and at scale.
More relevant recommendations help retailers meet demand and optimize sales
According to the study, online shoppers demonstrate little patience for irrelevant search results, but personalization remains a powerful tool to keep them connected to their preferred retailers.
• 78% of online shoppers report encountering roadblocks when searching a retailer’s website.
• 88% of online shoppers are more likely to continue shopping on a retailer website that offers a personalized experience, including 96% of Gen Z and 97% of Millennials.
• 68% of online shoppers have purchased an item they didn’t initially intend to on a retailer’s website when product recommendations were personalized.
Rising prices and economic turbulence test shopper loyalty
The majority of online shoppers report that they are already changing their spending habits in response to economic uncertainty, but they are more likely to remain loyal to brands that offer personalized experiences.
• 95% of shoppers report that they are likely to take cost-cutting measures in response to rising prices.
• 53% of shoppers are still prioritizing finding the right product over the lowest price.
• 52% of shoppers are likely to switch brands during turbulent economic times.
• 84% of shoppers report that personalization already influences their decision to shop with specific brands.
Earning shoppers’ trust begins by personalizing their shopping experience
Online shoppers attest to personalization leading to increased sales and point to a consistent and convenient omnichannel shopping experience giving them confidence in their purchases.
• 89% of shoppers are more confident when purchasing products available across multiple channels, such as in-person, on a retailer’s website, or on social media.
• 42% of shoppers report that targeted promotions and sales notifications were the most influential factor in their decision to purchase from a particular brand.
• 50% of shoppers cited an easy-to-navigate website influencing their purchase decision.
• 41% of online shoppers are willing to share personal information to gain a more personalized experience.
Meeting customers’ expectations for personalization
Already deployed by many of the world’s leading online retailers, including eBay, GrubHub, Office Depot, The Home Depot, and Ticketmaster, Elastic Enterprise Search gives development teams the flexibility and control to create applications that place personalized suggestions at the heart of their shopping experience.
By offering a set of customer-proven features and capabilities, Elastic enables retailers to provide more personalized online shopping experiences with out-of-the-box analytics and visualizations that allow retailers to identify trends and patterns within behavioral data to drive maximum value. Ecommerce developers can leverage machine learning to implement tailored discovery, query suggestions, and predictions for better personalization and product recommendations.