Coveo’s 2022 Relevance Report takes the pulse of 4,000 consumers and finds that only 16% start their journey on the brand’s site
MONTREAL and SAN FRANCISCO, Feb. 22 2022 (GLOBE NEWSWIRE) — Coveo Solutions Inc, (TSX:CVO), a leader in AI-powered relevance platforms that transform search, recommendations and personalization within digital experiences, announced today today the second annual Relevance: E-commerce report, which revealed that only 6% of customers believe online shopping experiences are still relevant. Many retailers are still struggling to deliver the relevant online shopping experiences their customers expect.
Despite the easing of pandemic restrictions over the past year, online remains the go-to place for many shoppers. And relevant and personalized online shopping experiences have become table stakes: Coveo’s report found that 93% of customers expect the online experience to be at least equal to, if not better than, in-store – a 3% increase over last year’s report.
“Our inaugural relevance report revealed that retailers often fail to meet shopper expectations. A year later, we realize that the relevance challenge remains ever-present,” said Brian McGlynn, general manager of commerce at Coveo. “There is a dichotomy in the sense that people want personalization – even though they like to shop anonymously. Coupled with the future of third-party cookies, solving this problem is a priority for many business leaders. retail businesses.”
2022 Relevance Report: Key findings from e-commerce include:
Only a fraction of buyers start on a brand’s site
When asked where they typically start their journey, more than half (56%) of shoppers cited more than one response between Amazon, a search engine, and a brand’s site.
44% gave just one answer — and split evenly between Amazon and search engines — and just 16% said they started on a brand’s site.
Personalization impacts top and bottom results
Online shoppers said they would pay more if they could find what they were looking for in just a few clicks (52%).
whether they received complementary content that adds value to the products (48%), or
if they were offered value-added services that enhance the experience (69%).
Gen Z defines the future of relevance
Gen Z shoppers are more likely than other generations to pay more if they could find products faster (60% Gen Z, 52% overall),
whether they could discover something new (54% of Gen Z, 44% overall) or if they received personalized recommendations (53% of Gen Z, 44% overall).
Gen Z is also the generation least loyal to the retail behemoths – 53% of Gen Z respondents listed reasons they would stay away from Amazon, including that they don’t trust to critics and prefer other brands.
Mitigating data privacy issues starts with trust
As attitudes about data privacy continue to evolve, trust between customers and retailers is essential. Although 59% of respondents said they were concerned about how their data is used by retailers, 51% confirmed that they would always be more likely to share personal data with brands they trust.
40% of buyers remain anonymous at checkout
Buyers demand personalization, but often hide their intent. 40% of customers said they choose to remain anonymous when shopping online and when using guest checkout. This “cold boot client” problem needs to be fixed.
As part of Coveo’s 2022 Relevance Report: E-Commerce, Arlington Research was commissioned to undertake research in the UK and US to uncover trends in e-commerce, customer service and digital workplace. The survey included a nationally representative sample of the working population in the UK and the US, with 4,000 adults aged 18 and over, evenly distributed between each country. All of the respondents were people who use a computer for work, in companies with more than 250 employees. This first part focused on trends related to e-commerce.
Download the full report here.
We believe relevance is essential for businesses to win in the new digital experience economy, to serve people the way they expect, and that applied AI is imperative. Coveo is a market-leading AI-powered relevance platform. Our multi-tenant SaaS platform injects search, recommendation and personalization solutions into digital experiences. We provide solutions for commerce, services, websites and workplace apps. Our solutions are designed to deliver tangible value to our customers by helping to drive conversion and revenue growth, reduce customer support costs, increase customer satisfaction and website engagement, and improve skills and employee satisfaction.
Our AI powers relevant interactions for hundreds of the world’s most innovative brands and is supported by an extensive global network of systems integrators and implementation partners.
Coveo is a trademark of Coveo Solutions, Inc.