Driven by a combination of consumer behavior and technological innovation, eCommerce sales are predicted to reach $1.6 trillion by 2027. In order for retailers to capitalize on this growth and maximize their revenue, they'll need to utilize technology to deliver high-quality customer experiences at a time when consumer expectations are lofty and customer loyalty is low.
According to the Future of eCommerce report, there are several innovations and areas concerning customer behaviors that retailers will need to double down on in order to maintain market share, increase profits, and continue to grow.
The ways in which consumers look for and purchase products are changing, and expectations are increasingly high when it comes to the ease and convenience of their shopping experiences.
Today's consumers are:
- Prioritizing low prices and flexible payment programs over brand loyalty
- Increasingly looking to online marketplaces for consistent access to products at lower prices
- Expecting personalized shopping experiences that reflect their tastes and preferences
- Looking for immersive online and in-store options that blend physical and digital to create a holistic shopping experience
- Demanding faster and more convenient delivery options
- Seeking Google-quality, hyper-personalized search results when they shop to find what they're looking for quickly and efficiently
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At a time when it's increasingly difficult to meet consumer expectations, the good news is there's technology out there that can help!
An AI-first eCommerce search and product discovery platform can help you create the personalized shopping experiences your customers are looking for, while providing them with the ease and convenience of finding the right products, quickly. While legacy search engines were built on keyword-matching technology that routinely struggles to generate relevant search results, an AI-first next-generation search engine uses customer data, context cues, and a deep understanding of user intent to deliver accurate search results that fit the customers' needs. Furthermore, when AI-first search is coupled with recommendations, advanced merchandising controls and built-in analytics & reporting features, a retailers' merchandising team can easily create impactful customer campaigns that will optimize the customer experience while driving sales and revenue.
With GroupBy's next-generation eCommerce Search and Product Discovery platform powered by Google Cloud Vertex AI Search for Commerce, you can meet today's consumer expectations with our all-in-one platform that includes all the vital product discovery functions every retailer needs, including Data Enrichment, Search, Recommendations, Merchandising, and Analytics and Reporting.
By improving the overall shopping experience for your customers through GroupBy's platform, you can address the modern consumer behaviors and high expectations that could otherwise negatively impact your revenue and growth.
