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What our Consumer Survey Report Means for the Retail Industry

What our Consumer Survey Report Means for the Retail Industry

On Wednesday, March 8th, Jetlore released it's first large scale consumer survey report, which you can access here.  The report, titled "Add to Cart: Deal Makers and Deal Breakers of the Online Shopping Experience," presents conclusions drawn from the opinions of 750 consumers, each of whom regularly shop online.

There were a number of insights drawn from the survey that demonstrate the impact shopper frustrations have on the online shopping experience. For instance, 62% of surveyed customers prefer shopping online more than half the time, and 64% listed the ability to buy anytime from anywhere as a primary reason why.  We're already seeing the effect of this statistic, as several traditional retailers like Macy's, Sears, Kmart, and HHgregg are closing dozens (if not hundreds) of physical locations.  

Today, we'll be discussing a few key findings from the report, and what they mean for the retail industry as a whole.

86% of shoppers indicate frustration in sites that don't remember their information.

Online privacy is still a real issue, but customers are now comfortable providing basic information in exchange for a better user experience.  The ability to collect that information and use it well is still a challenge for many online retailers. This statistic shows that, to some degree, customers understand the capabilities of online retail and expect the next experience to use their information in a positive way.  

For instance, would you allow a site to cookie you, take your name, your email address, and your shipping information, if they were only collecting that information for their records? Or would you rather let them have that information so they can provide custom offers and relevant product offerings?  

The biggest challenge for retailers is not in collecting that information, but in subtly leveraging that information accurately for hundreds of thousands of customers. 

85% of shoppers will potentially abandon a site if given poor recommendations. 

Out of 750 consumers, 69% said they would definitely churn if they receive poor recommendations, and 16% said they would consider abandonment.  Many retailers invest in a simple recommendation widget so they can check off a box and say they're personalizing experiences - but there's a profound difference in poor personalization and an effective online experience.

We've entered into a new era of customer loyalty, where consumers are used to highly tailored social media experiences, and understand the abundance of choice they're offered from e-commerce sites.  Because of that, we now live in a time where customers don't have patience for poor experiences - they know they can get the same/similar item somewhere else, so why would they choose to go to a site that doesn't understand what they need at any given moment?  

40% of customers will only scroll through two product listing pages before they give up.

This statistic tells a lot about the modern consumer, and our lack of patience for poor experiences.  Customers expect e-commerce sites that immediately relate to their specific, individual interests, and are easily frustrated with sites that cannot adequately leverage the information they've freely given.  This statistic also represents a very specific challenge within product listing pages. If you're a retailer that offers millions of items and thousands of individual skus within a single category, it's on the consumer to search, filter, and sort through your inventory to find what they'd like to purchase.

What's the solution?

Jetlore conducted this study to re-affirm our theories on the modern consumer and gain a more complete understanding of what retail customers need.  Results of the study reinforced the fact that Jetlore's AI-powered Prediction Platform is solving some of the most difficult and important challenges in online retail.  

Jetlore's platform gives marketing teams a way to take collected information and leverage it into positive user experiences, through both our Predictive Layouts and Predictive Ranking products.  Predictive Layouts enable marketers to provide highly relevant, predictive experiences to the 85% of customers who would otherwise abandon ship, and Predictive Ranking dynamically sorts entire inventories to automatically feature the best assortment of products immediately on PLP pages.

To learn more about how Jetlore's AI-powered predictions helps marketers adjust to the needs of the modern consumer, click here.

As always, join the conversation on social media - follow us @Jetlore #GoBeyondPersonalization.

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