New Elastic Research Reveals 84% of Online Shoppers Say Personalization Influences Their Purchases
MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Elastic (NYSE: ESTC), the company behind Elasticsearch, today released a study commissioned by Wakefield Research, an independent research firm, titled Product above price: The essential role of personalization in converting online searches into sales.
The study reveals insights into the online 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 maximize sales
According to the study, online shoppers show little patience with irrelevant search results, but personalization is still a powerful tool to stay in touch with their favorite retailers.
78% of online shoppers say they encounter barriers when searching on a retailer’s website.
88% of online shoppers are more likely to continue shopping on a merchant site that provides a personalized experience, including 96% of Gen Z and 97% of Millennials.
68% of online shoppers bought an item they hadn’t originally planned on a retailer’s website when product recommendations were personalized.
Rising prices and economic turmoil are testing buyer loyalty
The majority of online shoppers say they are already changing their consumption habits in response to economic uncertainty, but they are more likely to remain loyal to brands that deliver personalized experiences.
95% of buyers say they are likely to take cost-cutting action in response to rising prices.
53% of shoppers always prioritize finding the right product over the lowest price.
52% of shoppers are likely to switch brands during turbulent economic times.
84% of shoppers say personalization already influences their decision to buy with specific brands.
Earning shoppers’ trust starts with personalizing their shopping experience
Online shoppers testify to personalization driving increased sales and point to a consistent and convenient omnichannel shopping experience that gives them confidence in their purchases.
89% of shoppers are more confident when purchasing products that are available across multiple channels, such as in person, on a retailer’s website, or on social media.
42% of shoppers say targeted promotions and sales notifications were the most influential factor in their decision to buy from a particular brand.
50% of buyers cited an easy-to-navigate website as influencing their buying decision.
41% of online shoppers are willing to share personal information to get a more personalized experience.
Meet customer expectations for customization
Already deployed by many of the world’s largest online retailers, including eBay, GrubHub, Office Depot, The Home Depot, and Ticketmaster, Elastic Enterprise Search gives development teams the flexibility and control to build 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 deliver more personalized online shopping experiences with out-of-the-box analytics and visualizations that allow retailers to identify trends and patterns in behavioral data to generate maximum value. E-commerce developers can leverage machine learning to implement personalized discovery, query suggestions, and predictions for better personalization and product recommendations.
For more information on how Elastic Enterprise Search enables developers to create more personalized shopping experiences, see the Elastic blog.
“This study shows that personalized online shopping experiences are no longer an option for retailers: they are essential, with nearly 3 in 5 expecting retail websites to provide personalized recommendations,” said Nathan Richter, Senior Associate, Wakefield Research. “Demand is even higher among Gen Z and Millennials, 73% of whom expect online retailers to deliver this experience. »
“Investing in search and personalization not only benefits customers looking for the most relevant products, but also online retailers looking to meet customer demands and maximize sales,” said Matt Riley, Managing Director, Elastic Enterprise Research, Elastic. “With Elastic Enterprise Search, retailers can better understand what matters most to their customers and make every moment of the shopper experience count. Especially in times of economic uncertainty, meaningful and personalized shopping experiences are key to customer satisfaction and loyalty. »
The study, Product above price: The essential role of personalization in converting online searches into sales, was commissioned by Elastic and conducted by Wakefield Research among 1,000 nationally representative US adults, ages 18 and older, between June 22 and June 28, 2022, using an email invitation and an online survey. This survey has been weighted to ensure an accurate representation of American adults. Additional details on the study methodology can be found in the report.
Elastic (NYSE: ESTC) is a leading platform for search solutions. We help organizations, their people and their customers accelerate the results that matter. With enterprise search, observability, and security solutions, we improve customer and employee search experiences, keep critical applications running smoothly, and protect against cyber threats. Delivered wherever the data resides, in a cloud, across multiple clouds, or on-premises, Elastic enables more than 18,000 customers and more than half of the Fortune 500 to achieve new levels of success at scale and on a single platform. Learn more at elastic.co.
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