- Research Reveal How Purchase Velocity and Contextual Relevance Can Mutually Exist to Drive Exponential Growth
HCL Software’s Commerce and Constellation Research released a report explaining how contextual search will power the future of commerce. The full report can be downloaded here.
Report Overview
Brands and enterprises must address the dual competing priorities of digital commerce. Constellation estimates that there are over 24.5 million digital commerce sites driving almost $4.5 trillion in digital commerce sales in 2020 with $10 trillion in sales by 2028. By 2025, an estimated 92.1 percent of all sales will be conducted on retail websites and mobile devices. With a plethora of options available to consumers, brands and enterprises must compete for their customer’s time and attention while delivering highly efficient check out capabilities. These dual competing priorities have created massive challenges for digital commerce leaders, setting up the battle ahead for relevance and decision velocity. Search and artificial intelligence (AI) are the key technologies that will power this next revolution in commerce.
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First Impressions and the Speed of Thought
Being able to deliver world-class experiences has never been more important.
“At the touch of their fingertips, customers expect to find what they want and make purchases at the speed of thought,” states Ray Wang, Principal Analyst and Founder, Constellation Research.”
According to the report, when search is paired with AI techniques and technologies, brands and enterprises deliver more contextually relevant customer journeys, and each interaction further personalizes the complete journey. Each time a buyer searches a brand’s website, not only does it signal an intent to purchase, but also drives the subsequent interactions of how a product is displayed, how a service is offered, and how well the brand can deliver relevant content to the buyer. These interactions and micro moments make up the customer journey and the brand experience.
“At the end of the day, the brands that deliver consistent, highly relevant search results across every customer engagement point will come out on top,” said Brian Gillespie, Director of Product Management at HCL Commerce.
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By the Numbers
According to the report, successful AI driven search strategies will increase seven growth-oriented digital commerce metrics: (see the accompanying infographic).
- 23% more money spent per visitor
- 27% more money spent per customer search
- 35% more page views
- 41% more time customers spend onsite
- 49% higher add-to-cart rate
- 54% higher rate of conversion
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