Shoppers are not fully adopting online shopping technologies during this year's holiday shopping period
In recent months, companies like Farfetch, Amazon, and Wayfair have been at the forefront of introducing innovative visual technologies to enhance the e-commerce experience. These advancements include AI-powered image generation, user-friendly interfaces, and immersive visual experiences, all aimed at improving customer engagement and streamlining e-commerce workflows.
However, the digital transformation of retail isn't without its challenges. Cybersecurity threats have been a persistent issue for many retailers. The costs of handling these threats can be substantial, and the Forter Fraud Attack Index has even pointed to an increase in fraud attacks against clothing and accessory companies.
A survey conducted by Blue Fountain Media among 1,000 consumers sheds light on consumer concerns about companies' use of their personal data. The findings indicate that a significant number of consumers are likely to use voice assistants, virtual shopping tools, and chatbots for their holiday shopping. Nearly half (45%) of consumers plan to use these technologies, while 21% plan to use visual search engine platforms like Instagram and Pinterest for their holiday shopping.
Despite these advancements, the survey also reveals that 70% of shoppers would reconsider shopping with an online retailer if they knew their personal information was being shared with five or more companies. This highlights the importance of transparency and data privacy for retailers.
Amazon, in particular, has seen success in voice shopping. Its voice devices were some of the retailer's best-selling items on Cyber Monday, which was the retailer's biggest shopping day on record. Google has also joined the fray, announcing plans to add Google Assistant to more than 1 billion devices earlier this year.
However, the rise of voice shopping and other digital tools doesn't mean a decline in traditional in-store shopping. Thirty percent of consumers plan to do all their holiday shopping online, while four percent plan to only shop in stores. This suggests a diverse range of shopping preferences among consumers during the holiday season.
In addition, Syte, a visual AI tech firm, raised $21.5 million this fall, indicating a growing interest in visual technology in the retail sector.
Juniper Research estimates that fraudulent card-not-present transactions will cost retailers $130 billion by 2023. As retailers continue to innovate and adapt to the digital age, addressing cybersecurity threats will remain a critical concern.
In conclusion, the holiday shopping landscape is evolving, with consumers increasingly turning to digital tools for their shopping needs. Retailers must navigate this shift while maintaining consumer trust and ensuring the security of their personal information.
