Newsletter June 2024
Hello Reader,
Welcome to the latest edition of GH Pulse, your go-to source for the most recent developments in the retail landscape. This month, we delve into the overwhelming nature of the e-tailing world, exploring how too many choices lead to decision fatigue and create anxiety among digital shoppers.
A recent survey involving 19,000 consumers across 12 countries has highlighted a significant trend: 76% of consumers feel overwhelmed by the sheer number of choices available. Furthermore, 74% report feeling inundated by relentless advertising. This overload has resulted in tangible consequences, with 88% of consumers abandoning purchases in the last quarter of 2023. The same report indicates that 67% of consumers have seen no improvement or find it even harder to make purchase decisions compared to before. Only 33% feel that the decision-making process has become easier.
This underscores the importance of simplifying the shopping experience to retain consumer interest. Amidst this complexity, Generative AI emerges as a beacon of hope. It promises to streamline the decision-making process and foster better customer relationships by providing personalised recommendations and reducing the cognitive load on digital-native consumers.
On the brighter side, retail sales in India saw a 4% increase in April 2024 compared to the same month last year, according to the Retailers Association of India. Despite this growth, the sector isn't experiencing the anticipated double-digit surge as consumers exercise caution with non-essential and capital purchases. However, specific categories like QSR, food & grocery, and jewellery have shown significant growth.
In conclusion, while the retail sector shows promising growth, the overwhelming number of choices and constant advertising are significant consumer challenges. Leveraging technologies like Generative AI to simplify decision-making processes and focusing on consumer-friendly practices will be crucial for retailers moving forward.
eCommerce Untangled at the Internet Commerce Sumit MENA 2024
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