Study shows shoppers are more likely to buy products from brands that offer a personalized experience

Elastic (formerly Elastic search) company unveils insights about how sales elevated when people were shown product recommendations. The study was supervised by a market research consultancy firm, Wakefield Research which included 1,000 American adults in an online survey held in June through emails.

An e-commerce-based strategy called Product Over Price: usually refers to the significant role personalization takes in converting customers’ online searches into sales. The research highlights how e-commerce can help retailers to provide personalized service to the shoppers on a website and in return change searches into sales.

The survey showcased the opinions of people from different age groups, including generation Z and Millennials. About 88 percent of online customers said they were looking forward to buying products from a website offering a personalized experience, counting 96 percent Gen Z and 97 percent Millennials. The Elastic firm study also shows that 95 percent of buyers are expected to follow cost-cutting initiatives as a result of increased prices as well as 53 percent of people want to find a relevant product at the lowest price.

Furthermore, when shoppers search for a wholesaler's website they feel frustrated at the end. 92 percent of shoppers would begin searching online for economical prices(48%), however, they often get irritated while looking for the relevant product. More than half (65 percent) of shoppers say it is difficult to find products they’re craving for. While in the process of searching for a product on a website, 78 percent of buyers face obstructions including 27 percent of those who feel confused with comparing various products. In addition, 24 percent are disappointed by particular product names to acquire a certain product. Notably, 30 percent of shoppers are annoyed by unrelated search results. At the same time, 28 percent need to scroll down and go through several pages of results before getting to their product of choice. These hindrances waste customers’ time and they start feeling frustrated. 70 percent of online buyers say it normally takes several attempts to locate their desired product. This ultimately causes loss to a business as customers are not likely to purchase due to the roadblocks. Almost 75 percent of online shoppers would prefer to leave a website that does not show their relevant product in the early pages.

 The study also shows a glimpse of other findings as well which include the behavior of customers while shopping online. According to the study, 68 percent of online shoppers purchased a product on a website they did not plan to based on recommendations, 50 percent said if the retailer's website is comfortable to navigate then it impacts buying decisions, and 42 percent said companies sending sales offers messages and notification are likely to get more purchases. Along with this, less than half (41%) of shoppers feel no hesitation in sharing their personal data with businesses to get an enhanced personalized experience.