NEW YORK--(BUSINESS WIRE)--ViSenze, the artificial intelligence company powering visual commerce, today announced the findings of its recent study analyzing Gen Z and Millennial consumers’ attitudes towards emerging technologies and their impact on both in-store and online shopping experiences. For this study, ViSenze surveyed over 1,000 Gen Z and Millennial consumers in the US and UK, nearly half of which shop more than once a week online and 50-60 percent of which shop in-store more than one a week. Of respondents, more than 60 percent are most likely to complete transactions on their mobile devices with nearly 80 percent discovering products via mobile while on the go. Due to this dominance of the mobile device in the shopping journey, it’s natural that the study further found that 62 percent of respondents want visual search capabilities enabling them to quickly discover and identify the products on their mobile devices that they’re inspired by and seek to purchase.
Other key findings from the study include:
- Over 80 percent of Gen Z respondents say the look of a retailer’s website impacts their purchasing decisions.
- While 57 percent of Millennials discover products on retailers’ websites, 60 percent of Gen Z discover products on social.
- 70 percent of total respondents indicated that they engage with social media platforms at least five times per day.
- 58 percent of respondents indicated they are open to interacting with shoppable content online and on social.
This data also suggests differences between the two groups when it comes to the types of product recommendations preferred; while over 80 percent of both groups welcome product recommendations, 50 percent of Gen Z respondents prefer brands to deliver recommendations based on their own buying behavior, while 41 percent of Millennials prefer to be shown recommendations based on what people similar to them are interested in. In either case, over 70 percent of total respondents indicated they are likely to buy a product based on a recommendation.
“Once focused almost exclusively on appealing to Millennials, marketers have broadened the scope of their digital strategies to take Gen Z preferences into account as they are on track to become the largest generation of consumers by the year 2020, and account for $29 to $143 billion in direct spending according to Millennial Marketing,” said Oliver Tan, CEO and Co-Founder, ViSenze. “Yet our research confirms that while the two consumer groups are starkly different in many ways, their shopping journeys are increasingly dominated by mobile, reaffirming the growing opportunity of shoppable content and visual search.”
ViSenze powers visual commerce at scale for retailers and publishers. The company delivers intelligent image recognition solutions that shorten the path to action as consumers search and discover on the visual web. Retailers like Rakuten and ASOS use ViSenze to convert images into immediate product search opportunities, improving conversion rates. Media companies use ViSenze to turn any image or video into an engagement opportunity, driving incremental revenue.
Venture-backed by Rakuten and WI Harper, ViSenze is built by web specialists and computer scientists with deep machine learning and computer vision experience. ViSenze has offices in US, UK, China and Singapore. For more information please visit: http://visenze.com/