SAN FRANCISCO, May 24, 2022 (GLOBE NEWSWIRE) — Lucidworks, the provider of next-generation AI-powered search applications and pioneer of the Connected Experience Cloud, surveyed consumers in the US and UK who shop for consumer electronics online. More than half of respondents said they find favorite consumer electronics out of stock frequently or on every visit when shopping online. Shoppers say the amount of research they do before buying is one of the reasons they won’t opt for a substitute. However, feelings are mixed as nearly 20% of shoppers will search for a substitute on the same site if their preferred retailer doesn’t have the exact product they are looking for. To avoid customer disappointment and set revenue goals, retailer recommendations should understand shopper intent, predict inventory availability, and promote the most relevant products and content to keep shoppers engaged.
Stock-outs are not a deciding factor for customer loyalty
When consumers were asked if there was an item they would never replace, almost 90% of respondents named at least one item they would never buy an alternative for, expressing preferences based on taste, accessibility with other appliances and price ranges which are non-negotiable. In a previous survey, we found that the majority of shoppers (61%) like to research every time or often through reviews on the website of the brand they will be buying from. If your recommendation strategy is product-only, you risk losing buyers to other websites during their research phase. Make it easy to find reviews, how-to content, and FAQs to keep shoppers engaged while they wait for inventory to arrive.
Low stock notifications speed up the shopping process
Nearly a third of shoppers say they rarely purchase a substitute if they came with a specific electronics item in mind. Retailers who connect inventory and consumer communications can keep shoppers informed of product availability so they aren’t surprised by an “out of stock” message. 62% of shoppers say knowing an electronics item is out of stock impacts their buying decision and 85% of those shoppers say they are more likely to buy. When items come back in stock, nine in ten shoppers said they want to be notified, with 78% preferring email notifications and 44% preferring text messages.
Smarter search sells substitutes when favorite items aren’t available
Only about 20% of shoppers say consumer electronics retailers recommend alternative products online whenever an item they want isn’t available. More than two-thirds of respondents say they sometimes see recommendations, but not always. 12% of respondents said they usually end up on a “no results” page when an item they’re looking for is out of stock. Retailers who invest in semantic vector search technology can learn from shopper behavior to match product searches to similar items so shoppers never end up on a “no results” page. Regardless of fluctuations in the supply chain and product availability, smarter search provides shoppers with relevant recommendations, not dead ends.
Other key findings from the survey include:
- 70% of online shoppers prefer to have their purchases delivered online (rather than picking them up in store).
- 40% of UK shoppers say “I know what I want, I will rarely buy a substitute”, compared to just 25% of US shoppers who say the same.
- 62% of shoppers will go elsewhere if their favorite consumer electronics retailer doesn’t have what they want.
- The most common reasons why buyers do not buy a substitute for a consumer electronics product is that it does not suit their tastes or is outside their price range.
The survey was conducted in March this year and was limited to respondents who buy consumer electronics online at least once a quarter. 403 respondents located in the UK and 400 respondents located in the United States participated. Download the full survey report today.
Lucidworks connects experiences across the user journey to meet customer and employee intent in the moment. Lucidworks Connected Experience Cloud (CXC) enables customers to easily capture user signals and create personalized search, browse, and discovery experiences. The world’s biggest brands, including Lenovo, Red Hat, Reddit, and Cisco Systems, rely on Lucidworks’ suite of products to power commerce, customer service, and workplace apps that delight customers and empower employees . Lucidworks investors include Francisco Partners, Sixth Street Partners, Top Tier Capital Partners, Shasta Ventures, Granite Ventures, and Walden International. Learn more about Lucidworks.com.