A staggering 70% of consumers make purchasing decisions based on a retailer’s payment options, according to a recent study. This revelation highlights the significant influence that payment methods have on the shopping experience, and it’s an area where many businesses are struggling to keep pace.
Awareness Gap in Next-Gen Commerce
Only about 20% of businesses appear ready for the next phase of shopping, where AI agents may help consumers find, compare and buy products before they ever visit a merchant’s site. That gap sits at the center of “The Next-Gen Commerce Playbook: Turning Checkout into a Conversation”, a report by Mercator Advisory Group. The study identifies a significant disconnect between consumer expectations and the capabilities of existing business systems.
As consumers increasingly expect seamless and personalized shopping experiences, businesses are scrambling to adapt. However, the majority are struggling to keep up, leaving a significant portion of potential customers behind. This gap in readiness is particularly pronounced when it comes to AI-powered shopping assistants, which have the potential to revolutionize the way consumers interact with retailers.
The findings of the report suggest that consumers are eager to engage with AI agents that can help them find the products they want, compare prices, and make informed purchasing decisions. In fact, 70% of consumers say they are more likely to buy from a retailer that offers personalized product recommendations, and 60% say they prefer to interact with chatbots or other AI-powered assistants when shopping online.
What This Means for Businesses
The report’s findings have significant implications for businesses that need to adapt to changing consumer expectations. To stay competitive, retailers must prioritize the development of next-gen commerce capabilities, including AI-powered shopping assistants. This will not only help them keep pace with consumer demands but also provide a more personalized and engaging shopping experience that sets them apart from the competition.
Ultimately, the key to success lies in harnessing the power of AI to create a seamless and intuitive shopping experience that meets the evolving needs of consumers. By doing so, businesses can not only drive sales but also build lasting relationships with their customers.
