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January 11, 2024
Over half of consumers who are using generative AI for shopping have already acted on product recommendations made by these tools
Paris, January 11, 2024 – Consumer concern around the rising cost of living has eased slightly over the past year, with just 43% now fearing their personal finances will worsen in the next few months, compared to 80%[1] who felt that way a year ago. This is according to the third edition of the Capgemini Research Institute’s annual consumer trends report, ‘What Matters to Today’s Consumer’, which reveals how continued growing inflationary pressures are shaping consumer expectations of retailers, their spending habits, and the channels they’re exploring. The report also found that generative AI, which is being increasingly used by consumers while shopping, can also help improve retailers’ operational efficiency and enhance customer experience.
Consumers’ expectations of retailers in terms of affordability of essential items have increased: Over two-thirds (70%) of consumers want these items to be discounted even further.
“Though consumer concerns have eased this year, they remain prudent about spending and are either unwilling or unable to spend more. It is crucial for retailers to transform their operations in order to pass on cost benefits to consumers, who are increasingly selective in their choice of products and brands.” said Lindsey Mazza, Global Retail Lead, Capgemini Group. “Retailers need to rethink operational strategies and adopt innovative solutions, such as AI, automation, Internet of Things (IoT) to enable smarter demand sensing, touchless forecasting, efficient fulfillment options and offer improved consumer interactivity. All of these provide opportunities to reduce the cost of goods sold and unlock cross-channel growth.”
Consumers say that generative AI has enhanced their shopping experience:
Consumers seek advice from influencers when purchasing on social media: Social media is increasingly playing an important role not just for product discovery but is also emerging as the preferred platform for purchase, particularly among younger generations. Over half of consumers who have purchased on social media seek purchasing advice from influencers, claiming they give a clear breakdown of factors to consider before making a purchase. A similar proportion of consumers who have purchased on social media also look to influencers for discounts and offers.
Consumers are becoming more conscious of their purchasing impact
Methodology
The Capgemini Research Institute surveyed 11,681 consumers over the age of 18 in 11 countries across North America, Europe, and Asia Pacific. The global survey took place in October and November 2023.
[1] Capgemini Research Institute, What Matters to Today’s Consumer, January 2023
[2] Capgemini Research Institute, “Harnessing the value of generative AI: Top use cases across industries,” July 2023. N = 1,000 organizations
About Capgemini
Capgemini is a global leader in partnering with companies to transform and manage their business by harnessing the power of technology. The Group is guided every day by its purpose of unleashing human energy through technology for an inclusive and sustainable future. It is a responsible and diverse organisation of 360,000 team members in more than 50 countries. With its strong 55-year heritage and deep industry expertise, Capgemini is trusted by its clients to address the entire breadth of their business needs, from strategy and design to operations, fueled by the fast evolving and innovative world of cloud, data, AI, connectivity, software, digital engineering, and platforms. The Group reported in 2022 global revenues of €22 billion (about $23 billion USD at 2022 average rate).
Get the Future You Want | www.capgemini.com