Market Overview

New Research from ViSenze Finds 62 Percent of Generation Z and Millennial Consumers Want Visual Search Capabilities, More Than Any Other New Technology

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Over 70 percent of respondents indicated that if all digital content
were shoppable, their rate of online purchasing would increase

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."

About ViSenze:
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/

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