ITS A QUESTION OF TIME | Why are the first minutes of online shopping crucial and essential?
Time is the most precious asset, and its proper management is one of our greatest concerns. Each day, upon awakening we have 86,400 seconds to use freely as we choose. We all have the same amount of minutes but we don’t manage them equally. We spend time more or less on an action according to our values and priorities. While we are masters of our time, we all complain about the same thing: “I have no time”.
So, how much time do customers have for buying? How long can we retain customers in an eCommerce? We do not have the ability to stop or lengthen the time but we can optimize it. It is essential if we consider that time is even shorter and critical on the network than in other media. The first minute is key to capturing or losing the consumer in e-commerce.
The challenge: the shortage of time and inefficiency of conventional search engines
The customer should not only be able to buy online without requiring 2 masters and 1 Doctorate but also, with the shortest possible time. Although the first minute is key to capturing or losing consumers in ecommerce, the fact is that the buying process is longer. A 52% of purchases are closed in the first quarter of an hour, in general terms, and with a high concentrated number between 5 and 8 minutes if it goes into detail.
With the formalization of the purchase we are consuming at least 3 minutes of this precious time. So it is crucial to reduce the dropout rate, facilitate and enhance the search process in eCommerce.
Less time searching, more time shopping
We start with an alarming fact: 80% of semantic searches FAIL. To match the user’s descriptions with tags and product metadata is almost an impossible mission. But for customers to use the traditional filter system also presents a challenge, especially when you get result pages and product pages (endless aisle). Thus, consumers either do not find what they want or they get too many choices, resulting in frustration and abandonment of the site.
Fewer clicks, more sales
True success is measured by the speed at which buyers are able to find what they are looking for. The solution is an smart search engine: more visual, intuitive, and above all, efficient. Also, 44% of online shoppers begin by using a search engine.
ECommerce integration image recognition technology and visual search engine powered by Wide Eyes Technologies, enables consumers to buy through inspiration, Street-style, Instagram pictures, etc. In other words, to make a “get the look” automatically in eCommerce from a simple image or snap, without the need to describe in words or browse by categories. This is what we know today as snap-to-buy, visual shopping or even the Shazam of fashion. It is the further simplification of the search process: directly from the picture to the product in a single click.
How can you help customers navigate a huge selection of products- the “endless aisle” -to Quickly find the products they want to buy?
The phenomenon “Paradox of Choice” is the main consequence of the “endless aisle”. With so many options to choose from, many people are paralyzed, unable to make a decision, while others simply do not have enough time to search through dense product catalogs. In addition to this, most consumers do not even get to page 3. Filter systems can significantly improve the results, but are not always the best solution. Let us not forget that for every extra click, there is more risk of abandonment.
The entire search process can be simplified with the integration of a visual search engine that allows to automatically locate visually similar garments (color and shape) to the desired product. It is a way to help customers navigate the product catalog in a more visual, intuitive and attractive way.
In addition to this, using visual search technology not only brightens up the search, but it also allows to effectuate the areas as “You might also like”. The conversion Ratio is substantially higher when visually similar products to the desired products are displayed, rather than the most popular or demanded. Thus, in addition to customizing and aligning the recommendation system based on customer preferences, it is possible to give greater visibility and rotation to the product portfolio. It is a way to “discover fashion”.