Just under three quarters (73%) of consumers state that they feel inundated with ‘too much choice’ when shopping, with a similar percentage (75%) saying that they feel ‘bombarded by advertising’, research by Accenture has found.
Accenture’s The Empowered Consumer report also found that 74% of consumers have abandoned a purchase in the last three months as a result of this ‘information overload’.
The research – based on a survey of 19,000 consumers in 12 countries – explored consumers’ decision-making experiences across a variety of sectors, including retail, travel, and consumer goods.
Other findings from the study include the fact that 41% of consumers believe that it has ‘got harder’ to make a purchase decision, with 30% seeing no change, and 25% stating that they believe that purchase decisions are now ‘easier’.
Accenture’s research also indicates that there is now an ‘urgent need’ for brands to tap into the transformative power of generative AI (GenAI), to reduce the ‘noise’ around decision-making and increase engagement, loyalty and sales.
‘Significant Reconsideration’
“We expect that, in the next three years, the adoption of these GenAI technologies by consumers will bring the most significant reconsideration of what and how they decide to purchase that we have seen in decades,” said Oliver Wright, senior managing director and global lead for Accenture’s Consumer Goods and Services industry practice.
“Why? Because consumers are telling us they will use conversational GenAI solutions to help them research and buy products and experiences, and these tools will cut through the traditional sales-and-marketing messaging that, to date, has been the dominant shaper of consumption. This will likely be the biggest opportunity to gain or lose market share that consumer companies have seen in recent memory.”
Early-Mover Advantage
According to Accenture, early-mover advantage will be important for consumer-facing businesses that are seeking to capture value from GenAI across their businesses quickly, and at scale.
In addition, consumers themselves are increasingly seeking ways to lighten the workload and are starting to see how GenAI might take on some of the legwork.
“GenAI has the potential to deliver the hyper-relevant recommendations to consumers in the moment, whether it is the sandwich that meets their dietary needs, the family meal that fits their weekly budget, or the personalised skincare that really meets their needs,” Wright added.
