Annual report identifies trending fashion styles ahead of summer as well as how consumer behavior
and spending patterns continue to transform amid record inflation
TEL AVIV, Israel, March 22, 2023 /PRNewswire/ — Syte, the leading Product Discovery Platform for retail, today published its annual State of eCommerce Discovery report. The report includes trends and findings from an analysis of more than 2.9 billion eCommerce sessions from the company’s expansive global database of fashion, jewelry, and home decor brands and retailers, between July 1 and December 31, 2022.
As the retail and fashion industries continue to face headwinds and a volatile landscape due to high inflation and decreased consumer spending, the State of eCommerce Discovery in 2023 report peels back the layers of consumer behavior and spending patterns to highlight deep insights that can boost efficiencies and business performance.
“With consumers finding it nearly impossible to avoid the impact of inflation, and experts predicting a long and bumpy road ahead, it’s crucial for retailers and brands to be thinking about improving performance and efficiencies throughout their entire business model to retain and increase revenues,” said Syte CEO, Vered Levy-Ron. “Consumers are still being cautious about their discretionary spending and we likely won’t see signs of a strong rebound until at least the second half of the year. With this in mind, retailers and brands need to put extra attention on closing the gap between consumer engagement and spending, ensuring that shoppers are easily finding what they’re looking for and being redirected to the right products as needed.”
With the first half of 2023 underway, Syte has identified what consumers are gravitating towards for winter and beyond, with notable changes in purchase habits over the last three months. This analysis goes beyond the SKU level to provide insights into the details that shoppers prefer — from styles and cuts to colors and materials, as identified by Syte’s visual-AI-powered product tags.
Mobile Spending Still Lags Behind Browsing
- Consumers overwhelmingly prefer to search for products on their mobile devices but average order values across all verticals remain higher on desktop.
- In certain verticals, that spend is significantly higher on desktop, as in the case of jewelry (39% higher) and fashion and apparel (37% higher).
- As market conditions remain tough and consumers continue to tighten their belts, Syte expects that 2023 will continue to see higher transactions and spending via desktop than on mobile, as shoppers take the time to search for sale items and special promotions.
Pop Culture and Y2K Revival Continues to Shape 2023 Fashion
- Consumers are leaning into trends inspired by TV and pop culture, with Gen Z ushering in a return of the “goth look” — corsets, platform boots, and moody, dark colors — to the mainstream, made popular by hit TV shows such as Netflix’s “Wednesday.” From Q3 to Q4 2022, Syte data showed corsets and laser-cut apparel growing 26% and 159%, respectively.
- Dark colors were also on the rise, with dark gray, burgundy, dark purple, and dark green up 27%, 21%, 19%, and 18%, respectively.
- Y2K fashion and aesthetic also reemerged with vengeance in 2022, and Syte’s data indicates that won’t be slowing down in 2023. Purchases of flat chunky shoes and block heels surpassed stilettos, rising by 161% and 115%, respectively, between Q3 and Q4 2022.
Sustainability Continues to Rise to the Top
- Home decor and fashion shoppers, specifically, are increasingly seeking out sustainable products. Syte’s data found several trends indicating the growth of purchases in sustainable and eco-friendly materials, with upticks in jute products across fashion (23%) and home decor (7%) from Q3 to Q4 2022.
- Likewise, purchases of home decor items made with other natural materials such as wood and stoneware went up by 6% and 166% respectively.
In addition to these key findings, the State of eCommerce Discovery in 2023 report outlines how engagement fares out across shopping sessions on different devices as well as how shoppers intend to interact with brands and retailers in the year ahead.
To view the full State of eCommerce Discovery in 2023 data report from Syte, please visit: https://www.syte.ai/ebooks/product-discovery/state-of-ecommerce-discovery-2023/.
Syte empowers shoppers to instantly find items they’ll love with inspiring, visual product discovery journeys that drive conversion. As the world’s first Product Discovery Platform, Syte uses visual AI to create intuitive search and discovery experiences for all types of shoppers. Syte’s solutions include visual search, automated product tagging, personalized recommendations, shoppable social curation, and more. Brands and retailers like Farfetch, Prada, SHEIN, H. Samuel, Coleman Furniture, and Baycrew’s, partner with Syte to boost revenue and drive business growth. To learn more about Syte’s solutions, products, technology, patents, and trademarks, visit www.syte.ai.
Originally published at https://www.prnewswire.com/news-releases/syte-unveils-state-of-ecommerce-discovery-2023-y2k-trends-sustainable-products-lead-consumer-demand-301777422.html
Some images courtesy of https://pixabay.com
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