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In the last three months of 2023, 74% of consumers walked away from purchases simply because they felt overwhelmed, according to Accenture’s Consumer Research 2024. Despite companies’ increasing focus on customer-centricity and personalized experiences over the past few years, most people (71%) see no improvement or even see an increase in the time and effort required to make a purchase decision.
It’s no wonder. Consumers today face a seemingly endless number of choices, messages, ads and claims. Recommendations from friends, family, influencers, algorithms and apps only add to the noise, and this information overload is impacting people’s confidence in their purchase decisions. Surprisingly, our analysis reveals this to be an issue regardless of the relative cost or frequency of a purchase. Choosing small items like moisturizer can be as challenging as selecting big ticket items like a washing machine.
But there’s good news both for consumers and the companies seeking to serve them: New and emerging AI tools can help companies deliver hyper-personalized experiences that not only cut through the noise, but also simplify decision-making, deepening loyalty in the process.
Consumers are ready. Based on our research, we believe that consumers are on track to adopt generative AI-powered advisors at scale over the next two years, as they increasingly seek to lighten their workloads associated with making purchases. More than half (51%) of the consumers in our study are already open to using conversational AI solutions.
Ultimately, we expect this shift to trigger the largest reconsideration in decades of what and how consumers buy. The question is how consumer-facing companies can best harness technology to be where people are when making decisions, and to make the experience easier. Those who empower consumers with easier decisions will earn deeper loyalty, leaving competitors behind.
Accenture’s survey of 19,000 consumers from 12 countries offers fresh insight into consumers’ experiences in making purchasing decisions across categories.
75% of people surveyed feel bombarded by advertising and 73% feel overwhelmed by too many options, as one respondent told us: “Finding information is easy, but [it is] difficult to make a decision from so much.
In the last three months of 2023, 74% of consumers walked away from purchases simply because they felt overwhelmed, according to Accenture’s Consumer Research 2024. Despite companies’ increasing focus on customer-centricity and personalized experiences over the past few years, most people (71%) see no improvement or even see an increase in the time and effort required to make a purchase decision.
It’s no wonder. Consumers today face a seemingly endless number of choices, messages, ads and claims. Recommendations from friends, family, influencers, algorithms and apps only add to the noise, and this information overload is impacting people’s confidence in their purchase decisions. Surprisingly, our analysis reveals this to be an issue regardless of the relative cost or frequency of a purchase. Choosing small items like moisturizer can be as challenging as selecting big ticket items like a washing machine.
But there’s good news both for consumers and the companies seeking to serve them: New and emerging AI tools can help companies deliver hyper-personalized experiences that not only cut through the noise, but also simplify decision-making, deepening loyalty in the process.
Consumers are ready. Based on our research, we believe that consumers are on track to adopt generative AI-powered advisors at scale over the next two years, as they increasingly seek to lighten their workloads associated with making purchases. More than half (51%) of the consumers in our study are already open to using conversational AI solutions.
Ultimately, we expect this shift to trigger the largest reconsideration in decades of what and how consumers buy. The question is how consumer-facing companies can best harness technology to be where people are when making decisions, and to make the experience easier. Those who empower consumers with easier decisions will earn deeper loyalty, leaving competitors behind.
Accenture’s survey of 19,000 consumers from 12 countries offers fresh insight into consumers’ experiences in making purchasing decisions across categories.
75% of people surveyed feel bombarded by advertising and 73% feel overwhelmed by too many options, as one respondent told us: “Finding information is easy, but [it is] difficult to make a decision from so much.
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