Lucidworks Unveils Insights from Holiday Shopping Season, Providing Strategic Guidance for Retailers Navigating 2024's Consumer Landscape

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With a comprehensive examination of trends and patterns, this data provides invaluable foresight for retailers navigating the ever-evolving landscape of consumer expectations in 2024.

Metadata

Provider:

GlobeNewswire, Inc.

Retrieved on:

Tuesday, January 9, 2024

Information

Tags:

SAN, AOV, Cyber Monday, Consumer, Support, Black Friday, Retail

Geotags:

SAN FRANCISCO, CA, US

⚠ partially generated by AI ↴

Organisation:

LUCIDWORKS, LUCIDWORKS, INC.

Summary

Key Points:

With a comprehensive examination of trends and patterns, this data provides invaluable foresight for retailers navigating the ever-evolving landscape of consumer expectations in 2024.
"At Lucidworks, we enable forward-thinking organizations globally to enhance user discovery, especially amidst their busiest shopping periods.
Lucidworks' data underscores essential trends, emphasizing the pivotal role of personalized user experiences and search functionalities in meeting ever-evolving consumer preferences."
Resilience Amid Economic Flux: Despite economic uncertainties and inflation in the past year, the holiday shopping season showcased remarkable resilience.

SAN FRANCISCO, Jan. 09, 2024 (GLOBE NEWSWIRE) -- Lucidworks, the leading search solutions provider, today announced its analysis derived from insights gathered during the 2023 holiday shopping season. With a comprehensive examination of trends and patterns, this data provides invaluable foresight for retailers navigating the ever-evolving landscape of consumer expectations in 2024.

"Getting ready for peak ecommerce moments in 2024 starts now," said Mike Sinoway, CEO of Lucidworks. "At Lucidworks, we enable forward-thinking organizations globally to enhance user discovery, especially amidst their busiest shopping periods. The insights derived from the holiday shopping season steer retailers in crafting their strategies for 2024, encouraging the creation of unique sales events that now span the entire season, starting as early as October. Lucidworks' data underscores essential trends, emphasizing the pivotal role of personalized user experiences and search functionalities in meeting ever-evolving consumer preferences."

The top holiday shopping insights include:

Anticipating Ecommerce Success Through Tech Advancements: Lucidworks witnessed a monumental surge during the holiday shopping season, observing over 680 million search queries on client ecommerce websites over the 5 day period between Thanksgiving and Cyber Monday. This remarkable volume underscores the indispensable role of a dynamic, personalized search experience in meeting the heightened demands of today's consumers. As retailers gear up for 2024, prioritizing robust tech stacks and personalized search functionalities will be instrumental in driving consumer engagement and loyalty.
Resilience Amid Economic Flux: Despite economic uncertainties and inflation in the past year, the holiday shopping season showcased remarkable resilience. Lucidworks identified standout achievements as top retail customers surpassed the $1 billion sales mark — a 15-30% increase from the previous year. Concurrently, a top ecommerce retailer saw a notable 25% increase in average order value (AOV) year-over-year, showcasing the influential role of ecommerce search in facilitating seamless shopper connections with desired products. This underscores the adaptability and resilience of both retailers and consumers and also sets an optimistic tone for the approaching year.
Black Friday's Continued Dominance: While Thanksgiving Day and Cyber Monday experienced 10+% spikes in online shopping activity, Black Friday retained its position as the preferred day for online shoppers over the holiday shopping period, accounting for 26% of all traffic. The peak shopping period was noted at 11:53 AM ET on Black Friday, emphasizing the need for retailers to orchestrate seamless experiences during these high-traffic moments.
Dedicated Support for Retail Partners: Recognizing the pivotal role of robust technical support during the holiday shopping season, Lucidworks commenced preparations as early as June to manage the surge in queries. With a peak minute record of 211,276 queries, Lucidworks remains committed to supporting retail partners in delivering a seamless and optimized shopping experience.

To learn more about the pivotal trends shaping consumer behavior in 2024 and gain deeper insights from our analysis, view the full infographic here.

About Lucidworks

Lucidworks believes that the core to a great digital experience starts with searching and browsing. Lucidworks captures user behavior and utilizes machine learning to connect people with the products, content, and information they need. The world’s largest brands, including Crate & Barrel, Lenovo, and Red Hat rely on Lucidworks’ suite of products to power commerce, customer service, and workplace applications that delight customers and empower employees. Lucidworks makes search a superpower. Learn more at Lucidworks.com.

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