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Classified in: Science and technology, Business
Subject: SVY

Syte Unveils State of eCommerce Discovery 2023: Y2K Trends, Sustainable Products Lead Consumer Demand

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

Pop Culture and Y2K Revival Continues to Shape 2023 Fashion

Sustainability Continues to Rise to the Top

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/.

About Syte:

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.


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