A recent survey from Visa found that both AI and cryptocurrencies are expected to play a major role in U.S. holiday spending. Consumers are embracing AI for shopping and product research, and cryptocurrency is not only expected to become more frequently used but is also a popular gift this holiday season.
Gen Z is leading the charge, and with this generation’s spending increasing rapidly, ecommerce brands need to be aware of these trends to ensure they’re not ignoring this important group of consumers and what matters most to them.
Visa Finds That AI Has Major Influence on Holiday Shopping
The Visa survey, which surveyed a sample of 1,000 U.S. adults, found that many people are including AI in their holiday shopping and research. According to the results, 47% of U.S. shoppers in the survey have used an AI for at least one shopping task, with the top AI-assisted use case being for finding gift ideas.
Those surveyed also said that being able to compare pricing is the most compelling application for AI when it comes to shopping. However, while shoppers are using AI, they also want greater transparency. For example, 60% of respondents want to better understand how AI shopping tools and platforms use their personal data.
Also, as AI and technology in general become a larger part of the shopping experience, many people worry about online security during these unprecedented times. In fact, 66% of people surveyed are worried that a friend or family member may become a victim of an online scam this holiday season.
That’s a reasonable worry, as the prevalence of online scams is growing considerably. In fact, research finds that 73% of U.S. adults have experienced some kind of online scam or attack.
Crypto Becoming More Mainstream
In addition to AI, cryptocurrency is also becoming more mainstream around the holidays. Around one in 10 shoppers thinks stablecoins will take over by 2030, and 28% believe there will be an increase in stablecoin usage by 2035.
Also, the survey found that 28% of respondents would be excited if they received crypto as a holiday gift, and this number rises to 45% for Gen Z. Gen Z also outpaces other generations when it comes to use of next-gen payment technologies and shopping methods, as well.
They’re much more likely to use biometric authentication (71%), buy gifts internationally (60%), buy on social platforms (55%), and buy items with cryptocurrency (44%) than those in other generations.
What This Survey Means for Ecommerce Brands This Holiday Season
This survey highlights the importance of keeping AI in mind when preparing your store for the holidays. You need to ensure you optimize your content and product descriptions so they have the best possible chance of appearing in AI results.
While there’s no perfect method, consider ensuring your content is full of conversational and natural language, uses the right keywords, is detailed, and answers customer questions or concerns directly. Including high-quality photos or videos is a great idea, as well.
The survey also shows the growth of crypto. Once a very niche part of the online landscape, it’s exploded recently, and many people are not only interested in investing in it but also using it as a form of digital currency.
While offering payment via cryptocurrency isn’t for everyone, companies looking to stand out and capture the attention of digitally-savvy and younger generations may want to look into it.
Also, the survey highlights Gen Z in numerous places, and there’s little doubt that it’s soon going to become one of the most powerful generations when it comes to spending.
A global Gen Z spending report from NielsenIQ found that not only is Gen Z the largest generation, but they’re also going to be the richest generation and will have the highest spending growth. As a result, ecommerce brands need to ensure they’re thinking about Gen Z at every turn.
