Google is revolutionizing the way consumers shop with the introduction of new features that enhance the shopping experience both in-store and online.
Key features:
– Google Lens now offers in-store price comparisons, allowing shoppers to easily compare prices of products they see in physical stores.
– Google Maps now enables users to search for local product inventory, giving them real-time information on where they can find the items they are looking for.
– The introduction of expanded buy now, pay later options and virtual card protections provides consumers with more flexible payment and security options.
Why we care: Google’s new shopping features, powered by AI and seamlessly integrated across platforms like Lens and Maps, create more opportunities for influencing consumer purchasing decisions. However, the increased price transparency and local inventory insights may lead to heightened competition, potentially changing the way and where consumers make their purchases.
This shift in the shopping landscape may require businesses to adjust their campaign strategies for products that may not be as competitive in this new environment.
By the numbers: According to Google’s internal data, there are 20 billion monthly visual searches via Lens, over 45 billion product listings in the Shopping Graph, and 72% of shoppers use smartphones while in-store.
Big picture: Google is harnessing the power of AI to bridge the gap between digital and physical shopping, empowering consumers with instant access to pricing and availability information.
What’s next: These new features, as outlined in Google’s blog post, have the potential to significantly impact consumer purchasing decisions, putting pressure on retailers to stay competitive in this evolving landscape.
Overall, Google’s innovative shopping features are paving the way for a more seamless and convenient shopping experience for consumers, with the potential to reshape the retail industry as we know it.