Nfinite and Coresight Research flag sales conversion as key benefit of CGI investment for retailers
Nfinite has announced the findings of Coresight Research's report Rethinking Product Visuals the CGI Way.
This found that 60% of brands and retailers that have invested in CGI technology identified increased sales conversion as the primary benefit.
The report builds on last year’s research, CGI and AI - Paving the Path for Next Generation Imagery for Retail, and indicates retailers continue to struggle with developing product visuals, with over 80% of respondents saying they face challenges in producing and managing product visuals, and 45% citing high costs as the top challenge, up 3% from last year.
Coresight Research surveyed 190 prominent brands and retailers in the US and Europe, with annual revenues spanning from $50 million to over $5 billion.
Other findings from the report include:
Over 70% believe that four or more product visuals are optimal for PDPs, but nearly 80% currently use less than five images.
This illustrates a discrepancy between retailers' beliefs about the optimal number of product visuals and their current practices, and presents an opportunity for retailers to improve their PDP experience for shoppers.
70% of respondents emphasised the importance of speed-to-market as a competitive differentiator for their businesses.
Factors negatively impacting the timing of new product launches include limited automation capabilities (54%), a lack of in-house product visuals expertise (46%), cost premiums for expedited image turnaround (43%), and delays in creating advanced product imagery, such as close-ups and 360-degree spins (38%).
The report reveals a significant trend, with 63% of surveyed brands and retailers either currently investing or planning to invest in CGI within the next 12 months, an increase from 59% in 2022.
“In light of these findings, the role of CGI in the retail industry takes centre stage, underscoring the need for innovative solutions to address the challenges in product visual production,” says Coresight CEO and Founder Deborah Weinswig.
“The potential benefits of adopting CGI solutions from industry leaders such as Nfinite to enhance sales conversion and speed-to-market are clearly evident.”
"The report's findings underscore the pressing need for CGI solutions in enhancing sales conversion and speed-to-market,” says Nfinite Founder and CEO Alexandre de Vigan.
“Through technology innovations, including Gen AI, AR, and advanced automation capabilities in visual image creation, Nfinite is laser focused on enabling retailers and brands to remain competitive in the fast paced world of e-commerce."
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