Nfinite and Coresight Research Reveal Sales Conversion as Leading Benefit of CGI Investment for Retailers
Nfinite, the leader in next-generation product visualization technology for brands and retailers, today announced the findings of Coresight Research’s report Rethinking Product Visuals the CGI Way. The report found that 60% of brands and retailers that have invested in CGI technology identified increased sales conversion as the primary benefit, reinforcing CGI’s potential to drive revenue growth.
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. To gain these insights, Coresight Research surveyed 190 prominent brands and retailers in the U.S. and Europe, with annual revenues spanning from $50 million to over $5 billion. Other findings from the report include:
Gaps in Product Detail Page (PDP) Imagery: 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.
Critical Need for Speed-To-Market: 70% of respondents emphasized the importance of speed-to-market as a competitive differentiator for their businesses.
Impact on Product Launch Timing: 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%).
Growing Investment in CGI: 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 center stage, underscoring the need for innovative solutions to address the challenges in product visual production,” said 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,” said 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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