Unveiling the Insights from the Nordics Ecommerce Webinar

Welcome to the Retail X E-Commerce World Review Webinar, where we delve into the 2023 Nordics e-commerce report.

In this webinar, Emma Herrod, the Editor at Internet Retailing and Retail X, discusses key insights with our Nordics based, Strategic Partner Manager, Rasmus Holsti. Together, they discuss key insights from the Nordics Ecommerce Market Report, including consumer behaviour, marketplaces, and the role of AI in enhancing the shopping experience.

Nordics ecommerce unveiled: market insights and Sweden’s retail dominance

They start by analyzing the state of e-commerce in the Nordic region, which comprises Denmark, Finland, Iceland, Norway, and Sweden. With high internet usage and a population that loves online shopping, the e-commerce market in the Nordics appears mature and promising. The region’s above-average GDP per capita and a preference for convenience and affordability make it an appealing prospect for both local and global retailers and brands.

Among the Nordic countries, Sweden stands out as the largest e-commerce market. Convenience is the primary driver for online shopping here, and retailers in Sweden prioritize seamless mobile and desktop experiences to capture and retain customer attention. The webinar emphasizes the significance of inspiring customers right from the moment they enter an online store and suggests leveraging AI to achieve this. The rising trend of conversational search is also highlighted.

“It’s very important to have a search functionality that works. And to ensure that from that very first search, shoppers can actually find what they’re looking for. But at the same time, having the ability to cater to shoppers who are just browsing or looking for inspiration.” – Rasmus Holsti, Partner Manager Nordics at Klevu

Conversational AI: ‘MOI’ by Klevu redefines personalised shopping

Marketplaces play a vital role in the Nordics, offering shoppers diverse product options and convenience. However, retailers must carefully balance selling on marketplaces while maintaining a unique brand identity. The introduction of conversational AI enables retailers to create personalized shopping experiences, akin to interacting with a personal shopping assistant, to meet the growing demand for seamless and tailored journeys. 

As a result, the conversation leads onto Klevu’s latest launch of MOI. Finnish for “Hi”, this innovative technology allows shoppers a more personalised experience by offering a “live chat” option from the search bar, powered by Klevu AI and Open AI.  This means customers can have real-time conversations with a virtual shopping assistant, receive personalized recommendations and tailored assistance that suits their individual needs and preferences. It’s all about meeting the rising demand for seamless and personalized shopping journeys, and with “MOI,” retailers are equipped to thrive and shine brightly in today’s highly competitive e-commerce landscape.

Klevu’s impact: shaping Nordics ecommerce amid challenges and opportunities

Attention is then drawn to some remarkable players in the Nordic e-commerce market that are currently embracing the power of Klevu. For instance, a Swedish retailer with an impressive loyalty program that has won over a large consumer base. Another standout is a Finnish retailer known for its innovative and customer-centric approach to e-commerce. The discussion also acknowledges Kronon’s Apotek, a Swedish pharmacy that has successfully navigated the digital realm, despite the challenges of selling pharmaceutical products online in the Nordics region.

In conclusion, the Nordics e-commerce market presents exciting opportunities for retailers and brands alike. With its high internet usage, generally happy and content populations, and a preference for convenience, the region offers fertile ground for e-commerce growth. Embracing AI technologies for product discovery will be key to driving customer engagement and personalization, helping retailers stay competitive. As the e-commerce landscape continues to evolve, retailers should adapt to changing consumer preferences and utilize data-driven insights to effectively meet their needs.See if your website is set up for product discovery success – schedule a free audit >