The post The Power of AI in Transforming Retail: A Look Ahead to 2024 appeared on BitcoinEthereumNews.com.

In the evolving landscape of retail, intelligent data has become the linchpin for brands seeking to create meaningful and personalized shopping experiences. Through the lens of AI, retailers now harness shopping history data to provide users with tailored suggestions based on online behaviors, preferences, and location. Predictive AI takes the lead, analyzing data to predict future demand and optimize stock levels. According to Salesforce’s Connected Shoppers report, one in six shoppers has already embraced generative AI for purchase inspiration, underscoring the substantial impact AI has on connecting consumers with products they love. Customer loyalty is in the spotlight Looking ahead to 2024, customer loyalty takes center stage as a critical driver of growth. With the increasing cost of acquiring new customers, retailers recognize the paramount importance of outstanding personalized customer service and robust loyalty programs. Generative AI steps in as a transformative force, particularly in customer service. AI-powered chatbots reduce wait times and enhance agent efficiency by handling routine customer queries, such as order location or shipping details. Leveraging purchase history and abandoned cart data, retailers can also deploy targeted rewards and incentives to foster customer loyalty. Mobile phones as shopping remote controls Automation and seamless experiences are reshaping the retail landscape, with mobile phones emerging as the de facto remote control for shopping. The 2023 holiday season saw a record-breaking 79% of Cyber Week commerce traffic on mobile phones, signaling a paradigm shift in consumer behavior. Social traffic on mobile platforms played a pivotal role, representing 10% of all referrals to retailer websites. Marketers are quick to adapt, embracing alternative communication channels like push notifications, SMS, and streaming services to engage on-the-go consumers. During Cyber Week, these channels experienced a robust 37% global growth, outpacing the more modest 9% growth of traditional email. Anticipating the January surge As retailers…

---

Filed under: News - @ December 13, 2023 8:10 pm