At NRF 2024, Salesforce, renowned for being the #1 AI CRM, has introduced a suite of groundbreaking data and AI-powered tools designed to redefine every aspect of the shopping experience. By integrating generative AI into both Commerce Cloud and Marketing Cloud, Salesforce aims to empower retail merchandisers and marketers with real-time insights into customer behavior and preferences, optimizing interactions, increasing loyalty, driving revenue, and enhancing employee productivity.
These innovative solutions, powered by the Einstein 1 Platform, seamlessly connect with retail and shopper data. The platform securely integrates with Large Language Models (LLMs), ensuring real-time context, brand consistency, data governance, and security. This integration promises a new era of connected data and AI-powered applications, offering enriched shopper experiences and streamlined retail operations.
The Significance of AI in Retail Efficiency
New data from Salesforce indicates that 83% of global retailers have experienced operational efficiency improvements with AI. Marketers also emphasize the importance of trusted customer data, with 63% acknowledging its significance in implementing generative AI within their businesses. The need for a comprehensive solution that consolidates customer data into a trusted platform, powering efficient AI-driven retail experiences, has become more crucial than ever.
Salesforce’s Perspective on Driving Efficiency and Growth
Jujhar Singh, EVP & GM, Salesforce Customer 360 Applications and Industries, emphasized the importance of leveraging customer data effectively. Singh stated, “Companies that leverage their customer’s data effectively to build trusted, connected commerce experiences will see stronger customer loyalty and profitability.”
New Features for Shoppers
Einstein Copilot for Shoppers: A consumer-facing version of the generative AI assistant, offering personalized conversations with shoppers through natural language interactions. It facilitates faster product discovery and purchases based on individual preferences and past behaviors.
Enhancements for Retail Merchandisers
Page Designer: Utilizes generative AI-powered natural language prompts to design and build ecommerce sites and pages swiftly.
Return Insights in Order Management: Analyzes return patterns, uses AI to suggest product display changes, and addresses issues highlighted in product reviews to minimize future returns.
Inventory Insights: Provides real-time visibility into available inventory, helping retailers manage product reservations, anticipate demand, and offer recommendations to customer service reps.
New Tools for Retail Marketers
Global Promotion Management: Assists in coordinating pricing and rewards initiatives by forecasting potential promotion revenue, allowing retailers to launch and distribute omni-channel promotions seamlessly.
Referral Marketing: Facilitates the launch of referral programs, identifying customers likely to participate and enabling trend analysis for improved program effectiveness.
Segment Creation: Enables retailers to build new segments rapidly, enhancing targeting and personalization across marketing, commerce, and service touchpoints.
Content Creation for Marketing Cloud Engagement: Empowers marketers to automatically generate personalized on-brand visual content, email subject lines, and body copy at scale.
“At Shoe Carnival, we pride ourselves on delivering fun, personalized shopping experiences. Salesforce’s unified platform empowers us to leverage data and AI, delivering a tailored omni-channel retail experience across marketing, commerce, service, and loyalty management.” – Kent Zimmerman, VP, ecommerce & CRM at Shoe Carnival
Several features are currently in pilot or will be generally available in the coming months, with Einstein Copilot for Shoppers expected to be generally available in summer 2024.
In addition to these AI product innovations, Salesforce has also introduced solutions for theft prevention, media networks, employee productivity, and real estate, aiming to enhance retail operations and create new revenue streams.