Salesforce has announced an advancement in retail technology at NRF 2024. The company unveiled new data and AI-powered tools integrated into its Commerce Cloud and Marketing Cloud platforms. These tools are set to redefine retail merchandising and marketing, offering a personalized and efficient shopping experience for customers.
Innovations for a Connected Retail Experience
Einstein 1 Platform: This platform seamlessly integrates with retail data, ensuring real-time context, brand voice consistency, data governance, and security.
Generative AI: Built into Commerce Cloud and Marketing Cloud, it allows real-time understanding of customer behavior and preferences, optimizing customer interactions.
According to Salesforce data, 83% of global retailers have observed operational efficiency improvements with AI. The integration of trusted customer data with generative AI is crucial for efficient, AI-driven retail experiences.
Jujhar Singh, EVP & GM at Salesforce Customer 360 Applications and Industries, emphasizes that leveraging customer data effectively for connected commerce experiences enhances customer loyalty and profitability. “Every business must focus on driving efficiency and growth with new integrated and AI-powered innovations that enable a faster path to purchase and greater customer satisfaction,” he said.
What’s New for Shoppers and Retailers
Einstein Copilot for Shoppers: A consumer-facing AI assistant that facilitates personalized interactions, helping shoppers find products and complete purchases quickly using natural language.
Page Designer for Retail Merchandisers: Utilizes AI-powered natural language prompts to design ecommerce sites and pages swiftly.
Return Insights in Order Management: Analyzes return patterns and uses AI to suggest product display changes to minimize future returns.
Inventory Insights: Offers real-time access to inventory data, aiding in efficient inventory management.
Customer and Product Insights: Helps visualize trends and build targeted commerce experiences.
Global Promotion Management for Retail Marketers: Integrates customer marketing data with predictive insights to optimize promotions.
Referral Marketing: Leverages AI tools to improve conversions and tailor promotional strategies.
Segment Creation: Uses generative AI prompts for improved targeting and personalization.
Content Creation for Marketing Cloud Engagement: Automates personalized content creation at scale.
Kent Zimmerman, VP of eCommerce & CRM at Shoe Carnival, highlights Salesforce’s unified platform’s role in delivering tailored omni-channel retail experiences. “At Shoe Carnival, we pride ourselves on delivering fun, personalized shopping experiences for our customers and loyalty members, both in our stores and online. Salesforce’s unified platform empowers us to leverage data and AI to deliver a tailored omni-channel retail experience across marketing, commerce, service, and loyalty management,” said Zimmerman.
Implications for Small Businesses
These innovations present a significant opportunity for small businesses in retail. By leveraging these AI-powered tools, small retailers can enhance customer engagement, optimize inventory management, and boost overall efficiency. These tools can level the playing field, allowing small businesses to compete more effectively with larger retailers by offering similarly sophisticated and personalized shopping experiences.
Salesforce’s latest offerings at NRF 2024 represent a leap forward in retail technology, promising to transform how retailers interact with and serve their customers. For small businesses, adopting these technologies could be a game-changer, enabling them to harness the power of AI to deliver more connected, personalized, and efficient shopping experiences.
This article, “Salesforce Introduces AI-Powered Tools for Retail at NRF 2024” was first published on Small Business Trends