Cyber Week is a significant five-day period that includes Thanksgiving Day, Black Friday, and Cyber Monday. This year, it is projected to generate a record-breaking $311 billion in global sales. The use of AI and agents is expected to impact up to 19% of these orders, according to a recent report from Salesforce.
The Salesforce Shopping Index, which examines data from 1.5 billion global shoppers, over 1.5 trillion page views, and millions of unique SKUs on the Salesforce Customer 360 platform, shows that digital retailers utilizing generative AI and agents have experienced a 7% increase in average order value since October.
Zuko Mdwaba, Vice President of Salesforce South Africa, believes that agents have the potential to revolutionize the holiday season by enabling retailers to offer personalized, timely, and efficient service to shoppers. Customers who use this technology have an average order value of $117, compared to $109 for retailers without it. Additionally, retailers using AI-powered agents have doubled customer service engagement, addressing complex cases more quickly as 30% of consumers prefer agents for faster service.
Salesforce has made some predictions for Cyber Week 2024 based on real-time aggregate data from Agentforce, Commerce Cloud, Service Cloud, and Marketing Cloud. They anticipate four major trends during this critical shopping week:
1. AI will influence shopping preferences, potentially impacting 19% of Cyber Week orders, amounting to $61 billion in global sales.
2. Tech and Cyber sectors will experience a surge, with Cyber Week sales projected to reach $311 billion worldwide, representing 23% of all holiday purchases in 2024, and $75 billion in the U.S.
3. Discount rates are expected to be enticing, with average discounts peaking at 28% globally and 30% in the U.S., leading to a 5% year-on-year sales growth.
4. Top discount rates globally are anticipated in Beauty & Makeup at 38%, Skincare at 33%, and General Apparel at 33%.
Consumers are showing interest in this new AI approach, with 30% stating they would engage with an AI agent for faster service. Brands like Saks are leveraging Salesforce’s Agentforce to streamline routine tasks like order tracking, allowing customer service teams to focus on delivering a highly customized shopping experience that boosts conversion rates.
AI is revolutionizing the shopping experience this holiday season, with reduced wait times being a key benefit in this new AI-driven e-commerce landscape. The extent to which AI will shape the future of shopping remains to be seen, but for now, it is clear that customers are embracing this technology.
