Cyber Week is the five-day period during Thanksgiving season that includes Thanksgiving Day, Black Friday, and Cyber Monday. This year, Cyber Week is expected to drive an unprecedented $311 billion in global sales as consumers eagerly await holiday deals – with the use of AI and agents set to influence up to 19% of those orders, according to a new report from Salesforce.
The Salesforce Shopping Index, which analyzes data from 1.5 billion global shoppers, over 1.5 trillion page views, and hundreds of millions of unique SKUs (stock keeping units) on the Salesforce Customer 360 platform, reveals that digital retailers using generative AI and agents have seen a 7% increase in average order value since October.
“Agents have the potential to transform the holiday season by helping retailers provide personalised, timely, and efficient service to shoppers when they need it most,” says Zuko Mdwaba, Vice President of Salesforce South Africa.
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Customers that utilize the technology have an average order value of $117, compared to $109 for retailers without it. The retailers that have been using AI-powered agents during this timeframe have also reportedly doubled customer service engagement, addressing complex cases faster as 30% of consumers prefer agents for speedier service.
Here are Salesforce’s Cyber Week 2024 predictions:
Reviewing real-time aggregate data stemming from Agentforce, Commerce Cloud, Service Cloud, and Marketing Cloud, Salesforce expects to see four major trends during this year’s most critical shopping week.
1. AI will dictate shopping tastes
AI and agents will likely influence 19% of Cyber Week orders, accounting for $61 billion in global sales.
2. Tech and Cyber will see a boost
Cyber Week sales are expected to reach $311 billion worldwide, accounting for 23% of all holiday purchases in 2024, and $75 billion in the U.S.
3. Discount rates will be hard to turn away
Average discounts will likely peak at 28% globally and 30% for the U.S., fueling 5% year-on-year sales growth.
4. Top discounts rates globally are expected in:
Beauty & Makeup – 38%
Skincare – 33%
General Apparel – 33%
The customers also seem to be engaging with this new AI approach. A reported 30% of consumers said they would work with an AI agent if it meant faster service.
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Brands like Saks are using Salesforce’s Agentforce to streamline routine tasks such as order tracking, enabling customer service teams to focus on delivering a highly customised shopping experience that drives conversion.
AI is enhancing the shopping experience this holiday season and the customers are here for it. Wait times are being reduced, which seems to be one of the most important factors in this new AI-driven e-commerce landscape. Only time will tell what an AI-driven shopping experience entails.