The Black Friday and Cyber Monday (BFCM) shopping weekend, once synonymous with long lines and early morning store openings, has evolved into both an in-store and digital extravaganza that attracts millions of online shoppers. The National Retail Federation reported that the Thanksgiving weekend of 2022 drew as many as 196.7 million shoppers. It’s clear that both physical stores and online shopping platforms are both integral components for holiday deal hunters. The convenience of comparing prices, reading reviews, and researching products from the comfort of one’s home, alongside the excitement of finding that perfect holiday gift however the customer chooses to shop has made a unified experience between all shopping channels more important than ever. In this blog, we will explore how AI is transforming omnichannel strategies behind the scenes.
The Power of AI in Shaping Shopping Behavior
AI-powered features have become invaluable tools in the modern shopping journey. They can help customers easily find products they desire and even discover new, relevant items they may have otherwise overlooked. To gain a competitive edge for BFCM as well as the rest of the fiscal year, catching the evolving technology wave is essential.
Digital Wave Technology AI Tools Transforming the Shopping Experience
- Auto-Enrich Product Attributes: Automatically find and complete missing product attributes, alert retail user of product attribute misclassification. Auto-enriching product attributes increase data accuracy, team productivity soars, and it enhances product discoverability.
- Auto-Generated Product Descriptions: Using AI, craft captivating product copy in any language in seconds to expedite onboarding for all commerce channels. Customers are delighted to have detailed information and retailers will see higher conversions and lower return rates.
- Product Review Analysis: AI-generated analysis of the Voice of the Customer product reviews, and summarizing reviews help retailers make informed purchasing decisions to buy more of what customers prefer. Incorporating positive review sentiment into product descriptions helps shoppers learn from what other customers experienced with that specific item.
- Advertising Campaigns: Revolutionize marketing with AI-driven Advertising Campaigns! It’s a fabulous solution for the marketing team to work on advertising all year. Personalized, cost-effective, and lightning-fast campaigns are generated in seconds. Stand out in the market, adapt to trends swiftly, and watch engagement rates soar, driving brand loyalty and bolstering sales.
- Product Experience Management: A centralized data hub for product attributes, data, rich content, and Digital Asset Management that easily adapts to unique channel requirements, with AI built in for rapid product onboarding drives speed-to-market. Speed-to-market equals faster revenues and those that have the merchandise online when the customer is ready to purchase will gain a greater share of wallet.
- Digital Visual Merchandising: Automatically create landing pages, visually merchandise product listing pages using drag-and-drop, or algorithmically create pages driven by inventory, margins, customer personas, and more. Curate products across all channels to tell the best product story.
- Omnichannel Product Information: After enriching product attributes and generating detailed product descriptions using our AI solutions, be sure to arm your sales associates with the same information using their tablet or phone to deliver a seamless shopping experience.
- Forecasting: With the surge in sales over the Black Friday to Cyber Monday weekend, it is more important than ever to forecast and plan for these critical holiday sales and not be caught with empty displays during the key December revenue weeks. Generative AI excels at analyzing historical sales data, market trends, and a myriad of other factors. It can generate forecasts that are not only more precise but also adaptive, quickly adjusting to changing market dynamics. In an omnichannel retail environment, this leads to improved inventory management, reduced waste, and the ability to meet customer demands more effectively.
- Lifecycle Pricing: Enhance pricing strategy with an AI-driven Lifecycle Pricing solution designed for modern omnichannel retailing. Obtain real-time insights, automated recommendations, proactive pricing, and a significant increase in gross margin dollars!
- Markdown Optimization: The Digital Wave Technology AI-powered markdown optimization solution will increase profitability and ensure merchandise is fresh factoring in timing, depth, and location by channel. AI-driven, profit-saving alerts of suggested actions other than a markdown and image attribution drive margin increases.
AI Empowers Customers and Retailers During BFCM
For brands and retailers looking to excel during the BFCM shopping weekend and the holiday season, investing in AI solutions is essential to ensure a seamless and enjoyable shopping experience for customers. With AI, both customers and retailers can make the most of this shopping extravaganza, ensuring smooth sailing for all involved. But why stop there? Partnering with Digital Wave Technology and using our AI and Generative AI powered solutions will set you ahead of the competition all year, not only for Black Friday and Cyber Monday.