Salesforce’s Predictions for the 2024 Holiday Shopping Season
Salesforce’s Bold Predictions for Holiday 2024 Sales include that trade routes, artificial intelligence, pricing, and Chinese shopping applications will significantly influence the 2024 holiday shopping season. Here’s a breakdown of their insights:
Changes in Holiday Shopping Experiences
Salesforce, the software giant known for its e-commerce platform and cloud services, predicts a “challenging season” for both retailers and consumers. The company notes that shoppers have been delaying major purchases in hopes of finding discounts. As a result, retailers will need to adapt to changing consumer behaviors and economic pressures.
Consumer Behavior and Economic Pressures
Salesforce observes that consumers, resilient through four years of economic uncertainty, are finally feeling the impact of persistent inflation and supply chain issues. A significant 32% of global consumers have increasingly turned to alternative credit options like Buy Now, Pay Later (BNPL) this year.
Holiday Shopping Timeline
Salesforce defines the holiday shopping season as running from November 1 to December 31. In 2022, 76 of the top 2000 online merchants in North America, using Salesforce as their e-commerce platform, generated over $116.97 billion in combined online sales.
Salesforce’s Bold Predictions for Holiday 2024 Sales
1. Dominance of Chinese Shopping Applications
Salesforce predicts that Chinese shopping apps will dominate the holiday season. According to their research, 63% of Western consumers plan to shop from Chinese apps such as Cider, Shein, Temu, TikTok, and Aliexpress. The primary driver for this trend is competitive pricing. Salesforce expects these apps to account for 21% of sales outside China during the holiday season.
2. Impact of Middle-Mile Shipping Costs
Middle- and last-mile shipping costs are projected to increase by $197 billion in 2024, a 97% rise from the previous year. Factors contributing to this include rising crude oil prices and geopolitical tensions affecting global shipping routes. Despite these challenges, Salesforce advises retailers not to pass shipping costs onto consumers, as free delivery significantly influences online purchasing decisions.
3. AI Adoption in Gift Searches
Salesforce reports that AI influenced 17% of online purchases during the 2023 holiday season, generating $199 million in sales. In 2024, more consumers are expected to use AI for gift discovery. With Google’s integration of generative AI into its search tools, retailers can shift from keyword searches to natural language prompts, potentially tripling conversion rates compared to non-engaged site traffic.
Conclusion
Salesforce Marketing Cloud’s array of features, including automation, personalization, analytics, and collaboration, empower B2B marketers to streamline their efforts and achieve superior results. By leveraging these capabilities, businesses can elevate their marketing initiatives and drive significant outcomes during the 2024 holiday season.
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