Cyber Monday hits sales high for 2021, with one in three shoppers buying online

  • “People looking to scoop up Cyber Monday deals spent 1.4% less this year than last, according to the Adobe Digital Economy Index, with online sales in the US on Monday totaling $10.7 billion. Salesforce had a different result for Cyber Monday, saying sales rose 3% from 2020 to $12.3 billion this year.
  • Salesforce said spending was up 4% from last year for the full week leading up to Cyber Monday, hitting $61 billion.
  • Amazon, the country’s largest online retailer, didn’t provide any sales figures, but said it was the company’s ‘biggest kickoff to the holiday shopping season ever.’”

The 4 Things You Need to Do to Get (and Keep) Ecommerce Customers

  • “At the end of summer 2020, Americans had spent 14 billion hours — that’s 1.6 million years —and $73.2 billion on online shopping in 2020.
  • Mobile shopping is no longer a secondary concern for ecommerce businesses: Smartphones now account for more than half of visits to retailer websites and are on track to make up more than 50% of online spending by September of 2022.
  • Between just March 29 and April 4 of last year — just one week — mobile shopping apps reached 14.4 million downloads in the US, up 20% from January. And as of June, 90% of consumers aged 25–35 said they preferred shopping on their phones.”

The Future of Banking To Be Driven by Artificial Intelligence; New Report States

“The ‘Bank of the Future’ whitepaper, published by Mambu and Google Cloud, identifies ‘ubiquitous banking’ as the next frontier in the digital financial revolution, and reveals three building blocks that will enable the future of banking:

1) Customer-centric strategy – products and services built around the customer for the customer, embedding AI technology to hyper-personalise the user experience

2) Value-based AI use cases – applications anchored on business value (revenue growth, cost saving or risk reduction) and customer value (customer experience or time to market)

3) Composable technology architecture – flexible, cloud-based core banking software that enables true “plug and play” functionality to respond to changing customer needs, market dynamics or technology trends”

The Future of Banking To Be Driven by Artificial Intelligence; New Report States

LOQR: How AI Can Empower the Banking Industry Transformation

“Personalised customer experience

Leading banks and neobanks are building their business around AI platforms because they understand the gains and significant impact on their organisations: AI systems add intelligence to existing products and drive innovation further and faster than any other technology before.

The more personalised the service through AI capabilities, the more significant is the retention of customers. A report shows that a large bank that recently used data-driven AI to offer personalised reward programs by predicting their customers’ preferences had an increase of 40% in their reward program usage. The same report shows that other banks who have also applied AI models to predict customers’ needs have increased almost 30% in sales.”

LOQR: How AI Can Empower the Banking Industry Transformation 

Salesforce launches marketing personalization and automation features

  • “Salesforce this week announced new Marketing Cloud features designed to help companies build deeper relationships with their customers.
  • Thirty-eight percent of brands risk losing customers because of poor marketing personalization efforts, according to a study by Gartner.
  • One of the new features, Einstein Engagement Scoring in Salesforce CDP, aims to boost engagement and conversion rates as well as satisfaction across customer experiences.
  • Also among the Marketing Cloud upgrades is Einstein Content Designer, an AI-powered feature that automatically creates marketing content and optimizes it for segments of customers.
  • Another feature announced this week, Digital Process Automation, offers drag-and-drop tools to simplify the building and deployment of branded, automated customer experiences.
  • A recent MuleSoft survey found that 77% of IT and business decision makers have already implemented or are in the process of implementing automation solutions to increase productivity.
  • As of July 2021, there’s been a 41% increase in the number of low-code automated workflows executed across Salesforce products, and Salesforce customers automate an average of 38.2 billion processes and complete 116 billion Einstein AI predictions each day.”