ilers invest in GenAI, media networks and GenAI.

Over 90% of retailers invest in AI to improve their shopping experience. They either have a retail media network that is active or plan to create one within the next two years.

Over 80% of shoppers also expect consistency in engagement across all departments. 59% of shoppers say they’ve made purchases via social media. That’s almost four times more than in 2021.

These figures are based on the latest edition Salesforce’s Connected Shoppers report, which was compiled from a survey of 1,125 retail decision-makers and 2,400 shoppers in North America, Europe and South America.

Welcome the “phygital World” The digital and physical elements in the shopping experience are increasingly integrated. Online and in-store shopping is split almost equally by shoppers.

• Shop assistants use mobile devices as well.
• 74% of consumers say that three negative experiences is enough to make them abandon a product.
• 60% of retailers say they are either in the planning phase or the execution phase of their journey to a unified engagement platform.

Dig deep: Use image recognition by Criteo for online and offline channels

Shoppers expect brands to reach them outside of their own physical and digital properties. More shoppers are expecting brands to meet with them in environments other than the brand’s. Social media, messaging apps, and live streams or chats are all examples. Social media is where 50% of shoppers find products. The number of people who convert on social media has increased over the past two years.

These “edge” channels are used more by customers for buying than customer service.

Retailers and shoppers are looking at generative AI. GenAI is being used by shoppers to get ideas, whether it’s for new outfits or meal plans. “Somewhat interested” is more popular than “very interested” at the moment, but 17% of shoppers have used GenAI to make a purchase.

Retailers are looking for ways to create more personalized shopping experiences. This includes generating product suggestions for assistants in store and for digital assistants who can converse with customers.

Loyalty data can help drive revenue. Retail media networks sell third-party brands high-value advertising inventory from their own digital properties using loyalty and transactional data. This means revenue for brands driving the network. It also means sales for advertisers, and personalized offers for consumers.

Another 40% of retailers plan to offer media networks in the next 2 years.

Why we care. We’re not saying this for the first or last time. The old line between digital and physical is no longer there. The physical world is so interconnected with the digital thanks to mobile devices and Internet of Things that it seems pointless to make distinctions. We didn’t need Google Glass for this.

Retail is rapidly changing. We have not forgotten the lessons learned from the pandemic – researching, discovering, and buying online. We’re taking them to the store with us.

The article Retailers invest heavily in GenAI and Media Networks first appeared on MarTech.