Salesforce, Inc. (CRM Quick QuoteCRM - Free Report) , a leader in artificial intelligence (AI)-driven Customer Relationship Management (“CRM”), has unveiled a suite of innovative tools at NRF 2024 to reshape the retail landscape. These advancements, powered by the Einstein 1 Platform, bring generative AI to Commerce Cloud and Marketing Cloud, offering retailers real-time insights into customer behavior for enhanced interactions.

The Einstein 1 Platform seamlessly integrates with retail and shopper data, ensuring real-time context, data governance and security. With Salesforce data indicating that 83% of global retailers witness operational efficiency improvements with AI and 63% of marketers emphasizing the importance of trusted customer data for implementing generative AI, these tools address the critical aspects of the retail industry.

For shoppers, Salesforce introduces "Einstein Copilot for Shoppers," a consumer-facing version of the generative AI assistant. It facilitates natural language interactions, allowing customers to swiftly discover products and complete purchases. The AI assistant uses contextual data, such as location, preferences and past purchases, to provide personalized recommendations.

New Features for Retail Merchandisers

The integration of generative AI into its Commerce Cloud and Marketing Cloud has brought several new features to Salesforce’s Einstein 1 Platform, which will help retail merchandisers optimize their business operations while enhancing shoppers’ experience.

Retail merchandisers benefit from "Page Designer," a tool that leverages generative AI-powered prompts for quick e-commerce site and page customization. Another feature, "Return Insights in Order Management," analyzes return patterns, using AI to recommend display changes and address product-related issues promptly. "Inventory Insights" provide real-time visibility into available inventory, aiding digital retailers in efficient stock management.

For retail marketers, Salesforce introduces "Global Promotion Management" for coordinated marketing and promotions data, enhancing revenue forecasting. "Referral Marketing" enables the launch of referral programs, improving conversion with pre-built templates and AI tools. "Segment Creation" assists in better targeting and personalization, allowing retailers to build new segments rapidly. "Content Creation for Marketing Cloud Engagement" resolves content bottlenecks in campaigns and personalization, automatically generating personalized content at scale.

Salesforce's focus on integrated and AI-powered innovations aligns with the industry's evolution toward personalized retailing. The company emphasizes that effective utilization of customer data for trusted, connected commerce experiences fosters stronger customer loyalty and profitability. These tools mark a significant step toward a new era of retail experiences, driving efficiency and growth in the sector.

Salesforce Banks on GenAI for Growth

Salesforce is making significant strides in the realm of generative AI, aiming to stay at the forefront of technological innovation. The company entered the generative AI arena with the introduction of Einstein GPT in March 2023. Described as the world's first generative AI CRM technology, Einstein GPT is designed to deliver AI-created content at a hyperscale, transforming customer experiences across sales, service, marketing, commerce and IT interactions.

In June 2023, Salesforce took a giant leap forward by launching its AI Cloud service, positioning it as a comprehensive AI-powered solution for enterprises seeking productivity enhancements. The AI Cloud suite offers real-time, open and secure generative experiences across various applications and workflows. This initiative is set to empower new capabilities within Salesforce's product portfolio, including Einstein service, data analysis software Tableau, and the workplace messaging app Slack.

In tandem with the AI Cloud launch, Salesforce substantially increased its venture capital fund dedicated to generative AI from $250 million to $500 million. This augmented fund, managed by Salesforce Ventures, the company's global investment arm, is earmarked to support the generative AI ecosystem and foster the development of responsible and trustworthy technology.

Other Companies Integrating GenAI

The trend of integrating generative AI is not unique to Salesforce. Other technology companies like Intuit (INTU Quick QuoteINTU - Free Report) , ServiceNow (NOW Quick QuoteNOW - Free Report) and Adobe (ADBE Quick QuoteADBE - Free Report) are also actively leveraging this technology.

In June 2023, Intuit introduced GenOS, its proprietary generative AI operating system, enabling the design, development and deployment of breakthrough generative AI experiences. In the same year, ServiceNow unveiled generative AI capabilities, including the ServiceNow Generative AI Controller and Now Assist for Search, facilitating faster and more intelligent workflow automation.

Adobe, a major player in the digital media solutions space, expanded its generative AI presence through partnerships and new solutions. Adobe's Firefly, a family of generative AI models, focuses on text and image generation, promising enhanced precision, speed, power and ease in content creation for users of all experience levels.

At present, Salesforce, Intuit and Adobe each carry a Zacks Rank #3 (Hold), while ServiceNow has a Zacks Rank #4 (Sell). Shares of CRM, INTU, NOW and ADBE have rallied 81.9%, 55.6%, 75.8% and 73.2%, respectively, over the past year.

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