Salesforce.com (CRM - Free Report) announced at National Retail Federation (NRF) 2019 that it has expanded its Commerce Cloud platform to help companies create personalized shopping experiences.
The extended platform consists of APIs, platform services and developer tools that Salesforce claim will enable companies to implant intelligent commerce experiences into every touchpoint for growth.
The company will aid its customers to bring artificial intelligence (AI), visual search, inventory availability services and more through voice, on mobiles or social apps, in store, at marketplaces and even via connected products.
Let’s Delve Deeper
Salesforce’s Einstein will now allow visual search. Einstein is also getting recommendation APIs that can be integrated beyond e-commerce site and also offer “intelligent recommendations” for shoppers through mobile apps and other online channels.
A new inventory service platform has also been introduced, which will assist companies to digitally regulate in-store and fulfillment centre inventory in a great deal and within actual time.
Moreover, the developer tools introduced by the company include sandboxes, which will boost agility so that development teams can expedite delivery of business innovation.
The company is also offering a commerce API explorer that will allow developers to design and test new experiences more efficiently. An online learning resource, Trailhead Trail, is launched to help developers learn about Salesforce’s Commerce Cloud platform.
The company stated that worldwide, it has more than 100 consulting partners including Deloitte Digital, Accenture (ACN - Free Report) , Capgemini's LYONSCG among others, which use the Commerce Cloud platform to build unique customer experiences.
Growing Adoption is a Tailwind
Salesforce is constantly evolving and refining the features and functionality of Commerce Cloud in order to keep pace with the fast-changing e-commerce sector. Furthermore, enhancement of customer experience is fuelling growth for the company’s cloud segment.
Per a recent report by Salesforce, from Nov 20 through Dec 26, Commerce Cloud customers witnessed more than 18% growth in digital orders placed year over year. Moreover, during the period, global brands and retailers had more than 12% overall digital revenue growth. According to the company, a 10% increase in overall traffic was also witnessed by brands and retailers.
Salesforce’s recent move is in sync with its strategy to capitalize on the digital commerce market and strengthen its competitive edge against peers like Oracle (ORCL - Free Report) , SAP (SAP - Free Report) , Adobe (especially after Magento acquisition) et al.
We note that at NRF 2019, Oracle introduced Oracle Retail Xstore Office Cloud Service and announced several improvements to its Retail Omnichannel suite.
Per “Global Unified Commerce Forecast” report by 451 Research, digital commerce transactions are estimated to witness a CAGR of more than 20% globally to reach $5.8 trillion in 2022.
With Salesforce’ resolute focus on innovating more new-age tools, we perceive that this Zacks Rank #2 (Buy) player is well poised to exploit this megatrend.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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