Salesforce Predicts $311B Cyber Week Sales, AI to Drive 19%

Salesforce (NYSE: CRM) forecasts that Cyber Week 2024 will generate $311 billion in global sales, fueled by holiday shoppers seeking deals. AI and agents are set to influence up to 19% of these orders, emphasizing the transformative role of technology in retail.

The Salesforce Shopping Index, analyzing data from 1.5 billion global shoppers, revealed that retailers using generative AI and agents have increased their average order value by 7% ($117 vs. $109). Personalized recommendations, smarter customer service, and targeted promotions powered by AI contributed to 17% of global orders. AI-powered agents also doubled customer service engagement, addressing complex cases faster, as 30% of consumers prefer them for speedier service.

Michael Affronti, SVP and GM of Commerce Cloud at Salesforce, said, “Agents have the potential to transform the holiday season by providing personalized, timely, and efficient service to shoppers when they need it most.”

Salesforce’s Cyber Week 2024 predictions highlight key trends, including AI influencing $61 billion in global sales, Cyber Week sales accounting for 23% of all holiday purchases, discounts peaking at 28% globally, and mobile orders making up 70% of sales.

The Salesforce survey also revealed that 45% of global consumers are waiting for Cyber Week, beginning November 26, to secure the best deals. Early findings from the Salesforce Shopping Index showed a rise in consumer interest, with categories like makeup (+10% YoY), active footwear (+9% YoY), and handbags and luggage (+8% YoY) leading the way.

Retailers investing in AI-powered agents saw double the rate of customer service engagement, with 24% of consumers already comfortable shopping with AI. Discounts peaked at 20% in early November, a 17% YoY increase, and online orders rose 4%, signaling a competitive holiday season ahead.

Chinese marketplaces like Shein, Temu, and TikTok Shop are also drawing significant attention, with 67% of buyers planning purchases on these platforms. Temu leads as the top choice, with 40% of global consumers making multiple purchases in the last year.

Despite a strong start to holiday shopping, returns have increased by 33% compared to last year, posing challenges for retailers to refine their return policies and retention strategies.

Caila Schwartz, Director of Consumer Insights and Strategy at Salesforce, said, “Nearly half of shoppers are waiting for Cyber Week, and with a quarter of all holiday sales expected during these seven days, retailers must capitalize on this opportunity by leveraging AI and agents.”

Salesforce’s insights highlight the growing importance of AI in retail, with Cyber Week poised to be the biggest holiday shopping event of 2024.