Consumers are saving more and spending less, according to our research. But savvy retailers can keep current customers happy by using data and AI to create excellent customer experiences.
It’s the most wonderful time of the retail year: Companies are gearing up for another competitive peak-shopping season. While the 2022 season focused on increasing profitability during a challenging economy, Salesforce’s holiday shopping predictions show that 2023 is all about keeping loyal customers happy.
Why? Because finding new customers is getting more expensive — and marketing budgets are shrinking. Since existing customers drive most of retailers’ revenue, keeping them satisfied this season should be the top priority. We expect retailers will do so by using AI and customer data to improve operational efficiency and increase wallet share.