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For eCommerce addicts like us, Shoptalk is the most-anticipated event of the year — and 2024 definitely didn't disappoint. Between the massive turnout of 27,000+ attendees, a stellar line-up of keynote speakers, and ample networking opportunities, it's safe to say we're already amped for next year.
But now that Shoptalk has wrapped up, we wanted to take some time to reflect on the insights our team gained from the experience. Let’s break down the most noteworthy topics from Shoptalk 2024.
Generative AI has evolved from nice-to-have to necessity
From the buzz in the halls of Mandalay Bay to the strategic keynotes presented by tech behemoths like Meta and Rakuten, generative AI stole the show at Shoptalk this year.
If 2023 was the year of experimentation, it seems 2024 will be the year retailers realize returns from their investments in generative AI. Of the many uses of generative AI in eCommerce, the top priorities for retail this year are:
- Operational efficiency
- Risk mitigation
- Personalization at scale
An example we loved came from Amperity — a leading consumer data platform — that demonstrated its use of generative AI for identity resolution, predicting customer LTV, and powering its "AI Assistant," which helps technical users build on its platform without friction.
As innovators in this field, we're incredibly excited to help pioneer a new era of AI in eCommerce.
📚 How leading brands like Obvi and Finn drive profitable marketing with Proxima AI
Social commerce continues to evolve in 3 key areas
With the massive growth in monthly active users across all platforms, retailers are doubling down on their social shopping experiences. Unsurprisingly, AI is at the forefront of this social commerce renaissance, helping retailers boost their site experiences in several ways:
- Product recommendations
Instagram, Pinterest, and Meta have already invested in native AI-powered shopping experiences that recommend products based on user activity. As these models continue to collect user information, their accuracy in product recommendations will grow — providing effortless personalization at scale.
- Social SEO
Social platforms are quickly becoming the search engines of choice for younger age cohorts. For example, recent research shows 40% of TikTok users use the platform to search for things they need or are interested in. To boost visibility, retailers are leveraging generative AI to identify target keywords to include via video, text, and hashtags.
- Enhanced targeting
Retailers have continued to struggle with efficient ad targeting since the implementation of iOS 14 and Apple's Tracking Transparency update. However, recent developments in predictive intelligence are helping retailers identify and target high-intent audiences on social — resulting in more personalized experiences for users and less wasted ad spend for brands. While this surgical approach to advertising requires access to vast first-party datasets, data intelligence platforms like Proxima can provide those resources in full.
A robust in-store experience retains its value
The constant buzz at Shoptalk this year around brick-and-mortar is a strong indication that this sector isn’t going anywhere. As the customer journey becomes more omnichannel, leading retailers rely on technology to close the personalization gap at scale.
Keynote speakers Katie Reeves (Managing Director at COS) and George Hanson (Executive Vice President at Mattress Firm) specifically outlined the importance of empowering sales associates with technological advancements that make the in-store experience more engaging.
Of the many tactics they shared, AI-powered inventory tracking and personalized checkout proved especially powerful for creating an engaging in-store experience.
Proxima gives you a marketing edge for the future of AI
After the epically energizing experience of Shoptalk 2024, our team can't wait to apply what we learned so we can help even more eCommerce businesses maintain their marketing edge with best-in-class data intelligence.
Interested in learning how Proxima can help your brand drive profitable marketing at scale?
