AI

AI boosts online grocery revenue by 8%, claims data

Photo: Adobe Stock

December 30, 2024

Artificial intelligence technology powering retail strategies in the grocery sector offers an 8% growth opportunity and can convert single-channel shoppers into higher-spend omnichannel shoppers.

Those are findings from SymphonyAI's third annual omnichannel shopper analysis over a six-month period in 2024, according to a press release.

Additional findings include:

• 81% of new online shoppers are first-time shoppers with that retailer, and online baskets average three times larger than in-store.
• Fourth quarter in-store shoppers show more willingness to convert to online channel shopping than during other times of year, and retaining them post-holidays leads to a greater than 3% increase in e-commerce revenue.
• Small basket transactions are booming, with growth areas including alcoholic beverages and baby products.
• Online shopper preferences for larger pack sizes vary by category, showing the need for tailored assortment strategies for increased sales.

"With a worldwide customer portfolio of hundreds of leading retailers using SymphonyAI connected retail products, we see first-hand the measurable impact of AI-based insights and actions to engage shoppers optimally across channels, boost basket size, and increase loyalty," Sonia Parekh, general manager of customer-centric retailing for SymphonyAI, said in the release. "The newest research from our in-house retail experts reveals the advantages of using AI insights to increase e-commerce revenue, both in the short-term and longer term. They apply SymphonyAI connected retail with surgical precision to create powerful positive business impact."