Shoppers are reportedly embracing artificial intelligence (AI) and other digital tools as they search for Black Friday bargains.
OpenAI’s ChatGPT, PayPal’s Honey app, Perplexity AI’s search and shopping features, and Weever.AI’s product recommendations site are among the resources mentioned by shoppers interviewed by Bloomberg for a report posted Wednesday (Nov. 27).
At the same time, the report said that shoppers find that generative AI tools can provide information that is inaccurate or outdated. For example, one suggested a Black Friday lunch at a destination that has been closed for years, and another that doesn’t have a reservation available for the next month. AI tools have also uncovered deals that were years old and no longer available.
Shoppers should double-check important information suggested by these tools, the report said.
Retailers expect to see more shoppers than ever during this Thanksgiving weekend, as many consumers have held out on making purchases until then in anticipation of big sales events, according to the report.
One-third of consumers said they feel like they are being “bombarded” by sales promotions, according to the PYMNTS Intelligence report, “Intrigue or Fatigue? Amid Crowded Deals Landscape, Financial Lifestyle Drives Consumers’ Black Friday Interest.”
The report found that 39% of consumers said they are somewhat or much more likely to wait this year than last to buy a product they immediately need, and a roughly equal share reported being more likely to wait this year to buy products they want but do not urgently need.
The Black Friday to Cyber Monday (BFCM) weekend is projected to set a new record, with U.S. retail sales anticipated to surpass $75 billion, PYMNTS reported Oct. 25.
Bain & Company forecast a 5% year-over-year growth for this period, outpacing the overall holiday season growth estimate of 3%.
Personalization powered by data and the decision engines to apply it will be a critical retail strategy, Aaron Cheris, partner in Bain’s Retail practice, told PYMNTS in an interview posted Oct. 25.
“Retailers can no longer think of online as fully separable,” Cheris said. “They need omnichannel offerings and strategy throughout the season versus being able to run a discrete online promo calendar.”
Consumers are more positive than they have been in months as we head into Black Friday, PYMNTS reported Tuesday (Nov. 26).
The Conference Board’s Consumer Confidence Index released Tuesday came in at the top of the range recorded through the past two years.
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