The future of commerce is here

01. Juli 2024

At a recent event in London, “Intelligent Experiences: Creating next generation commerce,” several experts shared their insights in a panel discussion hosted by Valtech and Google Cloud. 

The stellar group of thought leaders who took the stage included:   

• Gary Arnold, Data Strategy Director, Valtech 

• Suzanne Greenhalgh, Data & AI Sales Leader, Google Cloud 

• Katie Zeitlin, EMEA Channel Partnerships, Quantum Metric 

• Olivia Shanu-Wilson, Director of Data CRM Lifecycle Specialist, On The Beach 

• Stuart Jones, Head of Digital Products, Domino’s 

The group discussed how to deliver impactful CX through AI-driven insights, how to personalize at scale and common pitfalls in AI implementations.

Valtech also introduced the Integrated Commerce Network (ICN), a curated group of software partners that bring pre-integrated, best-in-class data, commerce and personalization capabilities to help organizations activate their existing data and unlock new revenue. 

This blog post covers the second part of the session. Read on for the highlights of this session, or have a look at our recap of part one here.

AI-driven insights and decision-making

Despite challenges identified in the first part of the session (disparate data sources, poor collaboration among departments, fragmented technology estates), companies are forging ahead with initiatives to integrate AI and data-driven decision-making into many aspects of their business.

An audience poll conducted at the event uncovered these plans: What future data initiatives are you most excited about or planning to implement in your organization?

• 53% of respondents cited implementing AI and machine learning for predictive analytics.

• 44% cited using advanced visualization tools to better understand data insights.

• 42% cited data democratization and making insights accessible to all employees for better decision-making.

Personalization at scale 

AI’s role in developing personalized customer experiences is already significant and will continue to expand, as will organizations' reliance on a modern data foundation. 

In our audience poll, 36% indicated plans to “create new revenue streams by monetizing data."

On The Beach is one of the UK’s leading online holiday package companies. Panel member Olivia Shanu-Wilson, Director of Data CRM Lifecycle Specialist at On The Beach, discussed the company’s huge success using Bloomreach Engagement to create a targeted, data-driven marketing campaign.

In its price drop campaign, On The Beach built a triggered email flow that alerts users to price changes on travel packages they previously viewed, inviting them back to make a purchase.

The results were impressive:

• 587% conversion rate from price drop email campaign versus project average

• 477% click-through rate from price drop email campaign versus project average

• 362% uplift in RPV from price drop email campaign test

More details can be found here.

Data quality and governance are must-haves

In 2024, Google Cloud conducted a global research study with 410 data, IT and business leaders across a large variety of companies about the impact of generative AI. This research uncovered five key trends:

1. GenAI will speed the delivery of insights across organizations. 84% believe generative AI will help their organization access insights faster.

2. The roles of data and AI will blur. 80% agree that the lines between data roles are starting to blur.

3. AI innovation will hinge on strong data governance. 66% of organizations have at least half of their data dark, posing significant risk.

4. Operational data will unlock GenAI potential for enterprise apps. 71% of organizations plan to use databases integrated with GenAI capabilities.

5. 2024 will be the year of rapid data platform modernization. Only 14% of organizations are satisfied with their legacy databases’ support for AI.

Without high-quality data, and without proper governance, AI initiatives will fail.  

Navigating AI implementation and data modernization obstacles 

How do you get to a point where AI can be transformative for your organization? Follow these tips:

• A solid data foundation is the most important thing. Good stuff in, good stuff out.

• Take a balanced approach across people and process, then bring that all together with technology.

• Lean on an expert. Many organizations need help to navigate an enormous amount of data and guidance on how to mature to the next phase.

• Adopt governance practices that protect data as a valuable long-term asset.

Identify a number of business cases, then prioritize one or two that really matter by analyzing feasibility versus business value. This approach drives C-suite alignment.

Continuous commerce and AI innovation 

In just six weeks, with our Integrated Commerce Network accelerator Valtech can implement a future-proof data foundation in Google Cloud that accelerates your journey to a modern commerce platform.

We’ll target a high-ROI use case and provide a blueprint for modular, repeatable workload integration through strategic opportunities for real-time BI, federated governance and streaming analytics.

Contact us today for more information.