Good news for retailers willing to embrace AI-powered omnichannel strategies: SymphonyAI’s third annual grocery e-commerce study finds a significant revenue growth opportunity. After analyzing 72 million households and 1.3 billion transactions over six months in 2024, the study identified six key trends that drive an 8% increase in e-commerce revenue. 

According to Sonia Parekh, general manager of Customer-Centric Retailing for SymphonyAI, the research reveals myriad benefits for retailers who allow customers to interact with their brand across multiple channels, including in-store, online, and on mobile: “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.” 

Key Findings From the Study

SymphonyAI used AI analysis to decode patterns in channel preferences and shopper behavior. The result? The study revealed six targeted and immediate areas for retailers to drive e-commerce revenue:

  • E-commerce Expansion: Retailers see 81% of new online shoppers making their first purchase with the brand—and these purchases are significant. Online baskets are three times larger than in-store baskets. Attracting and retaining online shoppers is critical. Customers who take an omnichannel approach to shopping also spend 15% more than single-channel shoppers. This fact makes seamless engagement essential.
  • Seasonality Drives Revenue: The fourth quarter presents a golden opportunity for brands hoping to convert in-store shoppers to omnichannel. These conversions boost customer retention and, as necessary, drive long-term revenue growth. The SymphonyAI study shows that this strategy increases e-commerce revenue by more than 3% post-holidays. 
  • Convenience in Small Baskets: Small-basket transactions are surging. This is particularly true in categories such as baby products and alcoholic beverages. AI-based merchandising software can carefully craft product recommendations. The goal? To entice shoppers to expand their purchases.
  • Pack Size Optimization: Preferences for pack sizes vary by category. For example, shoppers prefer larger packs of peanut butter but smaller packs of jam. Tailored assortment strategies can maximize sales by syncing with customer preferences. 
  • Organic Growth: In-store organic product sales outpace online growth—and it’s not even close: 5.2% versus 1.6%. By using targeted organic product placements and promotions, retailers can attract store-base shoppers to e-commerce. 
  • Category-Specific Preferences: Shoppers show greater brand loyalty online. This is especially true in the health, beauty, and snacks categories. SymphonyAI’s insights allow retailers to craft a more personalized shopping experience. They also equip brands with the tools to create targeted promotional offers. 

SymphonyAI Connected Retail Platform

These insights are invaluable, and SymphonyAI’s Connected Retail Platform allows retailers to act on them. How? The platform breaks down operational silos by integrating data across customer sales, behavior, promotions, inventory, and real-time store conditions. 

In short, the platform delivers AI-driven insights that optimize decision-making—at every level of retail operations.

Driving Omnichannel Growth

SymphonyAI makes retail magic happen via four main capabilities:

  • The SymphonyAI Sales & Customer suite increases loyalty and revenue by enabling retailers to convert single-channel shoppers into omnichannel customers. 
  • Personalized Marketing gains granular shopper insights to help brands target engagement, leading to increased brand loyalty and year-round sales.
  • The Assortment & Space suite optimizes retail assortments based on localization and macro- and micro-space requirements. 
  • The Price & Promotion suite connects customer insights with marketing strategies proven to drive in-store and online growth.

A Transformative Partnership

SymphonyAI’s collaboration with retailers highlights the potential for AI to transform the grocery sector radically. With their grocery e-commerce study now public knowledge, Parekh confirms why retailers should heed SymphonyAI’s findings: “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.”

About SymphonyAI

SymphonyAI is a leading enterprise AI SaaS company for digital transformation across the most critical and resilient growth verticals, including retail, consumer packaged goods, finance, manufacturing, media, and IT/enterprise service management. SymphonyAI verticals have many leading enterprises as clients. 

Since its founding in 2017, SymphonyAI has grown rapidly to 3,000 talented leaders, data scientists, and other professionals. SymphonyAI, 2024 Microsoft Partner of the Year for Business Transformation – AI Innovation, is a SAIGroup company backed by a $1 billion commitment from successful entrepreneur and philanthropist Dr. Romesh Wadhwani. 
Learn more at www.symphonyai.com.