How Generative AI Redefined Black Friday & Cyber Monday 2024

The numbers are in, and Black Friday Cyber Monday (BFCM) 2024 has proven to be a record-setting event for e-commerce. While platforms like Shopify report unprecedented sales, iAdvize’s generative AI technology proved to be a game-changer, delivering unparalleled customer engagement and boosting revenue for businesses worldwide.

A Record-breaking Year for E-commerce

According to Shopify, merchants generated an astounding $11.5 billion in sales over the BFCM weekend, marking a 24% increase from 2023. The shopping frenzy peaked at $4.6 million in sales per minute on Black Friday, highlighting the scale of this global commerce phenomenon.

iAdvize’s generative AI-powered shopping assistants played a pivotal role in driving this growth by transforming how businesses interact with customers, from personalizing shopping experiences to reducing cart abandonment. Let’s dive into the numbers that showcase the power of this technology during BFCM 2024.

From Engagement to Revenue: Driving +31% Turnover Growth

Personalized conversations translated directly into sales. Turnover on BFCM reached $21 million, up 31% YoY.

On Black Friday, it reached $11 million, a 22% increase from $9 million in 2023. Cyber Monday saw an even sharper spike, with turnover jumping by 43% to $10 million, solidifying the impact of generative AI as a revenue driver.

Higher Order Values

Personalization doesn’t just close sales; it drives higher-value purchases. During Cyber Monday, the average order value increased by 16%, reaching $641 compared to $551 in 2023. This growth underscores the power of tailored experiences, helping shoppers find the right items, which increases AOV.

The AI Sales Associate Has Arrived

The success stories of BFCM 2024 underline one key message: Generative AI as a key component of the e-commerce shopping journey. Online stores that harness the power of an AI sales associate can maximize results from  high-traffic periods, and those that are already doing it are a big step ahead. Here’s how AI is reshaping e-commerce:

• Reducing Cart Abandonment: Real-time customer assistance ensures that hesitant shoppers get their questions answered, minimizing drop off.
• Scaling Personalization: AI-powered shopping assistants deliver tailored experiences to millions of consumers simultaneously.
• Handling Peak Traffic: During high-demand periods like BFCM, generative AI systems ensure smooth interactions without compromising quality.

This year’s success demonstrates that generative AI is no longer just a ‘nice-to-have’—it’s a competitive advantage. By blending the efficiency of AI with the empathy of human agents, iAdvize empowers brands to connect with their customers meaningfully, turning moments of uncertainty into opportunities to build trust and drive sales.

Looking Ahead to 2025

As we close out this record-breaking year, the future of e-commerce is clear: personalized, AI-driven interactions will lead to greater success. Whether it’s Black Friday or an ordinary Tuesday, iAdvize is committed to helping businesses deliver exceptional customer experiences.

Let’s aim even higher in 2025. Take a product tour to learn how generative AI can transform your business and prepare you for the future of commerce.