Google unveils new AI Tools for retailers

As the 2024 holiday shopping season approaches with a shorter timeframe between Black Friday and Christmas, Google has announced a suite of AI-powered features designed to assist retailers in navigating the compressed shopping period.

At its annual Think Retail event, Google introduced several updates to its Merchant Center and Google Ads platforms, aimed at enhancing efficiency and decision-making for businesses. Key new features include:

• AI-generated insights into shopping trends
• Automated performance summaries for merchants
• Customizable data reports generated through natural language prompts
• Streamlined synchronization of local inventory data
• New customer acquisition goals for advertising campaigns
• Beta options for profit-based optimization in specific campaign types

Jeff Harrell, Senior Director of Merchant Shopping at Google, emphasized that these tools are intended to help retailers “stay agile and turn data into decisions quickly” during the shortened season.

Why It Matters

The 2024 holiday season will be notably shorter, with only 26 days between Black Friday and Christmas compared to 32 days in 2023. This compressed timeline is expected to drive earlier and more intense promotional activities from retailers. Google’s updates are designed to assist businesses in adapting to these rapid changes in consumer behavior and enhance their sales strategies during this critical period.

How It Can Help

For retailers and advertisers:

• Access to real-time trend data for informed inventory and marketing decisions
• Automated insights to quickly address performance issues or seize opportunities
• Simplified management of local inventory ads
• Enhanced tools for customer targeting and acquisition
• Options to optimize campaigns based on profit rather than just revenue

For consumers:

• More accurate product availability information, particularly for local stores
• Potentially better-timed and more relevant promotions
• Improved shopping experience with up-to-date inventory information across both online and offline channels

Looking Ahead

As competition in e-commerce intensifies with rivals like Amazon and social media platforms, Google’s new AI features aim to reinforce its position as a key player in online shopping. The effectiveness of these tools in driving revenue during a shortened shopping season will be closely watched.

This article available in Ukrainian.