00:00Jill, I mean, you guys have done a lot of research here about what your expectations are for this holiday season.
00:05What are those expectations?
00:07Well, first of all, I'm hearing that nine out of 10 are saying they're going to spend more.
00:11But that's a little bit tricky here because, honestly, that's because prices are higher.
00:16So there's a little bit of, you know, prices are higher.
00:19Consumers said they're going to spend, but their confidence is a little bit down.
00:23So how does a retailer respond, particularly on Black Friday, Jill?
00:27You know, there's so many choices out there.
00:29I think a couple of things that really make a big difference.
00:32I like to say that this is the era of recommendations.
00:35It's interesting that 85% of consumers said they're so stressed out about so many choices that they're going to abandon their cart.
00:42So what can a retailer do?
00:44There's a lot of tools out there like Gen.ai that can say, hey, listen, let me give you some advice.
00:49So it's the era of recommendations, whether that's online or even store staff.
00:54What should I buy you for Christmas?
00:56Get that recommendation engine going.
00:57But, Jill, the recommendation engine, the generative AI chatbot, does it need to be owned by the individual retailer?
01:06Or do they start to feed into ChatGPT a little bit more?
01:09Yeah, you know what?
01:10There's three quarters of consumers are saying that they're going to tools like ChatGPT, like you said, or Meta.
01:15So what a retailer needs to do is be found by these tools, so allowing these tools to actually find you, find your website, find your prices, find your inventory, and then recommend back.
01:27So that top of funnel doesn't need to come from the traditional search.
01:32Now it needs to come from this Gen.ai search or recommendation engine.
01:35So that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that's all that
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