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AI-Driven Shopping Boosts Online Holiday Sales, Salesforce Data Shows

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AI-powered chatbots and other digital tools significantly contributed to a nearly 4% year-over-year increase in U.S. online sales during the 2024 holiday season, according to Salesforce data. Retailers harnessed AI-driven customer service features such as conversational chatbots, targeted promotions, and personalized product recommendations to attract shoppers seeking trending products and the best deals.

From November 1 to December 31, U.S. online sales reached $282 billion, up from $272 billion in 2023, surpassing Salesforce’s initial 2% growth forecast, despite more restrained discounts. AI-based chatbots saw a 42% increase in usage compared to the previous year, with Salesforce analyzing data from 1.6 trillion page views to reach this conclusion.

Globally, AI-driven sales grew to $229 billion, compared to $199 billion in 2023. While AI was a major growth driver, a concerning 28% product return rate, up from 20% in 2023, was highlighted as a potential drag on profit margins for retailers, according to Caila Schwartz, director of Consumer Insights at Salesforce.

“Retailers who have embraced AI and agents are already seeing the benefits, but these tools will be even more critical in the new year as retailers aim to minimize revenue losses on returns and re-engage with shoppers,” Schwartz said.

The report also noted that mobile shopping peaked on Christmas Day, with 79% of all orders made through smartphones during the holiday season. Social media platforms like TikTok Shop and Instagram helped drive 14% of all traffic to e-commerce sites.

 

Point72’s New AI Fund Nears $1.5 Billion After Impressive Returns

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Point72 Asset Management’s new artificial intelligence (AI)-focused fund, Point72 Turion, has seen rapid growth, with a 14% return since its launch just three months ago. Sources familiar with the matter indicate that the fund, which began trading in October 2024, is now nearing a value of $1.5 billion, surpassing expectations. The fund is set to suspend new investments once it reaches this milestone, anticipated in April 2025.

Point72 Turion, managed by portfolio manager Eric Sanchez, had initially aimed to raise $1 billion for its launch, as reported by Bloomberg in June. The fund’s strong performance has already attracted significant subscriptions, demonstrating growing optimism about the AI sector. The fund has posted monthly gains of 3.5%, 4.9%, and 5.2% in October, November, and December, respectively, finishing 2024 with a 14.2% return. This compares favorably with the 6.2% gain in the Nasdaq Composite Index during the same period.

This growth marks the first new fund for Point72 in decades, highlighting the hedge fund’s confidence in the potential of AI. The firm currently manages $35.2 billion in assets, with its main fund having risen 19% in 2024. Despite the impressive performance, a spokesperson for Point72 declined to comment on the fund’s progress.