What happened
A set of product improvements was the catalyst for Salesforce (NYSE: CRM) stock's rise on Thursday. The share price of the customer relationship management (CRM) software mainstay advanced by over 3%, which was well higher than the barely over 0.3% improvement of the S&P 500 index on the day.
So what
That morning, Salesforce unveiled a slate of "innovations" to bolster its product lineup. These will enhance the company's Salesforce for Retail Media offering, as well as its Commerce Cloud, Loyalty Management and Genie Customer Cloud products.
These upgrades are tweaks to the respective goods. One for Retail Media, to cite an example, more closely integrates automation and workflows to tighten relationships with advertisers and make enterprises more efficient. A Commerce Cloud improvement, meanwhile, allows users to garner a single view of both online and physical transactions.
In its press release on the matter, Salesforce said that the improvements "help retailers grow and optimize advertising sales, gain a single view of transactions across digital and physical stores, and unlock value from their customer data."
Now what
Salesforce added that this is partially a response to internal research indicating that a "disconnected" customer experience is a major source of shopper frustration in the retail industry. In fact, a full 79% of consumers it surveyed anticipate reassessing their retail spending across the next year.
Yet if those retailers make a greater effort, they stand a far better chance of retaining their clientele. Salesforce's research also indicated that 65% of respondents would stay loyal to businesses that are able to offer a more personalized experience during their shopping activities.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Salesforce. The Motley Fool has a disclosure policy.
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