MIDVALE, Utah - Beyond Inc. (NYSE:BYON), the parent company of e-commerce brands including Bed Bath & Beyond and Overstock (NYSE:BYON), has announced a strategic move to improve customer loyalty and personalization across its various brands by leveraging Salesforce (NYSE:CRM)'s Data Cloud, Marketing Cloud, and MuleSoft. The initiative, detailed today, aims to integrate customer data across multiple systems to provide a more tailored shopping experience.
By adopting Salesforce Data Cloud, powered by the Einstein 1 Platform, Beyond seeks to gain a comprehensive understanding of its customers' behaviors and preferences. This unified customer data is expected to enable the company to create personalized customer journeys using Salesforce Marketing Cloud, with the goal of increasing loyalty and spending.
Marcus Lemonis, Executive Chairman of Beyond's Board of Directors, emphasized the importance of a process- and profit-driven approach to customer data utilization. Carlisha Robinson, Chief Customer Officer at Beyond, highlighted the digital-led growth initiatives and the expected benefits of the collaboration with Salesforce in delivering personalized online shopping experiences akin to those in retail stores.
Ariel Kelman, Chief Marketing Officer at Salesforce, commented on the importance of delivering personalized experiences to build long-term customer relationships across Beyond's brand portfolio. He noted that Beyond is utilizing Salesforce's AI and integration technology to enhance customer connections and drive revenue growth.
The press release from Beyond Inc. also pointed out that many retailers struggle to fully leverage data for decision-making. Beyond's use of Salesforce's tools is designed to operationalize real-time data from various systems, allowing the company to respond to customer behaviors such as abandoned shopping carts or website and app interactions.
Beyond Inc., based in Midvale, Utah, specializes in e-commerce with a focus on connecting consumers with products to enhance their homes. The company's portfolio reaches millions of customers each month with a wide array of products for different life stages.
This expansion of Beyond's investment in Salesforce technology reflects the company's commitment to refining its data strategy to better serve its customer base. The information for this article is based on a press release statement from Beyond Inc.
InvestingPro Insights
As Beyond Inc. (NYSE:BYON) fortifies its customer data strategy through Salesforce's suite, the company's financial metrics and market performance provide additional context to their operational moves. With a market capitalization of approximately $909.18 million, Beyond Inc. is navigating a challenging retail landscape.
One of the InvestingPro Tips notes that Beyond Inc. is trading at a low revenue valuation multiple, which could suggest a potential undervaluation relative to its sales. This is particularly relevant as the company invests in Salesforce's technology to potentially drive higher revenue through improved customer personalization and loyalty programs.
Another InvestingPro Tip indicates that the stock has experienced significant volatility, with a notable price uptick over the last six months, yet has fared poorly over the last month. This volatility is reflected in the stock's price performance, with a 31.91% increase over six months, countered by a 42.32% decrease in the past month. These fluctuations underscore the importance of Beyond's strategic initiatives to stabilize and grow its market position.
From a financial standpoint, the company's revenue for the last twelve months as of Q4 2023 stood at $1.561 billion, with a gross profit margin of 20.11%. Despite these figures, analysts have revised their earnings downwards for the upcoming period, signaling potential headwinds or a conservative outlook for Beyond Inc.
Investors interested in a deeper dive into Beyond Inc.'s financial health and stock performance can find additional InvestingPro Tips at https://www.investing.com/pro/BYON. Currently, there are over 10 more tips available, which can be accessed with an additional 10% off a yearly or biyearly Pro and Pro+ subscription using the coupon code PRONEWS24.
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