Klarna’s Post

Kudos to Klarna for leading the charge in AI innovation! It's inspiring to see 90% of their workforce using genAI daily, transforming operations and delivering real-world benefits recognized by OpenAI. However, many agencies are still underdelivering on the genAI transformation. To stay competitive, agencies must be at the forefront of leveraging genAI and help clients adopt genAI. Klarna’s success shows what can be achieved: they've cut spending on external marketing suppliers by 25%, projecting savings of $4M in 2024! 💰 Agencies, let's take note and lead the way in AI innovation! 🚀

Klarna seems to have a transparent and public approach in adopting gen AI to their operations. Interesting strategic move from the brand point of view. ▶ Earlier this year they stated how their new AI tool does the work of 700 customer service reps. (link in the comments) ▶ Now, they claim to cut 25% of their marketing agency spend while still aiming to run more campaigns. "AI is helping us become leaner, faster and more responsive to what our customers care about, leading to a much, much better experience" says their CMO David Sandström. As a business leader, you might now ask yourself, could/ should we do the same with our organisation... 😎 If yes, I can help you to figure out how to get started and empower your marketing team with gen AI. 👋 😉 https://lnkd.in/dzQBwNmQ

Klarna’s recent success in using AI to cut marketing agency spend by 25% and run more campaigns is a prime example of AI's impact. I'm sure we'll be hearing more of these stories. 💡 I am curious to know what the overall impact on marketing performance was beyond automation, speed-to-market, and cost savings. I'm a strong believer in the use of AI to support marketing teams, but I also believe that it should never come at the cost of brand and marketing quality. This is also a perfect example of AI’s example on jobs. Have you leveraged AI at a strategic level with similar results for your business? Have you seen other examples similar to Klarna? #ai #ki #marketingai

🚀 Klarna slashes marketing costs by $10M annually using generative AI! 🌟 - 💡 Leveraging Midjourney, DALL-E, and Firefly for creative content. - 🖼️ $6M saved on image production. - 📉 $4M cut from external marketing supplier expenses. - 🕒 Faster image development for retail events. - 📞 Following success with AI in customer support. #AI #Marketing #Innovation - Reduced costs by 30%. - Enhanced adaptability for frequent updates. - Streamlined processes to boost efficiency. Klarna using GenAI to cut marketing costs by $10 mln annually https://lnkd.in/gyauigTd

🚀 Klarna Leads the Way in Generative AI Adoption 🚀 Did you know Klarna is one of the most advanced companies globally in #GenerativeAI adoption? An impressive 90% of Klarna's employees use #GenAI in their daily tasks, transforming their workflow.👇 —— How #GenerativeAI is Impacting #Marketing at Klarna 👇 🔸Cost reduction — reduced the need for external marketing suppliers, cutting spending by 25%. 🔸Efficiency enhancement — accelerated tasks like translation, production, and CRM. 🔸Creative innovation — generated over 1,000 images, launching numerous campaigns while saving $1.5 million in Q1 2024. Specific applications in marketing include: 👉 Image production 👉 Campaign creation 👉 Social media management 👉 Customer engagement —— Current Opportunities and Potential for Disruption 👇 1️⃣ Increased ROI — Generative AI enhances #marketing efficiency, resulting in significant cost savings. 2️⃣ Practical Use Cases: 🔸Automated content generation — Streamlines blog and social media posts. 🔸Personalized marketing — Tailors ads and messages to individual customers. 🔸Data-driven insights — Analyzes customer data for better decision-making. 🔸Language translation — Automates multilingual marketing efforts. 3️⃣ Organizational Transformation — A systematic approach is crucial for implementing a #GenAI strategy. —— By embracing Generative AI, companies in marketing and customer service can achieve cost efficiency and innovative creativity. This provides a competitive advantage 🚀 ✍️ Curious to learn more about how Generative AI can transform #marketing? Check out our blog for more insights and real-world examples. https://lnkd.in/dbp47i9i"

Love this! Data is King. Also confirms the viable use-cases for GenAI - HINT, it's not automating decisions. Klarna using GenAI to cut marketing costs by $10 million annually Channel News Asia | https://lnkd.in/euMzVfbs Klarna employs generative AI tools like Midjourney, DALL-E, and Firefly to reduce marketing expenses by $10 million annually. This includes $6 million in image production savings and $4 million from reduced external marketing services. The company also utilizes an OpenAI assistant for customer service tasks, equivalent to 700 full-time agents. Sentiment: Positive | Time to Impact: Immediate

Fintech firm Klarna, one of the early adopters of generative AI (GenAI), said on Tuesday it is using AI for purposes such as running marketing campaigns and generating images, saving about $10 million in costs annually. The company has cut its sales and marketing budget by 11% in the first quarter, with AI responsible for 37% of the cost savings, while increasing the number of campaigns, the company said. Using GenAI tools like Midjourney, DALL-E, and Firefly for image generation, Klarna said it has reduced image production costs by $6 million. It is using GenAI to update images on its app and website on a weekly basis, reflecting key retail events such as Valentine's Day, Mother's Day and summer sales. "Traditionally, it would have been very costly to cater to these occasions with bespoke imagery, but with AI that is no longer an issue," Klarna CMO David Sandström said in a statement. "Essentially, we have removed the need for stock imagery." It has generated more than 1,000 images in the first three months of 2024 using GenAI, reducing the image development cycle from six weeks to seven days. A further $4 million in savings come from cutting spending on external marketing suppliers for translation, production, and social agencies. Klarna had partnered with OpenAI for an …

Great read on how Klarna has managed to save $10 million annually on their marketing costs and improve their strategy to become "leaner, faster and more responsive" whilst also increasing their output. This was possible through the implementation of AI in their marketing strategy. Really interesting to see a real-world example of how effective AI can be in marketing.

Excited to see some data on the huge rewards of using AI in marketing. Generative AI teased a radically different future for creative processes from day one, and AI-content can now effectively replace traditional marketing activities, including product shots, campaigns, and branded assets for websites, social media, presentations, etc. As the article states: ”Two years ago, someone would have thought about that category, spun up an agency, created an idea, having set designers, photographers, post-production. We are talking about two, three months and loads of money. And after those two, three months and loads of money, you’re still not sure if it’s going to work.” Today, you can produce high volumes of assets in no time, test concepts, and personalize your marketing in completely new ways. But - many companies we speak to don’t know where to start 🤷♀️ They feel that they lack internal AI expertise, and instead stick to their old process, turn to their usual agency and pay them huge sums. You don’t need to be Klarna to save millions on marketing - There are great products out there (💜Kive💜) that can do a lot of the work for you. Feel free to reach out if you want to learn how you can use GenAI in your creative workflows or just have a chat about your challenges - happy to support!

Klarna has announced a significant breakthrough in its use of generative AI (GenAI) to cut marketing costs by $10 million annually. By integrating AI tools like Midjourney, DALL-E, and Firefly, Klarna achieved a 37% reduction in marketing expenses, generating over 1,000 bespoke images in three months and reducing the image production cycle to just seven days. Additionally, Klarna's AI assistant for customer service now performs the work equivalent to 700 full-time agents. Klarna CMO David Sandström: "With AI, we have removed the need for stock imagery, allowing us to cater to various occasions cost-effectively." Read more: [Reuters Article] ( https://lnkd.in/edQVAXgk ) #Klarna #GenAI #Innovation #Marketing #CostSavings #AI #Tech (📸: Reuters/Supantha Mukherjee)