Salesforce released the second edition of its State of Commerce report that shares insights from over 4,000 commerce practitioners across 25 counties, including 200 from India, as well as analysis of buying data from over 1 billion customers across 54 countries, on how B2B and B2C companies are adapting to a digital-first customer engagement landscape.
Key insights of this year’s State of Commerce report include:
Digital Channel Expansion Is In Full Swing: Globally, same-site sales grew 44% between Q1 2020 and Q1 2022 at B2C companies, and 95% at B2B companies. But e-commerce sites are the tip of the iceberg as sellers race to meet customer expectations for new buying options. Respondents from India expect an average of 48% of revenue to come from digital channels within two years.
Alternative Payment Options Are Becoming Table Stakes: The rise of cryptocurrency as a payment option is forecasted to soar in the coming years. In the meantime, mobile wallets and installment plans are seeing a big boost. 71% respondents in India accept at least one mobile wallet option at checkout.
Investment In Automation Is Putting Data To Work: With bottom lines stretched by inflation — and third-party cookies being depreciated — commerce organizations are focused on putting customer data to work to drive efficiency and profitability. 62% of respondents say automation will be a priority over the next two years.
Deepak Pargaonkar, VP, Solution Engineering, Salesforce India said, “While the migration of customers and businesses towards digital channels began much earlier; the pandemic only accelerated the transition. The increased transactions online are both a boon and a challenge for customer-facing teams handling transactions on existing and emerging platforms. Investments in technology are key to stay on course with the digital wave in the coming years.”
Manish Kapoor – Managing Director and CEO, Pepe Jeans India, said, “Understanding customer dynamics has never been easier considering the amount of data available on individual customer trends. Running a successful e-commerce business is not a sprint. Businesses require automated technology platforms that can keep up with changing customer needs. Today, Pepe Jeans uses Commerce Cloud to deliver seamless ecommerce experiences across all customer touchpoints”