Automation - a priority!!

Innovations are all about making things easier, quicker, and more feasible. The e-commerce landscape is ever-evolving and requires constant changes to keep up with changing consumer behaviour. Automation is the foundation of successful digital commerce. When supported by the next level of data and analytics capabilities, digital commerce becomes even more successful and effective.

Salesforce conducted a survey across the industries to understand the insights on how customers are adopting digital. There were 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.

It found that sales have grown 44% between first quarter 2020 and Q1 of 2022 at business-to-consumer companies, and 95% at business-to-business companies.

However, 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.

The rise of cryptocurrency as a payment option is forecasted to soar in the coming years. In the meantime, mobile wallets and instalment plans are seeing a big boost, Salesforce said in the report. About 71% respondents in India accept at least one mobile wallet option at checkout.

Also, with bottom-lines stretched by inflation — and third-party cookies being depreciated — commerce organisations are focused on putting customer data to work to drive efficiency and profitability. About 62% of respondents say automation will be a priority over the next two years.

Experts say, “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. “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.

S Mohini Ratna, Editor, VARINDIA