Salesforce has released its latest State of Commerce report with insights from 2,700 ecommerce practitioners across 15 countries, including 200 from Singapore, as well as a global analysis of the buying behaviours of over 1.5 billion B2B and B2C customers.
Singapore has one of the world’s fast-growing ecommerce industries with a projected revenue growth of USD 3.5 billion in total between 2023 and 2028. The report highlights key trends in AI adoption, payment types, global expansion efforts, and ecommerce functionality across customer touchpoints, along with insights on organisational plans for the adoption and implementation of artificial intelligence (AI).
Key insights from this year’s State of Commerce report include:
- Ecommerce stands at the cusp of mass AI adoption. 80% of ecommerce organisations in Singapore already use AI, with 42% having fully implemented it and 38% experimenting. An additional 20% are evaluating if and how AI can fit in their operations.
- Digital wallets surge as a payment type of choice. According to Salesforce Commerce Cloud data, worldwide use of digital wallet payments like ApplePay and Google Pay grew 56% in Q3 2023 versus a year earlier. In Singapore, 65% of organisations transact on Apple Pay.
- Commerce is increasingly embedded across the customer journey. No longer limited to digital storefronts or mobile apps, commerce functionality is being embedded into other pre- and post-purchase customer touch points.
For example, 56% of organisations in Singapore have payment capture functionality in marketing emails, and 95% see incremental revenue from customer service channels.
“AI is empowering the commerce industry in Singapore to add value at every touch point of the customer journey. This paves the way for a fresh wave of digital innovation that boosts productivity, customer engagement, and business growth,” said Sujith Abraham, Senior Vice President and General Manager for Salesforce ASEAN.
“Still, successful AI implementation and usage relies critically on the quality of data and its management. Companies that can effectively leverage their data in a trusted manner for AI-powered innovations can create immersive, connected customer experiences that will strengthen relationships and build long-term brand loyalty.