New research launched today reveals third-party cookie depreciation has impacted 90 per cent of retailers in ANZ as ecommerce continues to evolve.
The second edition of Salesforce’s State of Commerce Report uncovers how B2B and B2C companies are adapting to a digital-first customer engagement landscape. It unveils that while today’s retailers integrate a data-driven approach, with 90 per cent of sellers effectively using customer data to inform their marketing or business plans, and 89 per cent using data to personalise the commerce experience, they will need to prioritise first-party data strategies over the next two years in order to not fall behind.
Key findings include:
- Digital channel expansion is in full swing: ANZ respondents expect 60 per cent of their revenue to come from digital channels within two years including third-party marketplaces, websites, mobile apps, and social media.
- 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 instalment plans are seeing a big boost. 67 per cent of respondents in ANZ accept at least one mobile wallet option, including ApplePay and PayPal, at checkout.
- Investment in automation is putting data to work: With bottom lines stretched by inflation — and third-party cookies being deprecated — commerce organisations are focused on putting customer data to work in order to drive efficiency and profitability. In ANZ, 46 per cent of those surveyed say automation will be a priority over the next two years.
Jo Gaines, Area Vice President for Retail and Consumer Goods, Salesforce says, “Amidst rising interest rates and inflation, customers are increasingly cutting back on their spending and scrutinising which brands they shop with. Today’s retailers need to reimagine their commerce strategies to win customer hearts and wallets. While retailers are increasingly data-rich, it’s not enough to just have the data. What retailers do with it is just as, if not, more important to create thoughtful, personalised and human experiences.”
“By creating a unified view of all of your customer data, whether it’s from sales, service, commerce or marketing, retailers can deliver seamless and connected experiences. When they do, they’re better prepared to weather macroeconomic changes like inflation and changed consumer behaviour.The stakes for not doing so are high. If retailers fail to prioritise a data-led customer experience they’ll be left behind.” The research, which includes 200 consumers and commerce practitioners from ANZ, is part of a larger global survey of over 1 billion customers and commerce practitioners.