Monday, June 17, 2024

Australian e-commerce leads the charge in mass AI adoption

Salesforce has released its latest ‘State of Commerce’ report in collaboration with the Australian Retailers Association (ARA) revealing four in five Australian e-commerce businesses are already harnessing the power of artificial intelligence (AI).

The State of Commerce report features insights from 2700 e-commerce practitioners, as well as a global analysis of the buying behaviours of over 1.5 billion B2B and B2C customers.

The report highlights key trends on topics such as payment types, global expansion efforts, and e-commerce functionality across customer touchpoints, as well as insights on organisational plans for the adoption and implementation of artificial intelligence (AI).

Key insights from this year’s State of Commerce report include:

  • E-commerce stands at the cusp of mass AI adoption. 80% of ecommerce organisations in Australia already use AI, with 33% having fully implemented it and 47% experimenting. An additional 14% are evaluating if and how AI can fit into 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 Australia, 60% of organisations accept 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, 49% of organisations in Australia have payment capture functionality in marketing emails, and 92% see incremental revenue from customer service channels.

“Commerce businesses are focused on driving efficiency and growth with new built-in and AI-powered innovations that enable a faster path to purchase and greater customer satisfaction. The companies that can leverage their customer data effectively to build these new connected commerce experiences will enable strong customer loyalty and profitability in the years to come,” says Commerce Cloud GM and SVP Michael Affronti.

“With intense competition in today’s retail sector, integrating technology and customer experience isn’t just a trend—it’s a survival strategy. AI innovations have potential to streamline operations and improve customer-brand interactions across the retail value chain. As the industry shifts towards ever-increasing technological innovations, AI’s role is set to grow,” says Australian Retailers Association CEO Paul Zahra.

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