Salesforce analyzed consumers’ online shopping behaviors using the Commerce Cloud e-commerce platform. This survey was conducted among more than 4,000 commerce professionals from around the world for its recent focus on e-commerce (the “Trade Country”).
In the face of inflationary pressures, a permanent pandemic and ever-changing customer behaviors, sales departments and all of their sales, customer service and marketing partners are forced to move into uncharted territory.
Here are the main lessons to learn from this new report:
Digital channels grow to meet customer expectations
The migration of consumers and shoppers to digital channels began long before the onset of COVID-19, and the pandemic has accelerated this shift. For example, another study revealed that nearly 60% of customer interactions take place online, and more Half (53%) of customers prefer to buy through digital channels A trend led by millennials and Generation Z.
The challenges facing sales teams multiply (Only 41% of respondents feel they are fully prepared to manage these emerging channels), the investments to launch into new channels are already underway. 60% of salespeople surveyed have adopted new channels in the past two years, and 81% are currently doing so. This investment is probably driven by expectations of a continued rise in digital commerce: while it is estimated that 30% of Revenue from commercial services came from digital channels in 2020, and this percentage is expected to reach 54% by 2024.
Although generally related to consumer behaviour, the transition to digital channels relates to both B2B and B2C: More than half (52%) of sales of businesses that sell to professional clientsIt should be managed digitally over the next two years. In addition, 88% These same sellers expect their customers to place more complex and larger orders online within the next two years.
Marketplaces like Amazon and Alibaba are particularly popular channels for business organizations today. They rank behind sole proprietor websites and social networks. But the definition of markets is also evolving. Thus, more than a third (37%) of these organizations prioritize the implementation of their own marketplaces, through which you will be able to sell the products of third-party sellers on their websites.
‘Alternative’ payment options are becoming problems
There are many payment options. In addition to traditional payment methods such as credit cards and bank transfers, at least half of businesses accept options such as PayPal, ApplePay, and installment payments (Buy now, pay later or BNPL). And if the last predictions persist, The vast majority of companies (nearly 9 out of 10) will accept such options within two years.
The acceptance of one of the most popular payment tools, cryptocurrency, has only been in its infancy since then 30% Organizations now offer this option. However, the role of cryptocurrencies in the trading experience is set to grow exponentially: 46% Businesses plan to accept this payment method over the next two years – an expected growth rate higher than any other payment option. Currently, organizations in India, the Netherlands, and the United Arab Emirates are leading the way in accepting cryptocurrencies.
But this path is still full of pitfalls: only 40% of the trade professionals surveyed feel fully prepared to tackle the new payment types. Concerns about fraud are the top concerns on this front, followed by expenses and time to implement.
Top sales teams focus on data mining because of cookie consumption
As third-party cookies lose value in response to changing regulations, salespeople, along with their marketing partners, face increasing challenges in fulfilling customer demands for highly customized offers and communications. In fact, 88% of salespeople surveyed reported some impact of neglecting third-party cookies on their data strategies.
In response to this, 36% of sales departments plan to invest in internal data management strategies over the next two years, but those expectations remain tied to overall business performance. Moreover, while 40% of digital leaders – those who can generally attribute the success of their business to digital commerce – only plan such investments 25% Laggards – Those who cannot attribute their overall business success to digital commerce, and who do not achieve a high rate of success in such initiatives.
Of course, getting first-party data is not in and of itself a winning strategy. But digital leaders outperform their laggards with their ability to act on this data. The first like this 1.7 times They are more likely to use their data effectively to understand customer behavior and 1.5 times They are more likely to use the data effectively to inform their marketing or sales strategy.
With inflationary pressures mounting on companies in all industries, a focus on efficiency and improvement is another goal of the most successful organizations. Their digital leaders 4 times more likely to report its effectiveness in automating processes, and 3.5 timesMore likely to report the ability to effectively implement an AI strategy.
Photography by PhotoMIX