Commerce in India rapidly going digital: Salesforce

About 71% respondents in India accept at least one mobile wallet option at checkout.

Commerce in India rapidly going digital: Salesforce
The rise of cryptocurrency as a payment option is forecasted to soar in the coming years

Salesforce, a leader in customer relationship management (CRM), said on Wednesday that same-site sales grew 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.

Also Read: E-commerce firms seek to curb return rate to cut losses

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 a report.

About 71% respondents in India accept at least one mobile wallet option at checkout. The report shared insights from over 4,000 commerce practitioners across 25 countries, including 200 from India, as well as analysis of buying data from over one billion customers across 54 countries, on how B2B and B2C companies are adapting to a digital-first customer engagement landscape.

Also Read: E-commerce firms may ramp up hiring on high demand during festive season

Also, with bottomlines 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. 

Deepak Pargaonkar, vice president (solution engineering), Salesforce India, said, “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.” Manish Kapoor, managing director and CEO, Pepe Jeans India, said, “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. Today, Pepe Jeans uses commerce cloud to deliver seamless e-commerce experiences across all customer touch points.”

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

Photos