E-commerce stands at the cusp of mass adoption of artificial intelligence, with 80% of e-commerce organisations in Singapore already using AI, according to a report from Salesforce.
Salesforce conducted a double-blind survey of 2,700 professionals in e-commerce, customer service, information technology, marketing, operations, and sales/business development roles whose job duties include e-commerce strategy and execution. Data was collected between October 6 and November 8, 2023.
Respondents were sourced from Australia, Brazil, Canada, France, Germany, Ireland, Italy, Japan, the Netherlands, New Zealand, Portugal, Singapore, Spain, the United Kingdom, and the United States.
Results show that 42% of firms in Singapore have fully implemented AI and 38% are experimenting. An additional 20% are evaluating if and how AI can fit in their operations.
Findings also revealed that 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.
Further, 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.
Sujith Abraham, SVP and general manager for Salesforce ASEAN said that AI is empowering the commerce industry in Singapore to add value at every touch point of the customer journey.
Abraham said this paves the way for a fresh wave of digital innovation that boosts productivity, customer engagement, and business growth.
“Still, successful AI implementation and usage relies critically on the quality of data and its management,” he said.
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,” the SVP added.