A new report from Salesforce says e-commerce has reached the pinnacle of large-scale adoption of AI in Singapore, with 42% fully adopted and 38% experimenting.
According to the 2024 State of Commerce Report, an additional 20% are evaluating whether and how they can implement AI into their operations. This report leveraged insights from her 2,700 e-commerce practitioners across 15 countries, including 200 of her people in Singapore.
According to Salesforce, Singapore is home to one of the fastest growing e-commerce industries in the world, with a total revenue increase of US$3.5 billion expected from 2023 to 2028.
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This report highlights key trends in AI adoption, payment types, global expansion efforts, and e-commerce capabilities across customer touchpoints, along with insights into organizational planning for artificial intelligence (AI) adoption and implementation. I am.
According to the report, the most common AI use cases in commerce range from creating product descriptions, optimizing merchandising, and optimizing channel strategies. Other common use cases include sales forecasting and service communication automation.
Commerce organizations are in the early stages of adopting AI, with only 19% fully implementing AI into their workflows to date. However, the benefits to internal processes and productivity are significant for this group.
70% of respondents say lack of data integration and harmonization is at least a moderate challenge to AI adoption. In fact, many companies lack a clear AI strategy or the skills to make the most of it.
Commerce is no longer limited to digital storefronts and mobile apps, but is increasingly embedded in other pre- and post-purchase customer touchpoints. In fact, according to Salesforce, 56% of organizations in Singapore have payment capture functionality in their marketing emails, and 95% see increased revenue from customer service channels.
“AI is powering Singapore’s commerce industry, adding value at every touchpoint of the customer journey. This is paving the way for a new wave of digital innovation that will drive productivity, customer engagement and business growth. ,” said Sujith Abraham, Senior Vice President and General Manager, Salesforce ASEAN.
“Yet, the successful adoption and use of AI relies heavily on the quality of data and its management. Companies that can reliably and effectively leverage data for AI-powered innovation will You can create immersive, connected customer experiences that strengthen customer relationships and build long-term brand loyalty.”
Image credit: iStockphoto/Andrei Saslov