The vast majority (90%) of retailers in Australia and New Zealand have reported impacts from third-party cookie depreciation as commerce moves online, according to the latest State of Commerce report from Salesforce.

The research found that while today’s retailers prioritise a data-driven approach, with 90% of sellers effectively using customer data to inform their marketing or business plans and 89% agreeing they’re effectively using data to personalise the commerce experience, they will need to prioritise first-party data strategies.

Digital channel expansion is in full swing with global website sales growing 44% between Q1 2020 and Q1 2022 at B2C companies, and 95% at B2B companies. Across ANZ, respondents expect an average of 60% of their revenue to come from digital channels within two years including third-party marketplaces, websites, mobile apps, and social media.

Alternative payment options are becoming table stakes, particularly with the rise of cryptocurrency forecast to soar in the coming years with 47% planning to accept it globally within the next two years. In the meantime, mobile wallets and instalment plans are seeing a big boost with 67% of respondents in ANZ accepting at least one mobile wallet option, including ApplePay and PayPal, at checkout.

“Amid rising interest rates and inflation, customers are increasingly cutting back on their spending and scrutinising which brands they shop with. Today’s retailers need to reimagine their commerce strategies to win customer hearts and wallets,” Salesforce area vice president for retail and consumer goods, Jo Gaines said.

“While retailers are increasingly data-rich, it’s not enough to just have the data. What retailers do with it is just as, if not, more important to create thoughtful, personalised and human experiences. By creating a unified view of all of your customer data, whether it’s from sales, service, commerce or marketing, retailers can deliver seamless and connected experiences. When they do, they’re better prepared to weather macroeconomic changes like inflation and changed consumer behaviour.

“The stakes for not doing so are high. If retailers fail to prioritise a data-led customer experience they’ll be left behind.”