The place do enterprise decision-makers—notably these liable for their group’s product information technique—see development alternatives within the subsequent 12 months?
New analysis from product-to-consumer (P2C) software program agency Productsup reveals corporations need to change siloed tech stacks with a unified strategy like P2C administration to ship customized experiences throughout channels and succeed buyer expectations.
The agency’s new examine, Product to Shopper Administration Powers Future Commerce Alternatives, primarily based on a survey carried out by Forrester Consulting, encompasses a survey of 385 international enterprise decision-makers liable for their group’s product information technique asking the place they see development alternatives within the subsequent 12 months. The analysis.
Wanting on the prime enterprise priorities for the yr forward, respondents ranked bettering buyer expertise (85 p.c) and delivering extra customized experiences by increasing and exploring new channels (73 p.c) the very best. Failure to fulfill buyer expectations in these areas can considerably affect an organization’s backside line. In actual fact, respondents stated poor on-line buyer expertise results in misplaced gross sales (63 p.c), broken notion of the model (60 p.c), and vulnerability to rivals (57 p.c).
exterior commerce alternatives, respondents ranked growing social promoting (63 p.c) and promoting by way of marketplaces (54 p.c) as two of the three prime focus areas. For companies to capitalize on these alternatives, 61 p.c of decision-makers stated they want market expertise and social commerce functionalities from their product information applied sciences.
Nonetheless, most of as we speak’s product information applied sciences fall in need of offering all of those capabilities. Corporations are compelled to depend on disparate programs to handle every a part of the commerce ecosystem individually. Because of this, organizations battle to maintain product info constant (39 p.c), customise product descriptions (34 p.c), and syndicate product information (32 p.c).
“With the surge in on-line procuring, the speedy development of marketplaces, and emergence of social commerce, shoppers now have hundreds of merchandise out there at their fingertips,” stated Marcel Hollerbach, chief innovation officer at Productsup, in a information launch. “Having full management over your product information is the one method to supply constant, tailor-made experiences throughout each buyer touchpoint, which is crucial for sustainable, international commerce success.”
Contemplating greater than half of respondents need to modernize their commerce tech (57 p.c) within the subsequent yr, decision-makers now acknowledge the necessity for a recent strategy to bringing their merchandise to shoppers. Corporations have seen or anticipate to see the next enterprise advantages from their P2C technique: improved CX (53 p.c), elevated income (46 p.c), decreased prices (43 p.c), improved potential to cross-sell/upsell (39 p.c), and improved potential to reply to new commerce alternatives (37 p.c).
“It’s an especially irritating time for a lot of corporations within the commerce house, as there are wealthy alternatives for development throughout them that they’re not geared up to reap the benefits of,” Hollerbach stated. “A P2C technique provides a brand new mind-set that may assist companies of all sizes achieve again management over their commerce operations. Not solely does P2C administration enable corporations to remain afloat amidst commerce anarchy, nevertheless it additionally helps them to pursue new and thrilling CX avenues.”
To study extra about enterprise leaders’ commerce priorities and alternatives for the yr forward, obtain the total report right here.