Econsultancy research reveals one third of organizations fear going out of business within next 36 months without reinvention of business model
Commerce expertise combined with personalized customer experience highlighted as remedy for growth
SAN FRANCISCO, May 21, 2019 /PRNewswire/ -- In partnership with Sitecore®, the global leader in digital experience management software, Econsultancy today released a report entitled "Reinventing Commerce," providing a snapshot of the global commerce market. The research highlights that 60 percent of organizations report their business model is under critical or significant pressure to adapt to changing market conditions, with one-third concerned that the pressure could threaten the survival of their business within 36 months.
A majority of companies surveyed identified a new model for growth by using commerce expertise combined with the right personalized experience for the customer. Two-thirds of respondents recognize that creating the right personalized content for their customers is how they can take on the big brands.
While excited about the possible favorable business outcomes of creating the right personalized customer journey, respondents globally are conflicted about working with and competing among macro-players such as Amazon and Alibaba. Nearly the same percentage of respondents consider the top-tier e-commerce marketplaces to be a significant opportunity for growth (47 percent), even as they are concerned about working with them (46 percent).
In response to this challenging market, over 80 percent of respondents say their success as an e-commerce business depends on their ability to create compelling customer experiences. Despite this fact, less than 40 percent report that they have a system in place today that can personalize for individual consumers. Sitecore Experience Commerce™ was designed specifically to solve this challenge and empower marketers and merchandisers to deliver a highly-personalized shopping experience. Sitecore Experience Commerce fuses content and commerce so any business can provide consistent customization, from showcasing relevant products to delivering promotions and offers in the context of each individual's journey—before, during, and after the transaction.
"No one wants to live in a world where newer or smaller brands are unable to compete against e-commerce goliaths—the ultimate result is a homogenous commerce landscape for consumers, void of variety," said Paige O' Neill, chief marketing officer at Sitecore. "Given that almost half of business leaders feel that their ability to personalize experiences for customers is insufficient, there's a lot of room for growth. Taking control of data and content, as well as leveraging technology platforms like Sitecore's, can help businesses level-up to compete with the bigger players and not leave a single dollar on the table."
"The pressure to create more relevant customer journeys is felt across geographies and industries—no sector is exempt," said Stefan Tornquist, senior vice president of research and content strategy at Econsultancy. "Most business leaders and marketers recognize the need to create customized content for commerce platforms, but there's a real disconnect to their ability to deliver the digital experience that moves consumers to buy once and return many times. When you compare the priorities and sophistication of industry leaders with the mainstream, many companies are in a perilous state. They will only be able to close the gap when they can deliver relevant customer experiences at scale."
The findings of the "Reinventing Commerce" report are based on survey responses of over 1,200 marketing executives in retail, CPG/FMCG, and branded manufacturing industries across twelve countries throughout North America, Europe, and Asia.
The final report can be downloaded from Sitecore.com.
About Sitecore
Sitecore is the global leader in digital experience management software that combines content management, commerce, and customer insights. The Sitecore Experience Cloud™ empowers marketers to deliver personalized content in real time and at scale across every channel—before, during, and after a sale. More than 5,200 brands—including American Express, Carnival Cruise Lines, Kimberly-Clark, and L'Oréal—have trusted Sitecore to deliver the personalized interactions that delight audiences, build loyalty, and drive revenue.
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© 2019 Sitecore Corporation A/S. Sitecore®, Own the Experience®, Sitecore Experience Cloud™, and Sitecore Experience Commerce™ are registered trademarks or trademarks of Sitecore Corporation A/S in the U.S. and other countries. All other brand names, product names or trademarks are the property of their respective owners.
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