Commercetools, one of the leaders in headless commerce, recently released its A report on business innovation and impact.
This report shows that customers are willing to shun brands that are slow to innovate and whose business experiences are struggling to meet the expectations of millennials and Gen Z…
A deep mismatch between buyer expectations and business investment
According to the survey, out of 300 retail entrepreneurs around the world, 73% Buyers can change locations if the brand’s business experience doesn’t meet their expectations.
More than half will choose modern commerce experiences, defined by changing customer preferences, payment options, and digital devices.
though, 45% of respondents said they spend only a minimal amount of their budget on improving or expanding business solutions.
According to the study, 74% of people realize that failure to embrace emerging business solutions will negatively impact certain areas of business. For 41%, customer experience and customer loyalty can be affected, for 28%.
40% of respondents said that their company’s current business solutions are getting in the way of selling their products or services.
They get acquainted The growing gap between their legacy solutions and the expectations of young buyers.
49% of this group believe that this problem has been present for more than a year. More than half of the respondents (52%) They said they decided not to implement a new commercial solution due to budget constraints.
This is the concern of all digital functions, the coût for 39% of interrogés, the manque de connaissances sur l’utilization for 32% and the difficult d’integration (pour 29%) so the principaux freins rencontrés à leur mise en artistic work.
“With endless options and the power of the Internet at their fingertips, consumers are constantly redefining what the ideal customer experience looks like.
Brands that have a certain age are those that take this change into account from a technological and cultural point of view, and evolve to meet customer requirements.
Change is a constant in the modern trading ecosystem. Brands need to be smart and reach customers wherever they are.
This means keeping tabs on their customers’ buying behaviors and embracing business experiences that resonate best with them.
Anyone who thinks they can sit idly by and not evolve in the face of changing demands will soon be bankrupt. »
Jane Jones, Marketing Manager at commercetools notes
intentions in terms of innovation? Metaverse? NFT? Web3?
This lack of innovation is not surprising, given that there are so many companies out there today Lagging behind in implementing trade-based solutions.
For example, 55% of respondents are not currently viewing Multiple payment methods For their customers: less than 20% of respondents offer one-click payment, only 16% offer instant purchase and deferred payment, and only 14% cash back.
Only 25% of the companies surveyed offer Next day deliveryand 21% of Loyalty programmes.
In terms of recent and groundbreaking innovations, less than 10% of respondents said they offer to purchase in VR/AR, purchase in a digital game, create their own SKU (Stock Keeping Unit), or purchase using voice.
And only 11% make purchases in the metaverse…
However, companies expect to adopt new solutions in the next 12 months.
The five main trends reflected by the interviewed decision makers are: Cryptocurrency (26%), Metaverse (against 25%) NFT (23%),Voice shopping (21%) And finally Web 3 (20%).
However, companies’ ambitions for their commerce solutions go beyond their current needs. Investing in cryptocurrencies seems hasty when the company does not offer multiple payment methods.
Companies are beginning to realize that unless they jump on the trends and build the technology that enables them to deliver these next-generation experiences at every touchpoint, it will be impossible for them to remain competitive in today’s marketplace.
Respondents are most concerned about losing the loyalty of millennials (72%) and Gen Z customers (54%).
“Sephora has been a leader in premium omni-channel commerce, and we know that continuous investment in commerce innovation is key to our continued growth.
comments Sree Sreedhararaj, Chief Technology Officer, Sephora
Now is the time to think, reconsider and change the course of business.
They need to identify the missing capabilities in terms of business solutions and think about the digital challenges ahead…
methodology
300 non-technical decision makers worldwide were surveyed in March 2022.
All interviewees hold leadership positions and are part of the formal decision-making process regarding the implementation of e-commerce solutions in their company.