Survey: 94% of retail executives plan to invest in e-commerce
In a growing omnichannel environment, brand leaders say they plan on increasing their investments into e-commerce.
According to a new survey from e-commerce accelerator Pattern, nearly all (94%) of executives plan to maintain or increase their investment in e-commerce over the next six-to-12 months. The survey revealed executives plan to increase their financial investment in e-commerce by an average of 16% over the next six-to-12 months, with 25% of brand leaders reporting a planned increase of 31-98%. Only 6% of executives surveyed plan to decrease their overall financial investment during the same period.
Nearly six-in-10 executives (58%) plan on increasing their investment in product imagery, video, and copy for online listings, while just over half (51%) plan on increasing their investment in influencer marketing. Forty-three percent of those surveyed plan to increase their investment in branding and packaging, and 41% say they are upping their financial commitment to product design.
“Every brand is more successful when they can make data-driven decisions, but brands have historically not had access to good data on what’s impacting their peers and how they’re planning for the future,” said Pattern chief revenue officer John LeBaron. “This snapshot ensures that executives don’t have to rely on conjecture when making critical decisions about how to shift their strategy for 2024 and beyond."
Other findings from the e-commerce survey include the following;
- One-in-three executives say rising shipping costs and an inability to maintain inventory levels are key impediments to their growth.
- One-in-four brand leaders are struggling to get unauthorized sellers and distributors under control — shrinking their sales and “wreaking havoc” on their growth strategy.
- One-in-four also say an inability to expand to new channels and marketplaces is slowing their growth.
To compile the analysis, Pattern conducted an in-depth survey of more than 300 founders and e-commerce executives based in North America across dozens of product categories, including beauty & personal care, sports & outdoors, home & kitchen, tools & home improvement and more.
