This is the stunning finding of a recent survey by Internet Retailer.
Of those online retailers surveyed, just under half (49%) consider further development of their ecommerce platform as a top three business investment priority.
This is despite the overall percentage of ecommerce retail sales being surprisingly small at around 17% of all sales.
The survey also found that of the 21% of retail brands who plan to change their ecommerce platform, 37% plan to spend more than $100,000 (£80,000) and 10% plan to spend $500,000-$1 million (£390,000-£800,000).
So what’s driving this large investment and desire for new ecommerce platforms?
The disconnect between what customers want and what retailers can deliver
Are you providing the best experience possible for your customers today?
What about those customers tomorrow, and the customers of the future?
In today’s world, if you can’t provide your customers with the information they seek, both quickly and easily, and if you don’t personalise their experience by accurately suggesting products and services that fit with their profile or what they’ve been searching for – then they will inevitably find a competitor who can.
Online retailers need to invest now in ecommerce platforms and technologies that improve the customer experience and deliver personalisation, or they risk the digital experience gap between themselves and customers being too wide to cross.
With consumers relying more and more on their digital experience as a differentiator, it is clear that something needs to change for many online retailers.
It’s clear that a focus on digital technology and digital skills, in tandem with the right technology partners, will be key elements in retailers being able to deliver an improved digital relationship with customers, and that this will a deciding factor in their success or failure long-term.
Retailers need to invest now in future-proof, proven ecommerce platforms and technologies that improve the customer experience and deliver personalisation for each individual customer.
By having the right ecommerce platform and content management solution, with a database that allows you to act on all relevant customer information in one go, and with the right personalisation and marketing automation tools in place, then you can start to create and deliver content in context, at the right time, in the right place, on the right device.
Investing in an ecommerce experience platform which tracks the right metrics, gives you the right ecommerce tools, provides you with actionable insights – in real-time – to improve content, copy, and optimisation efforts across every channel, will mean online retailers can test, target, and automate at all points in the customer journey, helping to drive conversions and increase revenue.
The growing importance of personalisation
According to a recent IBM Global C-suite study, in retail, healthcare and financial services alone, personalisation will drive a revenue shift of $800 billion to the 15% of companies that get it right.
And it’s clear that personalisation is something that consumers want more and more.
And it’s not just that customers expect you to send them relevant offers.
Customer today expect a smooth, consistent and relevant experience across all touch-points with your brand, whether that's website, app, in-store or over the phone.
Presenting your customers with relevant and personalised content has been proven to create deeper relationships between brands and customers, and the link between a better customer experience, improved conversion rates, and ultimately more revenue, has been widely reported.
And it all starts with the right ecommerce platform.
Introducing Sitecore Experience Commerce
Sitecore Experience Commerce provides a completely integrated ecommerce platform, content management system and marketing tool-set in one.
It comes will all the core features you’d expect from an ecommerce platform in order to meet the demanding needs of both consumers and ecommerce retail brands:
- Shopping cart
Sitecore Experience Commerce builds highly personalised shopping experiences that delight customers, improve marketing metrics, and drive increased revenue.
- An online retailer who wants to offer your customers personalised customer experiences;
- A manufacturer with multiple brands looking to have a closer relationship with your customers;
- A B2B brand looking to start ecommerce operations and sell direct to consumer;
Then Sitecore Experience Commerce is for you.
Learn more – download the Sitecore Experience Commerce brochure.
Looking to re-platform and want to know more?
A personalised, connected shopping experience that drive an improve customer experience, better marketing results, and improved revenue, can only occur when the right systems are working in harmony behind the scenes - and Sitecore Experience Commerce can help.