Leading Vendors report says will invest more in technology in 2023

The pandemic pushed many retailers to e-commerce, with shoppers comfortable shopping online. Retailers are now taking a step back to reassess which technologies will help retain existing customers and attract new ones. digital commerce 360 2023 Leading Vendor Report includes survey data and case studies that demonstrate how technology helps retailers.

According to the Digital Commerce 360 ​​digital technology survey, conducted from September to October 2022, three-quarters of retailers surveyed (76%) plan to increase their investment in technology to attract new and retain loyal customers in 2023.

The next question for retailers is whether to outsource the technology or build it themselves. According to the survey, 70% plan to outsource the task rather than try to build a technology stack in-house.

What technology is important to retailers?

Online retailers are prioritizing which technologies will have the biggest impact. They want to automate where possible and learn how to decipher and use the data to their advantage. That requires investment. Three in four retailers expect to increase spend by 15% or less. Meanwhile, 39% predict they will spend between 10.1% and 15% more.

When asked to narrow down their top priorities, nearly half (46%) said investing in an eCommerce platform was at the top of their list. Other priorities included customer relationship management technology (34%), online marketing (30%), and 27% citing content management software and customer service, respectively.

The technology must be easy to implement and use.

Learn how PacSun is modernizing its 15-year legacy business software with up-to-date technology to link your online and in-store customer journeys, as well as update your shipping and fulfillment strategies. Digital penetration is about 35% of the entire business, says Shirley Gao, chief information officer. By implementing various technologies, PacSun is figuring out how to reduce costs while providing the fast delivery time customers expect.

It is important to more than half (54%) of retailers that any new software is easy to implement and easy to use. She learns how Jen Partin, Hickory Farms’ senior manager of email and SMS marketing, uses email software to automate and collect data on open rates. Hickory Farms web sales increased 59% in 2021 compared to 2019 before the pandemic. To capitalize on its newly acquired customers, Hickory Farms invested in software to minimize bounce rates. Bounce rates nearly tripled before the holidays, their busiest time of the year, in 2021.

“You’re fighting for inbox space and sending four emails a day, and it’s December 12. You need to figure out how to get noticed,” says Partin.

Retailers want to automate where possible. Find out how technology is enabling retailers of all sizes to free up staff to tackle more complicated tasks.

  • Case studies and interviews with retailers
  • Survey data indicating which factors are most important to retailers when investing in technology
  • It takes an in-depth look at online advertising and marketing, social media, email, omnichannel, fraud, and affiliate marketing strategies.

the 2023 Leading Vendor Report is available as a downloadable PDF for $399. It’s also included in our Gold and Platinum memberships, which provide full access to all published Digital Commerce 360 ​​reports and select online retailer databases. Learn more here.

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