One-third of companies fear they will go out of business in the next 36 months if they fail to transform their business model …
Econsultancy has just published, in partnership with Sitecore, a report entitled "Reinventing Trade", which provides a snapshot of the global commerce market.
The obligation to transform
This research reveals that 60% of companies say their business model is under very strong or strong pressure to adapt to changing market conditions, with one third worried that this pressure could threaten their existence in the next 36 months.
A majority of the companies surveyed identified a new source of growth by combining business expertise with personalized and tailored customer experience.
Two-thirds of respondents agree that by creating personalized content tailored to their customers they can compete with the big brands.
E-commerce , an engine of growth
While enthusiastic about the potential for improved business outcomes from creating an appropriately customized customer journey, respondents generally have doubts about being able to work with and against powerful players such as Amazon and Alibaba and measure up to them.
Almost the same percentage of respondents consider that e-commerce markets are a significant opportunity for growth (47%), but (46%) are worried about working with them.
Personalization, a key asset
In response to this complex market, more than 80% of respondents say that their success as an e-commerce business depends on their ability to create compelling customer experiences.
Despite this, less than 40% report that they now have a system that allows them to customize their offer for each customer.
"Nobody wants to live in a world where newer and smaller brands are unable to compete with the goliaths of e-commerce - it would result in a seamless business landscape without variety for customers," said Paige O 'Neill, director Marketing at Sitecore.
"Since almost half of the business owners think that their ability to personalize the customer experience is insufficient, there is plenty of room for growth.
The takeover of data and content, as well as the exploitation of technology platforms such as Sitecore, can help companies evolve to compete with the biggest players, without missing a revenue opportunity. "
"The pressure to create more relevant customer journeys is felt in every country and every industry-no sector is excluded," said Stefan Tornquist, senior vice president of research and content strategy at Econsultancy.
"Most business owners and marketers recognize the need to create personalized content for commerce platforms, but their ability to deliver a digital experience that drives customers to buy for the first time and continue buying is weak.
When you compare the priorities and sophistication of market leaders with the prevailing trend, many companies are in jeopardy. They can only narrow the gap when they can provide relevant large-scale customer experiences. "...