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Reinventing Commerce How retailers, CPGs and manufacturers can compete with content and experience In association with2 Reinventing Commerce In association with 1. Table of Figures 3 2. Executive Summary 42.1. Methodology 72.2. About Econsultancy 7 3. Foreword by Sitecore 83.1. About Sitecore 8 4. The Challenges to Growth 94.1. Complex behaviors demanding to be understood 104.2. Keeping up with the need for content 114.3. Competition and opportunity with macro players 124.4. Reinvention or decline 13 5. The New Model for Growth: Experience + Commerce 155.1. Informed, nimble and personal 165.2. The slow rise of CLV and a longer-term outlook 185.3. Control over the lever for growth 19 6. L essons: De fining the P a th F or ward 2 36.1. De fining an e xperience orient a tion 2 36.2. Climb the personalization curve 256.3. Data-driven means trusting the data 266.4. Invest in people (+ process) 276.5. Invest in tech (+ people) 306.6. Plan for the growth channels 336.7. Win the internal debate for commerce + experience 34 7. Key Takeaways 35 8. Appendix Respondent Demographics 36 Contents3 Reinventing Commerce In association with Figure 1. Commerce business models under pressure (by region) 9 Figure 2. Challenges in producing and managing content (by company type) 11 Figure 3. Use of Amazon, et al. as a direct sales channel (by region) 12 Figure 4. The shift to a CX-driven model seen as fundamental to growth (by company type) 14 Figure 5. The capabilities that support growth moving forward (by company type) 15 Figure 6. State of commerce and CX-related capabilities (by company type) 17 Figure 7. Shifting priorities today vs. 3 year projected (by company type) 18 Figure 8. Commerce executives see CX as a factor they can control (by region) 19 Figure 9. Where commerce players have the advantage over Amazon (by company type) 20 Figure 10. Personalized content as competitive advantage (by company type) 21 Figure 11. CX effec ts across the buy er s journey (by c ompan y ty pe) 22 Figure 12. Organizational support for customer experience (leaders vs. mainstream) 23 Figure 13. Functional silos are still the norm for most organizations (by region) 24 Figure 14. The personalization curve (by company type) 25 Figure 15. Trust in marketing data (leaders vs. mainstream) 26 Figure 16. Why trust in data is lacking (regional highlights) 27 Figure 17. Training is a missed opportunity (by company type) 28 Figure 18. Process best practices deployed (leaders vs. mainstream) 29 Figure 19. Sector investment in marketing/merchandising media and technology (by company type) 30 Figure 20. Lack o f c onfidence in or ganiza tional approach to t ech (leaders vs. mainstream) 31 Figure 21. Man y doubt tha t t echnolog y wil l be sufficiently st affed (by r egion) 32 Figure 22. Growth expectations for commerce revenue channels (global average) 33 Figure 23. The most successful companies believe in CX (leaders vs. mainstream) 34 Figure 24. Respondents by region/country 36 Table of Figures 14 Reinventing Commerce In association with Executive Summary Reinventing Commerce, produced by Econsultancy in partnership with Sitecore, explores the path to growth through a landscape de fined by rapidly changing consumer behavior, a demand for personaliza tion and the influence of macro-players with international reach and enormous scale. This report is based on a quantitative study of over 1,200 merchandising, ecommerce and marketing executives in retail, CPG/FMCG and branded manufacturing in twelve countries across North America, Europe and Asia. The pla ying field has narrow ed f or man y c ommer ce pla y ers. Ther e s not enough mar gin to c ompet e on price f or the long t erm. St andards f or f ulfilment ar e so high tha t it s chal lenging to meet them, let alone differ entia t e. F ew produc ts ar e so uniq ue that their sellers can stay ahead of the market. Wha t s le ft? The customer e xperience. In a world where Amazon and other large platforms dominate in audience, the opportunity for growth is in the one-to-one customer relationship. It is in knowing the product and customer well enough to pro vide an e xperience tha t s wor th r epea ting . 25 Reinventing Commerce In association with A majority of companies see a new model for growth based on combining their commerce expertise with customer experience. The capabilities seen as most necessary to ensure growth include quickly deploying content, producing personalized content and rapid customer research throughout the buying journey. Despite the priority of personalization, less than 40% of companies report that they have a system that can personalize for individual consumers. A majority of respondents in retail, CPG/ FMCG and branded manufacturing see their competitive advantages in knowing the product and the customer, underpinning the strategy to focus on customer experience. The relative importance of customer lifetime value is expected to rise in priority by all types of commerce business. Retailers and branded manufacturers both predict that retention will displace acquisition as their c ompan y s top priority within thr ee y ears. Sev enty-fiv e per cent o f ec ommer ce companies see customer experience as a factor they can control, in contrast to pricing, product choice and market factors. A large majority of respondents see content as a way to support retention, stand out from competitors and a way to make the customer conversation about their value instead of price. Selected Findings Most R et ailers, CPGs and branded manufacturers are under pressure to reinvent their business models and go-to-market strategies Nearly 60% of organizations globally report that their business model is under “signific ant” or “ critic al” pr essur e to adapt to changing market conditions. For a third of them, that pressure could threaten their very existence within 36 months. Even for companies that are not squarely in the business of selling directly to consumers, the reach and features of global ecommerce platforms are driving strategy. In order for them to compete, it requires the data and customer experience mana gement c apabilities to differ entia t e. Changes in customer behavior are a primary cause of market disruption, but two-thirds of global respondents report that they do not have enough customer data to fully understand the customer journey, ranging from a low of 55% in Germany to over 75% in Japan. Many businesses see content as their differ entia tor mo ving f or ward, but half s a y it s difficult f or them to adeq ua t ely address the volume of content needed across personas and products. Respondents see the possibility and dangers in an ecosystem dominated by macro- platforms such as Amazon, Alibaba, et al. Nearly the same percentage consider the top tier ec ommer ce pla y ers to be a signific ant opportunity for growth (47%) as say they are concerned about working with them (46%). In response to the challenges of the market, over 80% of respondents around the globe say that “our success as an ecommerce business depends on our ability to create c ompel ling customer e xperiences.”6 Reinventing Commerce In association with Commerce companies vision for growth is hampered by organizational and capability gaps Structural supports such as executive management backing and cross-functional approach to CX ar e signific antly mor e likely among companies that have well adapted business models, but they are lacking in the majority of companies. Only 39% of companies globally have teams that are oriented around the entire lifecycle in contrast to traditional functional silos. Only one- in-three companies report having a personaliza tion c apability tha t s sufficient for growing their business quickly. Among retailers, only 44% report that they ha v e a c ommer ce s yst em tha t s t ailor ed to their needs, and tha t fig ur e drops signific antly f or CPG /F M C G (3 3 %) and branded manufacturers (30%). Lack of trust in marketing data is a signific ant issue f or t wo-in-thr ee c ompanies, with insufficient training , c omple xity and poor translation between multiple systems also cited as the top reasons. Investment in customer experience technologies is on the rise, with customer feedback management, customer analytics and commerce platforms among the areas seeing fastest increase. Also in The Reinvention of Commerce Where do companies see themselves as having an advantage over Amazon and the other macro-platforms? How to make the case for customer experience emphasis and investment using market leaders. Which channels are expected to be the fastest growing sources of revenue over the next 5 years. What are the factors holding back most businesses from fully taking advantage of marketing and merchandising technologies? How to stand out by deploying best practices in customer experience processes. Among retailers, only 44% report that they have a commerce system thats tailored to their needs. 7 Reinventing Commerce In association with 2.1 Methodology The research presented here was designed and executed by Econsultancy. This report is based on findings f rom an online sur v ey fielded in Q1 of 2019 to select third-party lists which garnered 1,276 respondents globally. Survey t ak ers w er e offer ed an incentiv e f or their time. The study focuses on three areas of commerce retailers (N=615), CPG/FMCG companies (N=338) and branded manufacturers (N=181). “Branded” manuf ac t ur ers w er e q ualified based on their customer relationship, either through having direct sales or advertising directly to end consumers. Companies with less than $50MM or its eq uivalent in 2018 r ev enues w er e disq ualified Over 50% of the companies in the study had revenues above $250MM, with 20% above $1B. To qualify for the study, respondents had to be directly involved in online merchandising or ecommerce and/or have a strategic role related to commerce marketing and/or online merchandising. See Section 8: Appendix for a breakdown of respondents by geography. Note that all Global fig ur es ar e a v era ges across the 7 regions and will therefore not represent an average across company types. 2.2 About Econsultancy E c onsult anc y s mission is to hel p its customers achieve excellence in digital business, marketing and ecommerce through research, training and events. F ounded in 1999, E c onsult anc y has offices in New York, London and Singapore. Econsultancy is used by over 800,000 professionals every month. Subscribers get access to research, market data, best practice guides, case studies and elearning all focused on helping individuals and enterprises get better at digital. The subscription is supported by digital transformation services including digital capability programs, training courses, skills assessments and audits. We train and develop thousands of professionals each year as well as running events and networking that bring the Econsultancy community together around the world. Subscribe to Econsultancy today to accelerate your journey to digital excellence. Cal l us to find out mor e: New York: +1 212 971 0630 London: +44 207 269 1450 Singapore: +65 6653 19118 Reinventing Commerce In association with Digital experience is the great equalizer. We see evidence of this everywhere new upstarts in the CPG space disrupting well- established global conglomerates, traditional arms-length manufacturers building deeper relationships with end customers, and retailers delivering the type of personalized online customer experiences that were once only possible in the brick-and-mortar world. Digital experience is also a great transformer. Stakes are high, as ecommerce behemoths like Amazon, Alibaba, and others are forcing organizations in nearly every industry to reinvent and reimagine their business models and go-to- mar k et stra t egies. C ompanies ar e f acing signific ant competitive pressure from both traditional and non-traditional sources, as digital innovation elevates the expectations of all customers. In a world where products are becoming increasingly commoditized, how can y ou differ entia t e y our or ganiza tion f rom the c ompetition? The answ er : pro vide a superior digital experience for your customers to build lifelong relationships. At Sitecore, we enable organizations to capitalize on this market reinvention through the Sitecore Experience C ommer ce (X C) solution. W e r e dedicated to helping companies reach the next digital commerce level by engaging customers throughout their entire buying journey. I invite you to review the data, trends and most importantly the insights presented in this report to learn how you can begin taking concrete st eps toward bec oming a digit al-first business. Wanda Cadigan Vice President, Commerce Sales Sitecore Foreword by Sitecore 3.1 About Sitecore Sitecore is the global leader in digital experience management software that combines content management, commerce, and customer insights. The Sitecore Experience Cloud empowers marketers to deliver personalized content in real time and at scale across every channelbefore, during, and after a sale. More than 5,200 brands including American Express, Carnival Cruise Lines, K imberly-Clar k, and L Oralha v e trust ed Sit ec or e to deliver the personalized interactions that delight audiences, build loyalty, and drive revenue. For more information visit sitecore. 3
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