Pattern, the e-commerce solution provider, released its first “E-commerce Executive Strategy Snapshot” report, which analyzed the most common growth challenges facing retail and brand executives. The survey also revealed where retail and brand leaders plan to make investments.
The researchers polled more than 300 e-commerce C-level executives and founders in North America in sectors that included beauty and personal care, sports and outdoors, home goods, and tools and home improvement, among other categories.
The research showed that 25 percent of executives polled plan to increase their investment in e-commerce by 31 percent to 98 percent over the next six to 12 months. “Just 6 percent of executives surveyed plan to decrease their overall financial investment during the same period,” the report’s authors said.
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Regarding the most common challenges, Pattern found that 1 in 3 respondents said “rising shipping costs and an inability to maintain inventory levels are key impediments to their growth” while 1 in 4 leaders said they “are struggling to get unauthorized sellers and distributors under control — eroding their sales and wreaking havoc on their growth strategy.” The report also found that 25 percent of those polled said “an inability to expand to new channels and marketplaces is stymying their growth.”
Other notable findings include that 58 percent of executives polled said they’re planning to increase their investment in product imagery, video and copy for online product listings, while 51 percent said they plan to increase their investment in influencer marketing. Forty-three percent of respondents said they plan to increase their investments in branding and product packaging, and 41 percent said they are increasing 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 John LaBaron, chief revenue officer at Pattern. “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.”
Clients of Pattern include Wahl, Panasonic, Sorel, Tumi and Bosch.
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