Yottaa, Inc., the leading cloud-based e-commerce acceleration platform, today announced the release of key findings from a new e-commerce survey titled “Survey Report on Key Initiatives by Business Leaders”. e-commerce 2022″. The objective of the research was to collect data from online retail leaders to identify their top e-commerce initiatives for 2022.
The 2022 Key Ecommerce Leader Initiatives Survey Report examines online retail trends based on feedback from some of the industry’s biggest brands. The report features data from questions answered by 128 executives from leading e-commerce brands across a wide range of verticals. Although this year the majority of respondents were from brands generating more than $200 million in online revenue per year, more than 40% of respondents represent smaller brands. The research was collected online and by telephone in February 2022.
- Top Focus for 2022 – Online revenue growth: More than half of survey respondents said their brands saw online revenue growth of between 26% and 50% in 2021. 87% of brands are looking for year-over-year increases in rates conversion rate of between 5% and 15% in 2022.
- Other major e-commerce initiatives: Include maximizing return on e-commerce technology investments (56%), optimizing digital experiences for shoppers (48%), and reducing page load times (47%).
- Main areas of investment: Brands are investing more in customer acquisition, data security, improving site speed, and site analytics.
- Significant investments in customer acquisition: Over 79% of brands are investing 25% to 50% more in customer acquisition than in previous years. That’s an increase of $125,000 per month for the average brand. Survey respondents said they plan to spend between $300,000 and $450,000 per month on customer acquisition.
- Brands enhance online security: One of the main areas of investment in e-commerce is data security and privacy. Why? 60% of online shoppers say they won’t do business with a brand that has experienced a data breach in the last 12 months.
- The major retail brands are doubling: E-commerce heavyweights are spending money to make money in 2022. The focus is on investing in the digital experience and maximizing online ROI. 72% of large retailers will increase their investments in e-commerce initiatives by 25% or more in 2022.
- Fast site speed is essential for growth: Over 86% of respondents agree that site speed is one of the most important factors in e-commerce success. This is a big change from 2021 where 53% of brands were unaware that over 50% of shoppers will leave a site that takes longer than 3 seconds to load. Improving site speed by just 1 second can increase conversion rates by 5.7% and reduce bounce rates by 12.2%.
- Amazon: Has the king been dethroned? In 2021, 33% of respondents to this survey saw Amazon as a competitor. Fast forward 12 months, and only 11% of brands see the retail giant as a competitive threat. What changed? 57% believe that recent innovation and investment in e-commerce sites and the digital experience has leveled the playing field for brands to compete with Amazon.
- To re-platform or not to re-platform: 43% of respondents said their brands are reformatting. Where are they going? The top five choices are Salesforce Commerce Cloud, Netsuite, Oracle Commerce Cloud, SAP Hybris, and Shopify Plus.
“After unprecedented explosive growth in 2020 and 2021, online brands are firmly focused on continued growth in 2022,” said Rich Stendardo, CEO of Yottaa. “Now in its fifth year of publication, the annual Key Initiatives of E-Commerce Leaders Survey report provides a roadmap for online growth in 2022 through first-hand insights from some of the biggest brands in the industry. . The key initiatives outlined in this report, from increasing customer acquisition spend to improving page load speeds, will help all online brands achieve their growth goals over the next 12 months.
Click here to download the full 2022 eCommerce Executive Key Initiatives Survey Report.
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