Online revenue growth is top priority for brands in the US: survey

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More than 50 percent of American brands saw online revenue growth of between 26% and 50% in 2021, according to a recent survey. Over 87% of brands are looking for year-over-year increases in conversion rates of between 5% and 15% in 2022.

High E-commerce initiatives include maximizing return on e-commerce technology investments (56%), optimizing digital experiences for shoppers (48%) and reducing page load times (47%), Yottaa said in its survey. on e-commerce titled ‘2022 eCommerce Executive Survey Report on Key Initiatives’.

The main areas of investment for brands are investing more in customer acquisition, data security, improving site speed, and site analytics. Over 79% of brands are investing 25-50% 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.

More than 50% of brands experienced online revenue growth of between 26% and 50% in 2021, according to a recent survey. Top e-commerce initiatives include maximizing return on e-commerce technology investments (56%), optimizing digital experiences for shoppers (48%), and reducing page load times (47%).

One of the top areas of e-commerce investment is data security and privacy, as 60% of online shoppers say they won’t do business with a brand that has suffered a data breach in the past Last 12 months, according to the report.

E-commerce heavyweights are spending money to make money in 2022. The focus is on investing in the digital experience and maximizing online ROI. Over 72% of large retailers will increase their investments in e-commerce initiatives by 25% or more in 2022.

The report further adds that more than 86% of respondents agree that site speed is one of the most important factors for e-commerce success. This is a big change from 2021, where 53% of brands were unaware that more than 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%.

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. Nearly 57% believe that recent innovation and investment in e-commerce sites and the digital experience have leveled the playing field for brands to compete with Amazon.

Additionally, 43% of respondents said their brands are changing platforms. The top five choices are Salesforce Commerce Cloud, Netsuite, Oracle Commerce Cloud, SAP Hybris, and Shopify Plus.

The report looked at online retail trends based on feedback from some of the biggest brands in the industry. 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.

Fibre2Fashion (KD) News Desk

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