Nearly Half of Global Merchants and Suppliers Have Lost at Least One Million Dollars in Revenue Due to Cross-Channel Commerce Challenges
(Thomson Reuters ONE) -
New 1WorldSync study uncovers top challenges faced by merchants and suppliers
when executing cross-channel commerce and provides insight into solutions
LAWRENCEVILLE, N.J., April 10, 2017 (GLOBE NEWSWIRE) --The demands of today's
global commerce landscape pose an incredible challenge for merchants and
suppliers. As the global $1.9 trillion e-commerce landscape continues to expand,
companies are facing difficulties successfully managing cross-channel commerce
across continents, supply chains, and software systems, and are losing revenue
as a result. Some even doubt the value of investing in these capabilities.
In fact, 53 percent of merchants and suppliers experience a knowledge gap within
their organization when it comes to understanding the value of cross-channel
capabilities, according to 1WorldSync's Charting Course for Global Commerce,
released today.
To further understand the challenges and opportunities in navigating today's
multi-channel sales environment, 1WorldSync, the leading multi-enterprise
product information network, surveyed 400 merchants and suppliers from Europe
and the U.S. with more than $500 million in annual revenue. The survey found
that merchants and suppliers are not prepared to meet the cross-channel demands
of today's customers, and while there are clear market leaders, no company has
perfected multi-channel commerce.
Merchants and Suppliers Face Significant Roadblocks in Navigating Cross-Channel
Commerce
Key findings suggest that a majority of merchants and suppliers are not fully
prepared to meet the varied demands of modern customers. Channel readiness is a
significant struggle throughout the supply chain as e-commerce continues to
evolve. Other data highlights include:
* Future investment plans don't address current e-commerce weakness: Forty-
five percent of merchants and suppliers have lost more than $1 million in
revenue due to cross-channel commerce challenges, and more than one in ten
(13 percent) have lost more than $3 million.
* Lack of content solutions hamper success: Half of merchants and suppliers do
not use a third-party content provider, which hinders their ability to
syndicate product content across channels and platforms.
* Merchants lag when it comes to cross-channel commerce: Fifty-one percent of
merchants cannot support mobile commerce, and 80 percent don't integrate
product information management across web, mobile, applications, and
physical stores.
"In the dynamic world of digital commerce, merchants and suppliers are facing
significant issues capitalizing on the opportunities within different channels
and geographies. As the space has evolved, there are more regulations to comply
with, more channels to be present on and more partners to trade with than ever
before," said Nihat Arkan, CEO of 1WorldSync. "Before both sides of the retail
equation can truly master omnichannel commerce, they have to ensure their
digital investments address their current challenges."
Market Leaders Show the Path Forward
While many merchants and suppliers surveyed struggle with different aspects of
the retail experience, there are clear lessons to be learned from market leaders
(defined as companies that complete 51 percent or more of sales online). For
companies looking to learn from these market leaders and upgrade their e-
commerce capabilities, top action items include:
* Invest now in cross-channel capabilities: Sixty-five percent of market
leaders have dedicated more than 30 percent of their commerce budget to
digital and mobile commerce expansion in the last year. Today, 73 percent of
merchant market leaders can fully execute mobile commerce, nearly 20 percent
more than market laggards. Investments here help in the short and long term.
* Engage with a third-party content provider: Eighty percent of market leaders
use a third-party content provider, which is undoubtedly one reason this
group reports greater visibility between trading partners.
* Migrate to the cloud: Ninety-five percent of supplier market leaders use a
cloud-based product information system, which simplifies the online sales
process and enhances supply chain efficiency.
"Early adopters of retail technologies that make cross-channel commerce more
efficient and streamlined have become clear market leaders," furthered Arkan.
"Because of the breadth and scale of today's e-commerce environment, managing
product content while investing in infrastructure that can adapt to future
market demands should be a major priority for every company in this space. The
key lesson for the rest of the market is that investments in technology that
centralizes data and better enables merchants and suppliers to be more connected
pay off."
For more information, visit www.1worldsync.com.
About 1WorldSync
1WorldSync is the leading provider of product content solutions, enabling more
than 25,000 global companies in over 60 countries to share authentic, trusted
content with customers and consumers, empowering intelligent choices for
purchases, wellness, and lifestyle decisions.
Through its solutions, technology platform and expert services, 1WorldSync
provides solutions that meet the diverse needs of its customers. For more
information, please visit www.1worldsync.com.
Rachel Gulden
312.267.0530
rachel.gulden(at)walkersands.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: 1WorldSync via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 10.04.2017 - 08:00 Uhr
Sprache: Deutsch
News-ID 535383
Anzahl Zeichen: 6369
contact information:
Town:
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Kategorie:
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