While many organizations are wrestling with their marketplace strategies and selling D2C, the tech giants are busy investing in hardware, new interfaces, and even space.
It's therefore vital that businesses and their leaders anticipate what's coming. However, most are so focused on hitting their next results and survival that they simply don't have the time to future-gaze...
Planning for this future is vital - it's what will keep businesses relevant in decades to come.
So we pooled the insights, opinions and plans of 500+ commerce leaders across the UK and US to find out just how ready they are.
We looked at what makes them tick as both leaders and consumers – and examined key areas of conflict, confusion and inspiration that our data uncovered, from the future-readiness of their thinking and strategies, to their views on the retail giants, to how they hope to plan to appeal to the next generation of customers, and much more.
...at least for most of our digital leaders
digital leaders (inc. c-suite) we questioned, split across the UK and US
claimed they're ready to exploit future digital commerce opportunities
the average number of months leaders are planning ahead
the percentage of digital projects that fail
average annual cost of failed projects in the US
average annual cost of failed projects in the UK
lack of alignment with customer needs
poor logistics to support demand
moving too fast without a proper strategy
lack of sufficient financial investment
"It's tricky"
see Amazon as a barrier to their growth
see Amazon as their main competitor
agree they need it to remain competitive
say they need to invest more on the platform
But some leaders see things differently
of commerce leaders fail to see the value in physical commerce
of leaders believe the future consumer will prefer shopping online
of future consumers (Gen Alpha) enjoy going to physical stores
have considered digitizing products to meet delivery expectations
Are you buckled up or calling a friend?
say they have social media strategy in place
when social becomes the #1 commerce channel
are already working with social media influencers
confirm that influencers are making a big impact
Turn up the volume!
say conversational commerce will be important in the future
of leaders are comfortable talking with voice assistants
say their organization has a voice commerce strategy
the conflict at the heart of key decisions by commerce leaders
the importance of marketplaces, omnichannel and social commerce in future retail
what digital commerce leaders think about the current and future commerce landscape
where to focus to succeed in the future of commerce
why you should be planning more than 15.5 months ahead
WUNDERMAN THOMPSON COMMERCE is a global eCommerce consultancy that offers strategic clarity, tech know-how and creative inspiration to help organizations deliver winning commerce capabilities across digital channels: marketplaces (including Amazon), online retail and DTC.
SPEAK TO ONE OF OUR EXPERTS to find out more information about how we help our clients, and how we can help you win online.