E-commerce solutions provider Pattern has released its first-ever “E-commerce Executive Strategy Snapshot” report, analyzing the most common growth challenges facing retail and brand executives. The survey also revealed areas where retail and brand leaders plan to invest.
The researchers surveyed more than 300 North American e-commerce C-suite executives and founders in sectors including beauty & personal care, sports & outdoors, home goods, and tools & home improvement.
The study found that 25 percent of executives surveyed plan to increase their e-commerce investments by 31 to 98 percent over the next six to 12 months. “Only 6 percent of executives surveyed plan to reduce their overall financial investments over the same period,” the report authors said.
In terms of the most common challenges, Pattern found that one in three respondents said that “rising shipping costs and difficulty maintaining inventory levels are major obstacles to growth,” while one in four leaders said they “are struggling to manage unauthorized sellers and distributors, slowing sales and wreaking havoc on growth strategies.” They also found that 25% of those surveyed said that “the inability to expand into new channels and markets is impeding growth.”
Other notable findings include: 58% of executives surveyed said they plan to increase investment in product images, videos and copy for online product listings, and 51% said they plan to increase investment in influencer marketing. 43% of respondents said they plan to increase investment in branding and product packaging, and 41% said they are increasing their financial commitment to product design.
“Every brand is more successful when they can make data-driven decisions, but until now brands haven't had access to the right data about what's influencing their peers and how they're planning for the future,” said John LaBaron, chief revenue officer at Pattern. “This snapshot takes the guesswork out of making critical decisions about how to pivot their strategies for 2024 and beyond.”
Pattern's clients include Wahl, Panasonic, Sorel, Tumi and Bosch.
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