Online brands report huge jump in e-commerce investment for 2021
Majority of e-commerce site leaders in survey say they will increase investments into e-commerce initiatives 50% above 2020 levels this year
After the challenges faced due to the global pandemic over the last year, retail brands have had to pivot to address rapidly changing retail environments by digitally transforming their operations. This is pushing investment into e-commerce and related initiatives according to a new survey from Yottaa, Inc.
The research found that brands are investing far more in e-commerce initiatives than they did last year, with most brands increasing investment by over 50%. The top investment areas look to be security, mobile, site speed, single page applications/progressive web applications, third party technologies and shipping. The top e-commerce initiative for 2021 is managing and securing third party e-commerce technologies.
Most of the retail executives surveyed stated they experienced a 54% increase in year-over-year revenue, though the competitive elephant in the room is a growing concern, as 45% of respondents think the global pandemic has made the competitive gap between retailers and Amazon even bigger.
With online shopping increasing at a faster rate during the pandemic, 91% of retailers are changing their digital strategies in the coming year. More than half of respondents listed Single Page Applications and Progressive Web Applications as key initiatives in 2021, and retailers will spend (on average) $1.1 million on third parties to improve online shopper experiences.