In Namogoo and Microsoft’s 2022 annual Global E-commerce Survey, researchers found a shift in priorities among the executives polled. Due to the global pandemic and supply chain disruptions, leading e-commerce executives now cite cost optimization as their highest priority this year.
The survey polled 200 senior e-commerce executives from a variety of companies in different asset classes including small to- medium-sized businesses with between $29 million and $50 million, mid-market firms with sales between $50 million and $150 million, and enterprise companies with revenues over $150 million.
In regard to changes in sentiment, the authors of the report said in last year’s survey, “cost-optimization didn’t even make it into the top three investment priorities. This year, it’s at the top of the list, with 95 percent calling it a priority, and 61 percent giving it high-priority status.
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“The impact and uncertainty of the pandemic including the supply chain crisis and rising acquisition costs, means that maximizing budgets and focusing on cost optimization is more important than ever,” the report stated.
Other key findings of the survey include that average order value, or AOV, is the top KPI that e-commerce executives are looking to measure this year, “with 47 percent of leaders calling it their highest priority.” The report noted that it is “more expensive than ever to get customers to your website considering the increase in competition. Therefore, once they are there and ready to purchase, it’s essential to maximize the return on each acquisition.”
The poll also found that respondents are challenged with using data and other tools to create more personalized experiences for shoppers. The report noted larger companies tend to struggle more so than smaller businesses with this, finding that 57 percent of enterprise-level business executives “say that they find it challenging to access the data that they have to personalize in real-time.”