Customers are quick to abandon brands that don’t innovate, with millennials and Gen Z leading the migration, reveals a new survey from commercetools.
The survey, which queried 300 global retail business leaders, found that 74 per cent of respondents recognised that failure to adopt emerging commerce solutions will negatively impact areas of their business, such as sales, brand loyalty, and customer experience.
Jen Jones, Chief Marketing Officer of commercetools, said consumers are continuously redefining what the ideal customer experience looks like.
“The brands with longevity are the ones that are taking this shift into account from both a technological and cultural perspective and are evolving to meet customer demands.
“Change is constant in the modern commerce ecosystem. Brands need to be nimble and meet customers where they are. This means having a finger on the pulse of their customers’ shopping behaviours and adopting the commerce experiences that resonate the best among them. Anyone who thinks they can sit still and not evolve amid changing demands will be out of business shortly.”
The 2022 Commerce Innovation Report also revealed that 40 per cent of respondents say their company’s current commerce solutions hinder the sale of their products or services, and 49 per cent of this group feel this issue has existed for over a year.
While over a third of businesses are struggling with the ramifications of an outdated commerce solution, signifying the impact a lack of innovation has on sales, loyalty, and customer experience.
According to the report, only 25 per cent of respondent organisations offer next-day shipping, less than half offer multiple payment methods, only 18 per cent offer one-click checkout, and just 16 per cent offer Buy Now Pay Later (BNPL) options.