With growth comes investment, so given that eBusinesses across the globe continue to experience double-digit compound annual online sales growth, it should come as little surprise that 66% of these same firms are planning to increase their investment in commerce technology in 2014. In my latest research report “Commerce Technology Investment And Platform Trends — 2013”, Forrester polled 49 eBusiness leaders to understand their investment and technology implementation plans for the next 12 months. Here’s what the top of the investment priority list looks like:
Omnichannel Execution. Omnichannel initiatives have become a major focus for every retailer and brand with a physical brick-and-mortar presence. eBusiness teams (and their counterparts in store operations) are rushing to implement the following programs among others: pickup-in/ship-to store, store inventory visibility, ship from store, and associate enablement.
eCommerce Replatforming. eCommerce platforms are the backbone of any digital channel, and replacing legacy home-grown systems or outdated (and often unsupported) platforms remains a top priority. With these platforms now supporting omnichannel programs such as “buy-online, pick-up in-store”, having a scalable and flexible platform that can support future growth is an imperative.
As the annual retail pilgrimage to the Jacob Javits Center draws to a close, I started wondering if anything has changed since last year. As I met with Forrester’s retail clients during the show, it was clear that this is no longer just a brick-and-mortar show. The retailers I met with had all sent a delegation of cross-functional executives, including the CIO, COO, CMO, SVP of eCommerce, and head of store operations. These leaders are no longer working in organizational silos: they know that they need to find technology solutions that meet the needs of today’s digitally connected customer, not the needs of their legacy channel-centric business units. I was impressed at the way these retailers are embracing and executing on agile commerce.
On the expo floor, the same theme was abundantly clear. NRF has evolved to become a retail commerce show, not just a retail technology show. Joining the incumbent store systems and POS vendors were all the enterprise eCommerce solution providers, order management vendors, system integration firms, and digital agencies. Whereas last year was all about mobile, with hastily developed prototypes and lots of vaporware, this year the expo floor was a place more grounded in reality. Strategic relationships were abundant, with vendors realizing that customers are demanding integrated solution suites that go far beyond the scope of their own product portfolio. As I did my rounds of expo floor booth visits, executive briefings, and product demos, here’s what I found: