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1、SURVEY REPORT:Setting the Foundation for Sustainable Growth Insights From the 2023 Retail Strategies and Priorities SurveyPage 2To understand how retailers of differing sizes and maturity stages are approaching the challenges of 2023 and planning for what comes next,NetSuite and Retail TouchPoints c
2、onducted the Retail Strategies and Priorities Survey.We asked more than 100 executives(director level and up)to share insights on everything from their channel mix to their technology investments and priorities.These executives represent a rich variety of traditional retailers,consumer brands,market
3、place sellers,and even manufacturers.Their responses offer a glimpse into how executives are navigating the retail environment,including:Sales channels they believe provide the most revenue potential The internal and external pressures slowing them in reaching their growth goals How theyre prioritiz
4、ing tech investments Whether theyre effectively managing cash flow Results within all these areas reaffirm the increasingly critical role that analytics and automation play in creating businesses built for scale.Page 3Its no secret that retailers face macroeconomic challenges.Up to 70%of U.S.consume
5、rs and 76%of UK consumers believe the economic downturn will last through at least 2024,according to Centiment research.As a result,many buyers are planning to either curb their spending or explore more cost-effective brands and products.With this pullback,respondents indicate theyre focusing on str
6、iking a balance between customer acquisition and retention.When asked to rank growth priorities,acquiring more customers(72%)and selling more to existing customers(63%)were the clear leaders.Beyond these top priorities,the three most-cited results reflect more tactical ways respondents plan to achie
7、ve their growth goals(fig.1).For example,34%of respondents said they plan to diversify the marketing and advertising channels they use.This is key to optimizing customer acquisition investments,especially because overall cost per acquisition online remains high.Marketing and advertising teams are te
8、sting new channels,such as connected TV(CTV)and retail media,while continuing with their high-performing digital channels,from email to SMS.Brands Balance Acquisition and Retention to Reach Growth GoalsWhat are your top growth priorities over the next 12 months?(Respondents were asked to select thei
9、r top three responses.)Acquire more customersSell more to existing customersIncrease average order valueMarket/advertise through a more diverse mix of channelsIncrease overall basket sizes72%63%38%34%20%Figure 1 Page 4Additionally,respondents said they want to focus on increasing average order value
10、(38%)and basket sizes(20%).These two priorities will help respondents boost revenues;however,a clear question emerges:How can brands get consumers to buy more items and spend more at the end of each visit?The obvious answer lies in creating a relevant and engaging customer experience.And data is the
11、 core to making these better shopping experiences a reality.“Pulling information from your own sales as well as third-party sales channels increases your ability to entice customers with items that are relevant to them,”said Asad Ahmed,principal industry solution advisor,retail and ecommerce,NetSuit
12、e.“As you serve up complementary product suggestions,you also offer shoppers data from similar customers and even customer testimonials:People who bought this also bought that.It makes it easy for your existing customers to make those repeat buying decisions.”Brands Balance Acquisition and Retention
13、 to Reach Growth GoalsPage 5As brands and retailers optimize their customer acquisition and retention efforts,which commerce channels are they prioritizing?We all know that consumers live an omnichannel reality.They fluidly move between stores,branded ecommerce sites,and marketplaces to compare prod
14、ucts and prices.That is why brands that were once digital natives,such as Warby Parker,have moved to open physical stores to acquire more customers and increase overall market share.And the survey results reveal that these companies are not the exception.In fact,respondents currently use between two
15、 and three sales channels on average,with most using a combination of physical stores and traditional ecommerce,both branded and via wholesale(fig.2).All respondents reported taking a multichannel approach,even small and midsize retailers.Business Leaders Focus on Making Omnichannel a RealityWhich s
16、ales channels do you use?(Respondents were able to make multiple selections.)Physical storesBranded ecommerceOnline via wholesale partners/distributorsMarketplacesIn stores via wholesale partners/distributorsOther73%57%55%42%36%6%Figure 2 Page 658%Most channels have relatively equal positioning in t
17、he minds of our respondents,especially as we ask about growth potential(fig.3).However,there is a clear laggard in the group.Despite the hype surrounding marketplaces,fewer than 20%of respondents say these platforms offer the greatest opportunities for growth.Nearly half(47%)said marketplaces would
18、add 10%or less to their revenue over the next year(fig.4).Yet many consumers rely on marketplaces like Amazon to quickly access a breadth and depth of inventory from various brands.Research from retail advisory firm CI&T found that consumers are increasingly turning to marketplaces first in their sh
19、opping journey,whether they have a specific item(52%)or a specific brand(55%)in mind.Selling via marketplaces lets brands participate in this new,critical part of the buying process,but certain limitations hold brands back from unlocking the full value of these platforms.“One big challenge for retai
20、lers is that marketplaces dont tend to share a lot of data about the customer or the consumer of the product because they want to keep the traffic on their platform,”Ahmed said.Brands can use marketplaces as an inbound channel for product discovery;however,they must think strategically about how the
21、yre connecting this initial purchase to long-term customer engagement.For example,including a postcard with a QR code to register for updates and a unique discount code,will create a clear incentive for a new customer to stay connected with the brand.Connecting Growth Goals to Channel Investments Wh
22、ich channel offers the greatest opportunity for growth?(Respondents ranked each channel on a scale of 1 5,with 1 offering the greatest growth potential for their business.Above numbers reflect the percentage of respondents who selected 1 and 2 for the specific channel.)Branded ecommercePhysical stor
23、esOnline via wholesale partnerships/distributorsIn stores via wholesale partnerships/distributorsMarketplaces50%39%32%19%Figure 3 Page 7How will these channels contribute to your businesss revenue over the next 12 months?(Respondents selected a percentage for each channel.)Physical storesBranded eco
24、mmerceIn stores via wholesale 0%1-10%11-25%26-50%More than 50%Online via wholesale MarketplacesFigure 4 11%10%25%14%28%29%32%20%33%25%27%13%10%9%5%14%15%25%19%14%19%30%20%25%28%Connecting Growth Goals to Channel InvestmentsPage 8When asked how their businesses performed during the 2022 holiday seaso
25、n versus 2021,surprisingly more than half(55%)of executives said results were better than expected,while 32%said they performed as expected.While results from the National Retail Federation(NRF)revealed that holiday growth was less than expected,sales for the year still increased by 7%over 2021.This
26、 growth aligned with NRFs forecast of between 6%and 8%growth for the year,which may explain why respondents noted it was an overall positive season.Executives were also pleased with their overall revenue performance in 2022:65%of respondents said they performed better than expected,and another 27%ra
27、ted their performance as“about the same.”But are continued economic and market uncertainties painting a less steady picture for the rest of 2023?Overall,the outlook is relatively flat,but there are variances depending on organizations annual revenue(fig.5).Nearly half(47%)of retailers generating$25
28、million or less in revenue per year said they plan to maintain budget levels in 2023,while fewer(40%)of their larger counterparts said the same.Conversely,26%of those with annual revenues of more than$26 million said their investments would grow,while only 20%of smaller organizations said the same t
29、hing.Many fast-growing retail darlings like Allbirds have spent years prioritizing rapid growth.In some cases,this created short-term wins but overall,these brands saw significant hits to their earnings results and cash flows in 2022.Younger companies are learning from these examples and instead are
30、 taking slow,steady measures that allow them to grow while protecting cash flow.Execs Remain Cautiously Optimistic About Revenue Performance How is the current economic climate impacting your business investments?We are increasing our investmentsWe are maintaining our budget Our budget is smallerWe
31、are pausing all investments42%26%26%7%40%28%26%6%47%27%20%6%Figure 5 AllRev.$26MRev.$26MRev.$26MRev.$26MRev.$26MRev.$25MPage 14Retailers,DTC brands,and marketplace sellers alike are prioritizing sustainable growth.Forward-looking organizations are using data to drive their short-and long-term decisi
32、ons so they can prioritize the right sales channels,tactics,and experiences for their customers.As consumer behaviors continue to shift,organizational leaders should focus on building their capabilities around inventory visibility,data analytics,and business process automation.These investments will
33、 allow for scale and equip teams across the organization to work intelligently,no matter what comes next.Explore how NetSuite can help you unlock growth opportunities in times of change.Chart Your Path Toward Sustainable GrowthBusiness TypeAnnual RevenueJob Function Role Business Category Survey Dem
34、ographics Learn moreRetailer:58%Manufacturer:19%Marketplace seller:13%Consumer brand:10%Less than$5M:6%$5M-$25M:35%$26M-$50M:16%$51M-$75M:23%$76M-$100M:16%More than$200M:4%Executive:39%Operations:29%IT:16%Finance:6%Marketing:5%Ecommerce/Digital:3%Other:2%Founder:16%C-suite:28%SVP:4%VP:15%Director:31
35、%Manager:5%Other:1%Specialty hard goods:25%Specialty soft goods:19%Supermarket/grocery:7%Department store:13%Big box:4%Office supplies:2%Electronics:13%Drugstore/pharmacy:1%Convenience store:3%Other:13%NetSuite ERP is a cloud business management solution that automates core business processes to imp
36、rove operational efficiency and provide real-time visibility into operational and financial performance.With a single,integrated suite of applications for managing financials,order processing,inventory management,HR,professional services automation,omnichannel commerce,supply chain and warehouse ope
37、rations,NetSuite ERP gives companies clear visibility into their data and tighter control over their businesses.For more information,visit our website .Retail TouchPoints and Design:Retail give all members of the retail world access to a vibrant community that combines insights,inspiration and oppor
38、tunities to interact with their peers.We sit at the intersection of the art and science of retail strategy,providing granular data,high-value commentary,and aspirational success stories to help readers optimize customer experiences across all channels.Touching all facets of the retail ecosystem,incl
39、uding store experience and design,workforce management,digital marketing and engagement,and omnichannel optimization,our editorial content,multi-media resources and events take timely news and trends and transform them into tactical takeaways that meet the unique needs and priorities of our executive readers.