Gloom may be in the air. But businesses have gained by shifting to ecommerce during the COVID-19 crisis, according to The State of Commerce Experience’, a study from Bloomreach, conducted by Forrester Consulting.
Of businesses selling online, 46% have experienced growth as a result of COVID-19.
Moreover, 64% plan to spend more on their websites, while 58% plan to spend more on their mobile app, 52% on social media and 46% on third-party marketplaces.
But the biggest budget increases over the next 12 months will be for commerce technology and tools (67%) and third-party services deploying commerce tech (63%), the study says.
Mobile is third, with 62%, while physical stores are at the bottom, with only 34% of businesses investing more in them.
At the same time, 70% of customers are purchasing more than usual, and over 90% are exhibiting different behaviors as they avoid physical stores and shift much of their purchasing online, it adds.
Almost 50% of consumers would pay more for a better online shopping process and 53% would stop buying from a brand after a bad experience.
Of the companies polled, 48% are expanding or upgrading their investment in connected products (the Internet of Things) and 11% are planning to invest in the next 12 months.
A similar number will invest in third-party online marketplaces, followed by artificial intelligence capabilities and conversion optimization and A/B testing.
In addition, 44% are not budgeting more for personalization, and 13% plan to invest in the next 12 months.
Forrester surveyed 640 consumers and B2B customers who make purchase online and 320 digital experience and ecommerce decision makers at B2C and B2B businesses in the US, the UK, and Germany.