Commerce Businesses Feel the Squeeze
Thanks to a volatile 2022, warning lights are flashing in the global economy.
High inflation, drastic rate hikes, and the war in Ukraine continue to take their toll.
Recent numbers hint that the U.S. could make a narrow escape, thanks to a more resilient job market. However, the Bank of England forecasts a “very challenging” two-year recession in the U.K. that’s likely already in motion.
Recession or not, consumers feel the heat of high prices. Recent signs show a modest cooling, though household staples such as shelter, food, and energy have risen at a historically fast pace.
All this pressure means that commerce businesses need ways to become leaner and more fiscally responsible organizations.
Ironically, labor is an area where most companies run lean, though not by choice. Labor shortages continue to cause problems as vital roles remain hard to fill. And it’s not just for blue-collar jobs. A study by Gartner shows that 47% of CFOs say it’s difficult to find and hire valuable enterprise talent.
Consumer expectations keep accelerating - and Gen Z is the driving force.
As digital natives, Gen Zers are more likely to do their research online, have strong values and opinions, and recognize the power of social media when making purchasing decisions and holding companies accountable.
To respond, brands and retailers must provide a consistent customer experience across every channel. It’s also essential to keep your brand promises, which makes aspects such as reliable delivery and frictionless shopping critical.
Considering all this complexity, how can you provide the experiences and channels your customers want while facing labor constraints and a possible recession?
That’s the key question to answer in 2023.
Download this 2023 Commerce Trend guide and find out how to leverage a strategy and technology that will help you stay ahead, and find out why you need to create a frictionless customer experience by weaving together digital products with data management, commerce, and supply chain expertise.
Digital transformation is about to Change.