To compile the analysis, Pattern conducted an in-depth survey of 300+ founders and e-commerce executives based in North America across dozens of product categories—including beauty & personal care, sports & outdoors, home & kitchen, tools & home improvement, and more.
“Every brand is more successful when they can make data-driven decisions, but brands have historically not had access to good data on what’s impacting their peers and how they’re planning for the future,” said Pattern chief revenue officer John LeBaron. “This snapshot ensures that executives don’t have to rely on conjecture when making critical decisions about how to shift their strategy for 2024 and beyond.”
Executives plan to increase e-commerce investment by 16 per cent on average, with 25 per cent aiming for a 31-98 per cent boost, as per Pattern’s survey of 300+ North American founders.
Key areas for investment include product presentation and marketing.
Challenges include rising costs, inventory issues, unauthorised sellers, and market expansion hurdles.
In the survey, executives are planning substantial increases in financial investments over the next 6-12 months. Key priority areas for investment include enhancing product imagery, video, and copy for online listings (58 per cent), boosting influencer marketing efforts (51 per cent), refining branding and packaging (43 per cent), and intensifying focus on product design (41 per cent). However, growth is challenged by rising shipping costs and inventory management issues, cited by one-third of executives.
Additionally, one in four brand leaders struggle with controlling unauthorised sellers and distributors, which undermines their sales efforts. Another significant barrier reported by a quarter of executives is the difficulty in expanding to new channels and marketplaces, restricting their growth potential. These insights underline the strategic shifts and challenges faced by brands as they navigate the evolving e-commerce landscape.
Many executives are turning to outside partners to overcome these barriers. In the analysis, executives that are working with an e-commerce accelerator to sell on marketplaces were twice as likely to report that they have no major impediments to their growth at this time.
Fibre2Fashion News Desk (RR)
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