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Navigating the digital commerce landscape
At the intersection of technology and consumer demand, digital commerce is driving over $5.7 trillion in global sales. This digital era levels the playing field, enabling new businesses to leap ahead by quickly adapting to consumer needs.
Agility, powered by advanced technology, is essential for any business aiming to thrive. Standing still is not an option. That is why companies must invest in their commerce platforms to stay competitive.
Research from Valtech highlights a consistent theme – business leaders struggle to trust and utilize their data. Data silos restrict brands from unlocking value, driving innovation and improving customer experience.
Shockingly, 72% of consumers have never had a memorable, positive experience with a retailer in exchange for their data.
- Valtech, State of Omnichannel Report 2023
Establishing a strong foundation for innovation
To navigate this dynamic environment, a robust foundation is critical for supporting future innovation and achieving quick time-to-value. Monolithic legacy systems hinder the rapid deployment of new features, making slow progress costly.
Understanding the customer is central to this modernization journey. Tailored marketing, personalized experiences and effective use of customer data are key growth drivers.
Summary of the challenges
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Unclear customer experience strategies, including the inability to reach a consensus on defining the customer experience and how to improve it.
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Siloed information in terms of collecting, managing and storing customer data.
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Confusing procurement choices and integration path for modern commerce solutions.
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Risk of data leakage from disparate solutions.