1WorldSync: 53 percent of merchants, suppliers lack knowledge on cross-channel capabilities

1WorldSync, a multi-enterprise product information network, surveyed 400 merchants and suppliers from Europe and the US with more than USD 500 million in annual revenue.

Data highlights include:

• 45% of merchants and suppliers have lost more than USD 1 million in revenue due to cross-channel commerce challenges, and more than one in ten (13%) have lost more than USD 3 million.
• Half of merchants and suppliers do not use a third-party content provider, which hinders their ability to syndicate product content across channels and platforms.
• 51% of merchants cannot support mobile commerce, and 80% dont integrate product information management across web, mobile, applications, and physical stores.

For companies looking to upgrade their ecommerce capabilities, top action items include:

• Invest in cross-channel capabilities: 65% of market leaders have dedicated more than 30% of their commerce budget to digital and mobile commerce expansion in 2016. Today, 73% of merchant market leaders can fully execute mobile commerce, nearly 20% more than market laggards. Investments here help in the short and long term.
• Engage with a third-party content provider: 80% of market leaders use a third-party content provider, which is one reason this group reports greater visibility between trading partners.
• Migrate to the cloud: 95% of supplier market leaders use a cloud-based product information system, which simplifies the online sales process and enhances supply chain efficiency.