E-commerce Sector Anticipates Growth in 2024, CommerceNext Survey Indicates
CommerceNext released an e-commerce business sentiment survey Thursday that revealed a more optimistic outlook for 2024. The company teamed up with Sucharita Kodali, lead retail analyst at Forrester Research, to poll senior leaders at 113 companies.
CommerceNext said in a statement that “the majority of large consumer e-commerce businesses are optimistic about their revenue growth in 2024 and that 42 percent are already planning to invest further in technology to boost their businesses this year.”
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The survey was conducted earlier this month.
Scott Silverman, cofounder of CommerceNext, said it has been “a tumultuous period for e-commerce since 2020, with many highs and lows. Our industry is ready to return to a sense of normalcy and steady growth. This fresh data shows that we’re headed in that direction.”
The study shows that 57 percent of those polled said they were “very positive or positive” about digital revenue this year, while 21 percent said they felt “negative” about their e-commerce business sales. “More than half (56 percent) of retailers surveyed saw their online revenue increase year-over-year in the fourth quarter, while 34 percent saw a decrease,” the report stated.
“It’s been a tumultuous period for e-commerce since 2020, with many highs and lows,” said CommerceNext cofounder Scott Silverman. “Our industry is ready to return to a sense of normalcy and steady growth. This fresh data shows that we’re headed in that direction.”
Regarding investments, 42 percent of respondents said they plan to invest “in areas such as hiring, marketing and technology and infrastructure upgrades.”
The survey results follow a better-than-expected holiday shopping season.
Kodali said 2023 was another record year in e-commerce “on top of extraordinary growth during the pandemic, so most retailers and brands are optimistic. But business leaders are still cautious that anything could happen, particularly given the uncertainty around inflation, interest rates, upcoming elections and global stability. As a result, 2024 will be the year of scrutinizing digital investments and ensuring they are as efficient and effective as they can be.”
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