LiveArea study finds most plan to invest in digital solutions
More than half (54 percent) of US companies are likely to overhaul their long-term business strategies as a result of the COVID-19 pandemic, with 51 percent looking to invest in digital technologies, according to research conducted by Opinium and LiveArea, a customer experience and commerce agency, and business unit of PFSweb, Inc.,.
Key data findings from the LiveArea study include:
- 43 percent of respondents are prioritizing investment in digital commerce
- 41 percent of respondents are focusing on IT infrastructure investment to support the transition to digital
- 34 percent of respondents are considering outsourcing IT activities
- 33 percent of respondents are looking to outsource marketing activities
The May 2020 research also found the general economic downturn is a concern to 58 percent of respondents, while 53 percent say they are concerned about a drop in sales. In terms of measures to limit the impact, businesses most desire clarity (55%) from the Government, followed by increased intervention and financial support, including access to grants and loans (40%).
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“The impact of COVID-19 on U.S. businesses will be lasting. The companies that move quickly to transition to a digital-first approach will be the brands that survive and, if the strategy is executed smartly and swiftly, stand to flourish in a post-COVID world,” said Jim Butler, Executive Vice President and General Manager of LiveArea. “Not only has the pandemic significantly accelerated eCommerce initiatives, but we believe it has changed customer expectations and behavior forever. For retailers, it will be business critical to understand and adapt to changing customer preferences instantly. Agility is everything in this new world.”