In an era marked by rapidly evolving consumer expectations, investing in technology has transitioned from a luxury to a critical necessity for online retailers aiming for growth in 2024. Despite economic uncertainties, a CommerceNext and Forrester retail outlook survey found that 42% of online retailers plan to make digital investments in their businesses in 2024.

The study also found 57% of ecommerce executives feel positive about their digital business revenue for the year ahead. “It’s been a tumultuous period for ecommerce since 2020, with many highs and lows,” said Scott Silverman, CommerceNext co-founder. “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.” This optimism isn't unfounded—lower inflation and unemployment rates, alongside rising wages and retail sales, paint a promising picture. But optimism aside, the competitive landscape demands a strategic pivot towards technology investment.

Enhancing customer experience sits atop the priority list for marketers, and rightly so. A single unsatisfactory encounter with your brand could send consumers straight to your competitors, with a Zendesk survey, conducted in July and August 2023, noting that over half of consumers would make such a switch. The importance of staying ahead with technology isn't just about keeping pace—it's about setting the pace. As one CommerceNext survey respondent pointed out, it’s “very important to be aware of the future and have a strategy for emerging tech trends.”

Imagine the competitive edge you could gain by integrating one-click checkout, thereby streamlining UX and boosting conversion rates. Or consider the impact of displaying accurate shipping times during checkout—such a simple addition significantly elevates the likelihood of purchase. Other areas to focus your tech strategy on include personalization, pricing, or automation. Machine learning and engineering can optimize these crucial components of the customer journey.

Today's customer journey is complex, as a customer engages with brands through a myriad of channels—in-store, desktop website, mobile website, app, partners, etc. Moreover, they expect a seamless experience across all these channels. Any friction, especially on mobile or app, represents a missed opportunity for growth. With Insider Intelligence’s report that mobile commerce will make up 44.6% of all US retail ecommerce sales this year, the message is clear: optimizing your mobile and omnichannel strategies isn't optional; it's imperative.

For marketers and technology leaders alike, understanding the landscape of digital investments is crucial. Attend “Navigating the Digital Frontier: Strategic Insights on Tech Investments” at CommerceNext’s 2024 Growth Show to learn invaluable insights from a panel of senior technology executives. Sree Sreedhararaj, CTO at IPSY; Lynda Pak, Divisional CIO, Global Brands and Functions at The Estée Lauder Companies; Michelle Pacynski, VP, Digital Innovation at Ulta; and moderator Zia Wigder, Chief Content Officer at EMARKETER will discuss their strategic technology priorities, how they look at build, buy or partner decisions and their processes for vetting technology solutions.

Register here to attend the show on June 11-13th.