"The report “Driving digital commerce in manufacturing,” based on a survey of 200 marketing decision makers in manufacturing businesses across the US, UK, and Germany, finds that almost 9 in 10 (87%) of respondents are now facing more competition compared to a year ago. In fact, 22% of those are facing significantly more competition.
According to the report:
- The pressure to stay ahead is affecting the majority of businesses in the industry; 88% agreeing they have changed their business model to compete in current market conditions.
Being fast, being agile
- The most common challenge when launching a new product to market is beating a competitor to market according to 65% of all respondents, followed closely by gathering the right product information at 60%. The three biggest product information challenges are the time it takes to create and update it, managing stakeholders, and localizing information.
- Although 92% of respondents agreed that they can quickly update their product information, almost two thirds (63%) stated that product information problems often cause delays or product withdrawals.
“The pressure to get products to market quickly has been accelerated by the current economic climate and shows no signs of slowing down,” said Thomas Zanzinger, CEO at inRiver. “Product information is a business’s digital front door, so ensuring it’s accurate and appropriate across all channels is critical for manufacturers to drive revenue and loyalty in such a competitive marketplace.
”The growing complexity of product information and the pressure to keep up with the competition is leading manufacturers to turn to automation and artificial intelligence to speed up processes. 90% of respondents agree that product information task automation is increasing and 94% say they use automation and AI to tailor product information for different channels.
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Technology is also being applied to support new types of product information, with over a third of businesses surveyed using videos (38%) and virtual or augmented reality (36%) to sell products. Of those using product videos, 32% say that it is their most successful content for driving sales, and 72% placed it in their top three drivers.
A successful product information approach combines flexibility, speed, and intelligence. It can effectively handle the right content for both the product and the customer’s needs, while providing flexibility to try new avenues and innovations.
Methodology
This survey was conducted by Vanson Bourne in February and March 2021. Insights were collected from 200 marketing decision makers in manufacturing businesses across the US, UK, and Germany. Sectors included chemicals, automotive, and furniture, with over half in businesses seeing over a billion dollars in annual revenue."
Webinar
Watch an on-demand webinar "New Baselines for B2B Manufacturing," as inRiver’s Johan Boström, co-founder and CPO and guest speaker Joe Cicman, senior analyst at Forrester explore data from Forrester’s most recent research and inRiver’s Manufacturing B2B Study. Learn the new baselines for driving revenue in manufacturing and best practices to help meet buyer needs as digital commerce reigns supreme.
| | Read this story on consumer-centric packaging innovation. |
