Scalability Outweighs Martech Functionality for Retailers: Forrester
Scalability is the most important criteria for retailers when considering martech investments, according to a new report from Forrester.
Forty-three percent of marketing and ecommerce decision makers cited scalability as their top concern, over training and support (35 percent), features/functionality (30 percent), integration between channels (22 percent) and ability to improve business outcomes (22 percent).
Features/functionality reigned supreme when it came to actually making the decision to buy, with 51 percent of retailers naming it as the top variable in the survey, sponsored by Listrak. Business outcomes were next at 20 percent, followed by use cases (20 percent) and on-going vendor support (20 percent).
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Gauging the ROI of martech investments is still a concern for many of the 200 retailers surveyed: 60 percent said if they had it all to do again, they’d set up a better strategy to measure the success of their technology. Forty-nine percent said they’d dedicate a team to manage the complexity of their martech stack, while 46 percent would discuss desired business outcomes with their vendor. A greater emphasis would be placed on business outcomes over functionality by 43 percent, and 36 percent would ask for more support from their vendor.
Retailers and other marketers investing in martech should be considering their capabilities for personalization when making new investments. A related Forrester survey of 502 North American consumers who shop online at least once a month showed that 72 percent are more likely to shop more frequently with retailers that send them relevant communications.
Sixty-nine percent were open to sharing personal details about their interests and preferences if it would increase the relevancy of the marketing offers they received, and 66 percent said they were likely to increase spending with retailers they feel know and understand them.