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1、2024 US Manufacturers Digital Commerce Benchmarking StudyAnalysis of digital maturity and go-to-market strategies for consumer brands and industrial manufacturers Research by Sponsored by Ntarainriver02Executive summary B2B omnichannel enters full swingNearly 50%of industrial product manufacturers a

2、nd 68%of consumer product brands sell through three or more channels.Both types of companies must provide a rich shopping experience to their customers across a variety of channelseach with different requirements.Budgets mirror boost in optimismDespite headwinds,both industrial manufacturers and con

3、sumer brands expect increased budgets and improved performance in 2024.Only 4%of respondents expect a decline in performance this year and only 19%are working with less funding compared to last year.Product software upgrades anticipated in the next 1-5 yearsEcommerce tops the list,with 41%of consume

4、r brands and 39%of industrial manufacturers planning upgrades.ERP is next in line for both groups,followed closely by CRM.Several respondents(18-25%)also plan to upgrade CMS,PIM,and DAM.PIM and DAM adoption frequently centers around efficiencyRespondents reported that the primary drivers for selecti

5、ng or upgrading PIM include creating a single source of truth for all product data(70%)and organization of product data(50%).For DAM,the primary drivers reported were centralized assets(62%),organization of media(40%),and process efficiency(37%).Companies targeting PIM and DAM for growth see increas

6、ed revenues YoYWhen overlaid with public financial data,our findings suggest that companies that selected or upgraded PIM and DAM for top-line growth reasons saw consistent revenue increases year-over-year.02Who is Ntara?Ntara is a that specializes in product experience management(PXM).To us,PXM inc

7、ludes PIM,DAM,ecommerce,omnichannel strategy,digital shelf analytics,buyer research,and ongoing analytics.Its about the holistic strategy,insights,and ecosystem that support bringing products to market and serving the end user after purchase.We help consumer product brands and industrial brand manuf

8、acturers optimize product processes to support their complex business and go-to-market strategies.Our research practice began in 1999,and our history includes custom studies for global consumer brands,industrial manufacturers,healthcare organizations,software companies,and more.We apply research fin

9、dings and our expertise through consulting,business analysis,solutions engineering,and development to create PXM strategies that perform.We conducted this benchmarking study to inform the industry,our partners,and the companies we work with.We want to reflect this data back to consumer brands and in

10、dustrial manufacturers via a repeatable benchmark study that these industries can look to for years to come.consulting and systems integration firmWho is inriver?inriver is a leading SaaS provider that specializes in product information management(PIM).Their composable platform powers the entire pro

11、duct journey,combining the agility of the inriver PIM with advanced syndication,monitoring,digital shelf performance,and integration capabilities.Founded in 2007,inriver helps brands,manufacturers,and retailers turn product information into strategic assets,maximizing profitability at every touchpoi

12、nt for 1,600+global brands.inriver supports both B2B and B2C enterprises throughout the entire product cycle.Research overview Businesses that make and sell products must master digital commerce.In this report,we assess their progress and establish digital commerce benchmarks.Specifically,we examine

13、 how consumer product brands and industrial product manufacturers bring products to market.We selected these groups based on what they have in common:They both design,make,market,and sell physical products through multiple channels.This study documents how various segments of these groups use,succee

14、d,and struggle with digital commerce softwarespecifically product information management(PIM)and digital asset management(DAM).It highlights trends and opportunities for companies in these industries,illuminating opportunities to improve strategies and increase revenue.This report offers insights an

15、d verbatim quotes from research participants.By the end,you should understand how you stack up and what your business must do to become a leader in digital commerce.03Target audienceThis benchmarking study targeted leaders,decision-makers,and software selection influencers from both consumer product

16、 brands and industrial product manufacturing companies headquartered in the United States.The functional roles of survey respondents primarily span the categories of IT,marketing,product,ecommerce,and digital.All graphs in this report will reference the base,or the quantity of respondents represente

17、d.Level of PXM responsibilityBase:19511%18%43%28%C-suiteDirectorManagerOtherLine of businessBase:19525%15%6%9%31%14%DigitalITMarketingProduct developmentSalesOtherQuantitative survey The survey collected data that reveals how companies bring products to market and how they leverage PIM and DAM softw

18、are.However,this report is not a software evaluation report.Research methodology158$26B+129,000+IN ANNUAL REVENUEVERTICALSUNIQUE COMPANIESDATA POINTSREPRESENTING04Qualitative interviews In addition to the survey,we also spoke with multiple business leaders,decision-makers,influencers,and users of PI

19、M and DAM software.These discussions provided additional context for the survey insights.Rather,its an exploration of how companies execute channel strategies and what they see as their biggest opportunities and threats.Each participant evaluated the companys digital maturity and collective understa

20、nding of these systems.They answered questions about company performance and digital commerce budget year-over-year.In total,we surveyed 195 people from 158 companies.We created these two respondent groups by evaluating how each company,across a variety of industries,brings products to market.Those

21、who sell products primarily to consumers were labeled“consumer product brands,”and those who primarily sell business-to-business were labeled“industrial product manufacturers.”Note:Retailers,distributors,and wholesalers are also heavy users of multichannel software and may be included in a future st

22、udy.Respondent groupsBase:195ConsumerIndustrialOther60%37%3%05Apparel&fashion40%0%10%20%30%10%30%20%0%40%ConsumerIndustrialIndustriesBase:189Building materialsConsumer durablesConsumer electronicsCosmetics&personal careElectricalFood&beveragesFurnitureHeavy equipmentMachineryMedicalPharmaceuticalOth

23、er06Big box retail80%0%20%60%60%20%0%40%40%80%ConsumerIndustrialChannelsIndependent retailDealer networkOur own public ecommerce siteWholesaleOur own private(B2B)ecommerce siteThird-party marketplace websitesValue-add resellerBase:189While many consumer brands sell through big box and independent re

24、tailers,nearly 80%also sell through ecommerce and 65%through third-party marketplaces.Industrial manufacturers typically have more private than public channels but over 50%had both.This points to important use cases for software to manage the different data sets required by each channel.For example,

25、an industrial manufacturer selling via a private B2B ecommerce site to distributors might require pallet-level information for a particular SKU that would not be required on the public,direct-to-consumer website for end consumers.Heres what we found Omnichannel is the“new normal”for B2B and B2C buye

26、rs Both B2C and B2B consumers shop at their own pace,along their own paths.The question this presents isnt whether to adjust the go-to-market strategy;its when and how.Consumer brands reported selling through more channel types than industrial manufacturersbut both groups go to market through multip

27、le channels.Number of channel typesBase:19535.9%31.6%32.5%19.4%29.2%51.4%ConsumerIndustrial6 or more4 or 53 or fewer07Upgrades and replacements for software supporting the product experience Ecommerce platform0%30%35%25%10%5%20%15%40%Planned upgrades or replacementsBase:195ERPCRMCMSPIMNoneDAMPLMMDMM

28、AMMost companies plan to add,upgrade,or replace product-related software in the next 1-5 years.Despite headwinds,the 2024 outlook is optimistic Q1 2024 has been tough for US industries.In fact,only 4%expect a decline in performance this year,while 56%expect growth and 40%expect steady performance ye

29、ar-over-year.In terms of budget,19%of respondents are working with less funding this year,35%saw no change,and 46%of budgets increased.Notably,the drivers for updating or adopting PIM and DAM are typically focused on bottom-line savings rather than top-line growth.08Ecommerce platform40%0%30%20%20%3

30、0%10%10%0%40%ConsumerIndustrialPXM projects plannedERPCRMCMSPIMNoneDAMPLMMDMMAMBase:18941%of consumer brands are conducting or planning to conduct ecommerce projects,39%are doing ERP projects,and 24%are doing CRM projects.Additional planned investments for brands also include CMS(23%),PIM(22%),and D

31、AM(19%).Industrial manufacturers have a similar focus,with almost 39%doing ecommerce projects,38%working on their ERP,and 31%planning for CRM projects.Some industrial manufacturers are also planning PIM projects(29%),CMS(24%),and DAM(18%).The large number of planned upgrades to these key systems is

32、a strong indicator of the importance companies place on the future of multichannel commerce.09While the investment in multichannel software is significant,a notable pattern emerged around two of the most critical platforms:PIM and DAM.Cost savings0%60%50%20%10%40%30%70%What were the primary drivers

33、of selecting or upgrading your PIM?Base:106Enhanced marketing capabilityImproving speed to marketOrganization of product dataIncreasing automationProcess efficiencyReducing human errorSingle source of truth for product dataSyndicationDespite significant advances in the PXM functionality offered by b

34、oth,most respondents cited the primary drivers for implementation as somewhat foundational.They invest in PIM and DAM for their efficiency-related functionality rather than the long-term value or customer-focused innovations these platforms can provide.Most organizations understand that PIM and DAM

35、are important to omnichannel success and digital maturity.Regarding how well their companies understood PIM,76%of respondents using PIM software felt their organizations had a“good”or“very good”understanding,while 22%had little to no understanding.Very good understanding0%30%10%20%40%From your persp

36、ective,does your organization understand the value of having a PIM?Base:106Good understandingSome understandingNo understanding at allLittle understandingNot sure10As for DAM,61%of respondents using the software felt their businesses had a“good”or“very good”understanding,while only 9%had little to n

37、o understanding.Very good understanding0%30%10%20%40%From your perspective,does your organization understand the value of having a DAM?Base:82Good understandingSome understandingNo understanding at allLittle understandingNot sureDespite these self-reported levels of understanding,the data reveals th

38、at only 28%of the PIM users and 22%of the DAM users realized a measurable ROI within the first two years of implementation.Within year 10%30%10%20%40%How quickly has your organization realized a return on investment for your current PIM?Base:106Within 2 yearsWithin 3 yearsWithin 5 yearsWithin 4 year

39、sWe have not realized a return yetNot sureWithin year 10%30%10%20%40%How quickly has your organization realized a return on investment for your current DAM?Base:82Within 2 yearsWithin 3 yearsWithin 5 yearsWithin 4 yearsWe have not realized a return yetNot sureDigital commerce leaders use PIM and DAM

40、 as growth tools 11Businesses that want to become digital commerce leaders must view the implementation of PIM and DAM software as critical to a greater product experience management(PXM)strategy.Continuous analysis,feature iteration,and change management are required to develop and maintain success

41、ful digital commerce.This insight underscores another similarity between the two respondent groups.Both consumer brands and industrial manufacturers are missing the incredible omnichannel opportunity offered by PIM and DAM,especially when used in tandem.These data points are brought into better cont

42、ext when examining factors outside of PIM and DAM within the multichannel ecosystem.When asked to compare their own digital maturity to competitors,very few respondents defined themselves as leaders.In fact,nearly half feel behind and less than 30%feel on par with competitors.This data exposes a cor

43、e issue.Do you believe your current digital maturity is on par with your competition?Base:1952.6%5.6%18.5%7.2%37.4%28.7%Somewhat ahead of our competitionVery much ahead of our competitionOn parSomewhat behind our competitionVery behind our competitionNot sure12Key takeawaysTwo distinct users of PIM

44、and DAM emergeOur findings indicate a clear divide between PIM and DAM implementation drivers,with users falling into two groups:Advanced Users and Foundational Users.Furthermore,when overlaid with publicly available financial data,the data from this study indicates that companies that use PIM for s

45、trategic growth see increased revenue YoY.(A similar analysis for DAM was inconclusive due to the smaller number of publicly traded companies responding.)Advanced PIM UsersEnhanced marketing capacitySyndicationIncreasing automationCost savingsProcess efficiencySingle source of truthIncreasing automa

46、tionAdvanced DAM UsersEnhanced marketing capacitySyndicationRights&licensing managementImproving speed to marketOrganization of product dataReducing human errorCost savingsProcess efficiencyCentralized assetsReducing human errorOrganization of mediaTracking analytics of assetsFoundational PIM UsersF

47、oundational DAM Users13Users who fall into the Advanced PIM Users group picked syndication and/or enhanced marketing capability as drivers for implementing PIM.These drivers indicate the companys focus on bringing more products to market,rather than simply a“single source of truth”for product data.T

48、hese same users are tied to higher levels of company performance,compared to other PIM users or those without PIM.Positive or very positive performanceBase:10668%49%AdvancedPIM UsersOtherPIM Users39%more likelyPositive or very positive performanceBase:8273%54%AdvancedDAM UsersOtherDAM Users36%more l

49、ikelyAdvanced DAM Users included syndication,enhanced marketing capability,and/or rights and licensing management as drivers for DAM.These drivers are also associated with increased revenue and risk reduction,rather than simply wanting a central place for media assets.These same users are tied to hi

50、gher levels of company performance compared to Foundational DAM Users or those without DAM.In addition to the company performance data provided within the data set of this study,we also examined financial statements from the publicly traded companies that included respondents to the survey.Although

51、the sample size was small,the data suggests a trend of both a higher YOY growth rate of revenues and a lower SG&A growth rate.This was over one-,three-,and five-year periods for companies that responded with the Advanced PIM and Advanced DAM user characteristics.Further study is planned to validate.

52、“Companies that invest in PIM think that having a powerful PIM is the solution and it will work automatically.Theyre not seeing a massive increase in revenue until they invest in making the experience better.-Stephen Peckous,Hyster-Yale Group14Implications of PIM and DAM based on bottom-line savings

53、Many companies purchase PIM to become their single source of truth for product dataa wise investment,but the strategic vision for supporting their full PXM strategy ends there.These same companies see DAM as a mere marketing tool,often operated in a siloed approach.These companies do not consider so

54、ftware investments relevant to long-term growth.Rather,they consider PIM and DAM in terms of their most foundational functionality.Through that lens,these systems will never live up to the potential of the technology or the desires of todays buyers.Additionally we also investigated the relationship

55、between company performance and digital maturity.We observed that companies who reported higher levels of digital maturity also reported more positive company performance.Since we also know that Advanced PIM and DAM users are typically more digitally mature,we can infer that advanced usage of these

56、platforms may contribute to more positive company performance.Positive or very positive performanceBase:19563%49%High digital maturityLow digital maturity29%more likelyTo achieve top-line growth with PIM and DAM,companies need consistent top-down support,including executive sponsors and PXM evangeli

57、sts.Entire companies must shift to prioritize optimal product processes,automation of product information,and syndication to downstream channels.Becoming a leader in digital commerceAI application to PIM and DAM processes Syndication of data between internal systemsAutomation of data&assets to downs

58、tream channelsReturn on PIM and DAM investmentsSales growth15Advantages of a top-line growth approach to PIM and DAMAcross the board,Advanced PIM companies also see PIM as the central source of truth for product data.However,they approach decision-making through the bigger picture.They see how PIM c

59、an help scale their business into more channels faster,providing richer experiences for buyers.Advanced PIM businesses establish long-term plans for PIM,using product data governance and to ensure data accuracy internally and externally.They train their product,ecommerce,marketing,and IT teams to wo

60、rk cross-functionally to enrich and maintain product data.They break down departmental silos in pursuit of growth and innovation.digital shelf analyticsAdvanced DAM companies have a strong yet balanced focus on operational efficiency and customer experience,driven from the top.They want to remove hu

61、rdles for marketing teams so they can focus on campaigns that sell.They want to reduce the number of IT requests coming through and empower team members across all departments.Advanced PIM and DAM companies are digitally mature.They understand how and where their customers shop and create consistent

62、 product experiences at every touchpoint.They build agile infrastructure that can adapt to new challenges and regulations as they arise.That way,they can market and sell products across more channels,faster than ever.The data in this study clearly indicate that digital commerce leaders invest in PIM

63、 and DAM systems to improve and advance their product ecosystems.This is a crucial consideration for companies reassessing their product technology stacks in the months and years ahead.As an IT leader,I try to identify the champion who will use the PIM or DAM and manage it long-term.As you layer in

64、these new platforms,you have to know if there is someone in place to take over and own it.It helps with adoption and long-term success.-Jeff Beyer,CTO of SATCO/NUVO16Customer product experience B2B and B2C customers expect seamless shopping experiences.In fact,will leverage multiple channels during

65、their purchase journey,and the more channels leveraged,the more that customer spends on average.For example,furniture customers often scroll through three or four retail sites,browse Amazon and Wayfair,and try products in store.They read online reviews and consult friends and family before ultimatel

66、y purchasing on the brands ecommerce site.Similarly,a B2B buyer considering a piece of heavy equipment may research or select aftermarket parts on their dealer website,their distributors,or go straight to the manufacturers B2B ecommerce portal.73%of customersonline catalogDigital commerce leaders sy

67、ndicate product data and digital assets to ensure optimal product experiences across all channels.Internal user product experience Three in five software buyers within the first 1.5 years.One big driver of this is that companies can lack proper staffing,onboarding,and training.IT projects,including

68、critical ones like ecommerce,PIM,and DAM,are transformative and not merely technological upgrades.Companies often underestimate the resources required to upgrade PIM or DAM,resulting in projects with unanticipated delays and poor adoption.regret their purchase Digital commerce leaders staff PIM and

69、DAM initiatives to ensure they add value in the short-and long-term.Becoming a digital commerce leader Digital commerce leaders are customer-focused and product-led.They create optimal product experiences for every person who interacts with their productsinternal or external,across all channels.17Re

70、tailer/marketplace product experience Consumer product brands must consider not only their customer preferences,but those of each retailer and marketplace.Their requirements for data and assets continuously evolve.If sent in the wrong format,it is often rejected,leading to gaps in data and images on

71、 product detail pagesand ultimately,lost sales or dissatisfied customers.Digital commerce leaders plan for changing requirements and manage them with syndication.Dealer/distributor product experience Industrial product manufacturers must consider how their dealers and distributors sell products to e

72、nd users.PIM and DAM must automate data and assets to distributor portals and product catalogs alike.Digital commerce leaders ensure that accurate product data and assets are available to downstream partners in real-time.Ecommerce product experience Customer expectations are highest on a companys ow

73、n ecommerce site.Companies that anticipate and answer the needs of customers here will secure sales and.foster loyaltyDigital commerce leaders use PIM and DAM to power their ecommerce sites.Digital shelf analytics Across all channels,each product page must be complete and accurate.To achieve this,th

74、ey need regular monitoring using and all errors must be addressed in a timely manner using PIM and DAM.digital shelf analyticsDigital commerce leaders track and ensure accuracy across all channels for the end user and product experience.18Conclusion Businesses that make and sell products must master

75、 digital commerce to keep up with a rapidly evolving industry.The findings in this study illuminate what we see in the market each day:Those that focus on PXM strategies for top-line growth will thrive and become leaders in their respective industries.Digital commerce leaders use PIM and DAM to grow

76、 their business.Faster product launchesFaster retailer/marketplacelaunchesFaster dealer/distributorlaunchesReal-time data across all channels19Improved marketing campaignperformanceExtended life and lifetime value of a customerRich product experiences across all touchpointsMeasurable ROI on PIM and DAM investmentsFor more information,email or