Ecommerce is a priority for more manufacturers these days for a straightforward reason. They see it as their fastest growing channel.
Consider these metrics from a survey of 100 European manufacturers by Copperberg and Valtech for their report, The Voice of Digital Leaders in Manufacturing 2024.
- Three-quarters of manufacturers expect digital commerce to drive the most revenue growth in 2024.
- The top digital business goal for 82% of manufacturers in 2024 is increasing the share of wallet and revenue growth from existing customers.
- The number of manufacturers relying on ecommerce for aftermarket services has more than doubled. They’ve grown to 15% this year from 7% last year.
- Two-thirds of manufacturers are investing in customer portals this year. That compares to 50% of respondents from last year.
- 51% of manufacturers are concerned that rising costs of operations will pose a threat to their digital success in the new year.
Digital investments drive growth for manufacturers
“They (manufacturers) are also looking to improve their digital sales capabilities, with ecommerce remaining a top area of investment for 49% of respondents,” the report says. “This continued focus on ecommerce is consistent with the customer-centric approach and the profitability of setting up digital storefronts for online transactions.”
The channels that manufacturers expect to bring in significant growth in 2024 are increasingly digital. Three out of every four manufacturers (75%) cited ecommerce as the expected channel for revenue growth. The direct sales channel remains a strong contender, with 58% of respondents anticipating growth from it.
“Zooming in on the digital sales channels, it is interesting to see the big differences between manufacturers currently,” according to the report. “Especially in the aftermarket, the digital sales percentage can vary between 10% and sometimes more than 70%. This indicates many manufacturers still have a lot of potential to significantly grow their sales volume through digital channels.”
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