Infosys has launched its Digital Commerce Radar 2023, a global study on the elements of digital commerce that matter to companies, customers, and employees, and how they impact business performance. According to the study led by the Infosys Knowledge Institute, the thought leadership and research arm of Infosys, companies that are focused on personalization correlate with higher performance in customer, financial, strategic, and operational outcomes. The Digital Commerce Radar 2023 presents an analysis of the practices behind successful business outcomes leveraging superior digital experience and emphasizes on the need for companies to move beyond competitive pricing to customized offering.
The study involved a global survey of over 2,500 companies spanning 12 industries and considered 38 digital commerce capabilities focusing on critical aspects like organization structure, technology architecture, analytics, payments, system integration, and desired outcomes. Evidence from the study indicates that personalization backed by data and analytics, a flexible foundational architecture, and a tech- and business-centric combined leadership structure are important pegs for a successful digital commerce strategy.
90% of the respondents plan to adopt digital capabilities within the next two years, such as enabling e-commerce through websites and mobile apps, implementing marketing, SEO, chatbots, and automated systems.
As artificial intelligence (AI) progresses, automation is expected to revolutionize the digital commerce space, with nearly 80% of businesses planning to adopt different AI-driven capabilities, such as targeted and automated programmatic ad buying and immersive technology environments, in the coming years.
41% of companies have adopted a hybrid model, wherein they have centralized leadership involving both technology and business leaders and specialized digital commerce roles that are integrated into various business functions. Companies that have roles and responsibilities structured around products or value streams have a 50% higher likelihood of being at the forefront of rapid innovation and faster market entry.
Over 90% of companies plan to adopt microservices-based and application programming interface (API)-first architectures that enable seamless third-party integrations and the flexibility of digital experiences with open stack capabilities.