84% of US retailers indicate that they have or plan to increase investments in online channels, according to a new report from APT, with research and analysis from The Economist Intelligence Unit. Findings also show that a majority of respondents aim to drive business across channels through online promotions of in-store sales, and vice versa.
Meanwhile, by 2025, traditional financial institutions (FIs) could see profits decline 20-60% if they fail to evolve digitally. And more generally, internet ad spending is forecasted to be the biggest ad medium in the US in 2017 – even topping television – with an expected investment of $69 billion.
It is likely not news to most organizations that digital channels are becoming increasingly critical, and that investments in this area are growing as well. Across industries, companies from retailers to banks and more are already aware that they need to grow their digital offerings to keep up with consumer demand. Their response is frequently to funnel more resources into mobile apps and online platforms; for example, 75% of APT report respondents say they have increased their investments in online channels.