A commissioned study conducted on behalf
of VTEX also found that customers achieved 133% ROI over three
years
NEW
YORK, Oct. 11, 2023 /PRNewswire/
-- VTEX (NYSE: VTEX), the global enterprise digital
commerce platform, today announced it delivered USD 5.8M cost savings to merchants that migrated
from legacy systems, among other results presented in the
September 2023 Total Economic Impact™
(TEI), a commissioned study conducted by Forrester Consulting on
behalf of VTEX. Organizations that deployed the VTEX platform
benefited from its enhanced security, scalability, and ability to
support multiple business models.
Even in challenging economic times, with rising interest rates,
higher borrowing costs, and economic slowdown, among many others,
from interviewing VTEX's enterprise customers, the study found the
following quantified benefits over three years:
- Legacy digital commerce platform cost savings: USD 5.8 million
- Return on investment of 133%
- Developer and platform support efficiency: savings from 20% in
year one to 50% in year three
- Ecommerce business growth yields an additional USD 17.1 million
- Marketing operations efficiency: savings from 20% in year one
to 50% in year three
The study delves into the challenges retailers and
direct-to-consumer businesses face right now—whether high costs or
complex business models—highlighting the need to keep up with
quickly evolving customer expectations. At the same time, most are
relying on patchwork, antiquated legacy solutions that require
expensive upkeep, hard-to-find dedicated internal talent, and fail
to deliver rapid, real-time innovation.
"The beauty of VTEX is the ability to pick and choose what we
want and don't want," said the Chief Digital Officer of a grocery
retailer interviewed by Forrester Consulting for this study. "That
buys us time, gives us optionality, and allows us to build the best
economic model. We don't have to worry about building capability.
This allows us to focus on the things that are the difference
makers for the business."
With profitability a primary focus for retailers and
manufacturers today, a pragmatic and realistic approach to digital
commerce focusing on evaluating the best strategies to reduce costs
and increase revenue is key. Businesses must adopt a modern
approach to using efficient, effective, and easy-to-maintain
technology—allowing them to create the most personalized customer
experiences and promote sustainable, long-term business growth and
success.
"More than just unrelatable statistics, this study offers a
clear framework to assist our customers in evaluating their current
operation and envisioning what it can be," said Santiago Naranjo, Chief Revenue Officer (CRO) at
VTEX. "In today's world, there is no reason for merchants to
allocate a significant portion of their GMV to legacy platforms
maintenance when they can redirect these resources towards
initiatives that boost sales and operational efficiency. VTEX's
composable and complete digital commerce platform allows
enterprises to take a pragmatic approach to their IT investments by
combining a wide array of native functionalities with third-party
best-of-breed solutions. This means increased profitability and
substantial ROI."
Methodology
Forrester interviewed four enterprise retailers using the VTEX
digital commerce platform to obtain data concerning costs,
benefits, and risks. Then, it created a composite organization
based on their profiles. As described in the TEI, "Prior to
adopting VTEX, the interviewees noted that their organizations
recognized the need to transform their ecommerce strategy but found
that their legacy platforms held them back. Lack of internal talent
and cost pressures drove these organizations to seek a composable
yet complete solution that could deliver agility and adaptability
at a good value".
To read the complete Total Economic Impact™ (TEI), commissioned
study conducted by Forrester Consulting on behalf of VTEX, click
here (or type bit.ly/TEIofVTEX). For more information about
VTEX, its composable and complete commerce capabilities, and its
work with some of the world's largest brands, please visit
vtex.com.
About VTEX
VTEX (NYSE: VTEX) is the enterprise digital commerce platform where
forward-thinking CEOs and CIOs smarten up their investments. Our
composable and complete platform helps brands and retailers
modernize their stack and reduce maintenance costs by rapidly
migrating from legacy systems, connecting their entire value chain,
and making inventory and fulfillment their strength.
As a leader in digital commerce, VTEX is trusted by more than 2,600
B2C and B2B customers, including Carrefour, Colgate, Motorola,
Sony, Stanley Black & Decker,
and Whirlpool, having over 3,400 active online stores across 38
countries (as of FY ended on December 31,
2022). For more information, visit www.vtex.com.
Press Contacts for VTEX
vtex@walkersands.com
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SOURCE VTEX