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INDEPENDENT RESEARCH FINDS MIDMARKET, B2B SELLERS PREFER A UNIFIED APPROACH FOR THEIR ECOMMERCE SOLUTION TO ENABLE OMNICHANNEL SUCCESS

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INDEPENDENT RESEARCH FINDS MIDMARKET, B2B SELLERS PREFER A UNIFIED APPROACH FOR THEIR ECOMMERCE SOLUTION TO ENABLE OMNICHANNEL SUCCESS

Study reports 62 percent of midmarket, B2B sellers planning an ecommerce purchase intend to adopt an integrated solution

NetSuite Inc. (NYSE: N), the industry’s leading provider ofcloud financials / ERPandomnichannel commerce software suites, today announced that 62 percent of midmarket, business sellers considering their next ecommerce investment, plan to purchase a unified, single-stack solution for their ecommerce and back-office systems such as ERP, CRM, and inventory/order management, according to a study from Forrester Consulting commissioned by NetSuite. Survey respondents ranked better customer experience, improved cost savings and the agility to remain competitive as top reasons for migrating customers to their ecommerce channel.

The study,“Tomorrow’s Midmarket B2B eCommerce Will Take Place in the Cloud,”is the first of its kind to examine how midmarket, B2B sellers are responding to shifting customer preferences to engage and transact online. The study also found that most of these companies still use legacy, standalone ecommerce technology, which can limit their market agility and their ability to fulfill omnichannel customer expectations in the ever-changing world of the B2B buyer.

The study found that many midmarket, B2B sellers say their ecommerce  solutions have contributed to their growth in sales, new customer acquisitions and improved customer relationships. Businesses that adopted a single, unified solution to run their ecommerce and back-office systems reported experiencing even greater benefits. They were 19 percent more likely to say their ecommerce solution improved cross-sell and upsell revenue, and 14 percent more likely to credit their ecommerce solution with improving their overall profitability per customer. The B2B companies that adopted cloud-based, unified solutions did so to implement more quickly, reduce costs relative to on-premise systems, gain the agility to better respond to fast-changing market conditions, and scale more efficiently to help grow their business.

According to Forrester, businesses continue to respond to the shifting, B2B customer preferences of engaging and transacting online. Most B2B buyers prefer the online, do-it-yourself option of researching products and services, and find it more convenient to buy online versus from a sales representative. Therefore, many of the study’s respondents reported that they continue to experience higher online sales with less overhead, motivating them to make ecommerce a major investment priority and migrate more customers to their ecommerce website.

“Business sellers realize legacy, standalone ecommerce systems are unlikely to meet the evolving needs of their customers who want seamless, omnichannel buying experiences to engage and transact,” NetSuite’s General Manager of Commerce Products, Andy Lloyd said. “A cloud-based, unified solution can provide that experience, while streamlining business operations to grow profitably.”

Additional key findings from the study include:

B2B online sales continue to rise. About 72 percent of midmarket, B2B sellers derive at least 25 percent of their revenue from online channels.

Ecommerce leads technology priorities. Approximately 59 percent of companies surveyed have made ecommerce technology an investment priority for 2016.

Business sellers respond to customer demand. More than half of sellers reported focusing on ecommerce because their customers expect a high quality online shopping experience.

Unified approach drives higher satisfaction. Sellers that deployed a unified platform reported higher satisfaction levels by enabling customer self-service, acquired new customers, and eased the burdens of tracking orders and managing fulfillment.

Cloud on par with on-premise. Nearly half (48 percent), of midmarket, B2B companies were running on or transitioning to a cloud-based ecommerce solution.

B2B ecommerce market expanding. Forrester estimates that US B2B ecommerce will grow from $780 billion in 2015 to $1.13 trillion by 2020. Forty-two percent of sellers in the study expect at least half of their customers to be buying from them online within the next three years.

Forrester Consulting conducted the NetSuite-commissioned research in January 2016 by administering an international online survey to 352 midmarket, B2B ecommerce decision makers, supplemented with three in-depth interviews.

Today, more than 30,000 companies and subsidiaries depend on NetSuite to run complex, mission-critical business processes globally in the cloud. Since its inception in 1998, NetSuite has established itself as the leading provider of cloud-based financials, enterprise resource planning (ERP) and omnichannel commerce software applications for businesses of all sizes. Many FORTUNE 100 companies rely on NetSuite to accelerate innovation and business transformation. NetSuite continues its success in delivering the best cloud business management software to businesses around the world, enabling them to lower IT costs significantly while increasing productivity as the global adoption of the cloud accelerates.

For more information about NetSuite, please visitwww.netsuite.com.

B2B Ecommerce Midmarket Infographic

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Sunak to use budget to expand apprenticeships in England

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Sunak to use budget to expand apprenticeships in England 1

LONDON (Reuters) – British finance minister Rishi Sunak will announce more funding for apprenticeships in England when he unveils his budget next week, the government said on Friday.

Employers taking part in the Apprenticeship Initiative Scheme will from April 1 receive 3,000 pounds ($4,179) for each apprentice hired, regardless of age – an increase on current grants of between 1,500 and 2,000 pounds depending on age.

The scheme will extended by six months until the end of September, the finance ministry said.

Sunak will also announce an extra 126 million pounds for traineeships for up to 43,000 placements.

Sunak’s March 3 budget will likely include a new round of spending to prop up the economy during what he hopes will be the last phase of lockdown, but he will also probably signal tax rises ahead to plug the huge hole in the public finances.

Sunak is also expected to announce a “flexi-job” apprenticeship scheme, whereby apprentices can join an agency and work for multiple employers in one sector, the finance ministry said.

“We know there’s more to do and it’s vital this continues throughout the next stage of our recovery, which is why I’m boosting support for these programmes, helping jobseekers and employers alike,” Sunak said in a statement.

(Reporting by Andy Bruce, editing by David Milliken)

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UK seeks G7 consensus on digital competition after Facebook blackout

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UK seeks G7 consensus on digital competition after Facebook blackout 2

LONDON (Reuters) – Britain is seeking to build a consensus among G7 nations on how to stop large technology companies exploiting their dominance, warning that there can be no repeat of Facebook’s one-week media blackout in Australia.

Facebook’s row with the Australian government over payment for local news, although now resolved, has increased international focus on the power wielded by tech corporations.

“We will hold these companies to account and bridge the gap between what they say they do and what happens in practice,” Britain’s digital minister Oliver Dowden said on Friday.

“We will prevent these firms from exploiting their dominance to the detriment of people and the businesses that rely on them.”

Dowden said recent events had strengthened his view that digital markets did not currently function properly.

He spoke after a meeting with Facebook’s Vice-President for Global Affairs, Nick Clegg, a former British deputy prime minister.

“I put these concerns to Facebook and set out our interest in levelling the playing field to enable proper commercial relationships to be formed. We must avoid such nuclear options being taken again,” Dowden said in a statement.

Facebook said in a statement that the call had been constructive, and that it had already struck commercial deals with most major publishers in Britain.

“Nick strongly agreed with the Secretary of State’s (Dowden’s) assertion that the government’s general preference is for companies to enter freely into proper commercial relationships with each other,” a Facebook spokesman said.

Britain will host a meeting of G7 leaders in June.

It is seeking to build consensus there for coordinated action toward “promoting competitive, innovative digital markets while protecting the free speech and journalism that underpin our democracy and precious liberties,” Dowden said.

The G7 comprises the United States, Japan, Britain, Germany, France, Italy and Canada, but Australia has also been invited.

Britain is working on a new competition regime aimed at giving consumers more control over their data, and introducing legislation that could regulate social media platforms to prevent the spread of illegal or extremist content and bullying.

(Reporting by William James; Editing by Gareth Jones and John Stonestreet)

 

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Britain to offer fast-track visas to bolster fintechs after Brexit

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Britain to offer fast-track visas to bolster fintechs after Brexit 3

By Huw Jones

LONDON (Reuters) – Britain said on Friday it would offer a fast-track visa scheme for jobs at high-growth companies after a government-backed review warned that financial technology firms will struggle with Brexit and tougher competition for global talent.

Finance minister Rishi Sunak said that now Britain has left the European Union, it wants to make sure its immigration system helps businesses attract the best hires.

“This new fast-track scale-up stream will make it easier for fintech firms to recruit innovators and job creators, who will help them grow,” Sunak said in a statement.

Over 40% of fintech staff in Britain come from overseas, and the new visa scheme, open to migrants with job offers at high-growth firms that are scaling up, will start in March 2022.

Brexit cut fintechs’ access to the EU single market and made it far harder to employ staff from the bloc, leaving Britain less attractive for the industry.

The review published on Friday and headed by Ron Kalifa, former CEO of payments fintech Worldpay, set out a “strategy and delivery model” that also includes a new 1 billion pound ($1.39 billion) start-up fund.

“It’s about underpinning financial services and our place in the world, and bringing innovation into mainstream banking,” Kalifa told Reuters.

Britain has a 10% share of the global fintech market, generating 11 billion pounds ($15.6 billion) in revenue.

The review said Brexit, heavy investment in fintech by Australia, Canada and Singapore, and the need to be nimbler as COVID-19 accelerates digitalisation of finance, all mean the sector’s future in Britain is not assured.

It also recommends more flexible listing rules for fintechs to catch up with New York.

“We recognise the need to make the UK attractive a more attractive location for IPOs,” said Britain’s financial services minister John Glen, adding that a separate review on listings rules would be published shortly.

“Those findings, along with Ron’s report today, should provide an excellent evidence base for further reform.”

SCALING UP

Britain pioneered “sandboxes” to allow fintechs to test products on real consumers under supervision, and the review says regulators should move to the next stage and set up “scale-boxes” to help fintechs navigate red tape to grow.

“It’s a question of knowing who to call when there’s a problem,” said Kay Swinburne, vice chair of financial services at consultants KPMG and a contributor to the review.

A UK fintech wanting to serve EU clients would have to open a hub in the bloc, an expensive undertaking for a start-up.

“Leaving the EU and access to the single market going away is a big deal, so the UK has to do something significant to make fintechs stay here,” Swinburne said.

The review seeks to join the dots on fintech policy across government departments and regulators, and marshal private sector efforts under a new Centre for Finance, Innovation and Technology (CFIT).

“There is no framework but bits of individual policies, and nowhere does it come together,” said Rachel Kent, a lawyer at Hogan Lovells and contributor to the review.

($1 = 0.7064 pounds)

(Reporting by Huw Jones; editing by Jane Merriman and John Stonestreet)

 

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