The Series B round for Witherspoon’s Draper James brand was led by San Francisco-based Forerunner Ventures.
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With conventional store and direct marketing sales not expected to fully rebound anytime soon, setting aside even more money for e-commerce technology or at least keeping current budget allocations intact is becoming a priority for merchants at all levels, the survey finds.
Even among the 27.6% of merchants that have no plans to increase their e-commerce budget this year, the survey reveals that 80% of retailers will keep funding levels the same and only 14% will reduce technology spending by more than 10%.
“Even before the economic downturn, more consumers were shifting away from stores and shopping more online,” says Kasey Lobaugh, retail analyst and principal with Deloitte Consulting LLP. “When the recovery fully takes hold, the growth will be driven by the web, and retailers that want to survive and grow need to fish where the fish are. Merchants with worn-out old systems won’t be the ones getting the business online. The ones that will are making a sound investment in better e-commerce technology now.”
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