Operational inefficiencies
Outdated systems lead to inefficiencies like slower order fulfillment or manual inventory management. According to Forrester, these inefficiencies can inflate costs by as much as 30%, reducing overall profitability and increasing labor expenses.
Time for essentials
#7 Cart abandonment
Poor user experiences on older platforms are a major driver of cart abandonment, which can soar to 70-75%. For example, if your average cart value is $100 and you hungary telegram screening see 1,000 carts abandoned each month, a better user experience could recover $70,000 to $75,000 in monthly revenue.
#8 Lost growth opportunities
A 2021 McKinsey report revealed that businesses failing to modernize risk losing 15-20% of their market share to competitors within five years. In competitive industries, this could translate into millions in lost revenue.
If you’re seeking investment or preparing for acquisition, outdated technology could reduce your business’s valuation. Potential investors or buyers may see your platform as a costly liability. Accordingly, PwC recommends that companies evaluate their IT landscape at an early stage in order to identify risks and opportunities for improvement.