Nogin (NASDAQ:NOGN) stock is on the move Thursday morning after the enterprise e-commerce company revealed results from a brand survey.
According to Nogin, those results show direct-to-consumer brand manufacturing leaders are seeking more from technology. The company notes only 27% of brands surveyed in the poll responded they were very satisfied with their current technology stacks.
To go along with that, 31% of the surveyed brands say their current technology is increasing customer lifetime value. Also, 35% said it’s ineffective at increasing customer conversations with predictive analytics. That’s despite 59% of respondents categorizing their tech as “intelligent” with at least one AI-driven capability.
Geoffrey Van Haeren, co-founder and CTO of Nogin, said the following about the study:
“To come out on top and build an ecommerce business with true staying power, brand manufacturers need a comprehensive, intelligent ecommerce platform — one that not only restarts growth through enterprise-level features like personalization, microtargeting and marketing automation, but delivers on consumers’ rising expectations and lays the foundation for scalable profitability.”
Why This Matters to NOGN Stock
Nogin is an intelligence commerce company that offers its own enterprise-class e-commerce technology platform. That includes integration with Shopify (NYSE:SHOP) Plus. This gives it a large stake in the market and opens it up to more brands seeking better tech.
With today’s news comes heavy trading of NOGN stock. As of this writing, more than 1.8 million shares have changed hands. To put that in perspective, the company’s daily average trading volume is closer to 141,000 shares.
NOGN stock is up 17% as of Thursday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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