You're trying to set a default value of a Formatted Text field type, but is not able due to the error message "Default value exceeds the allowed text length limit; reduce text length.".
SAP Hybris Cloud For Customer
You surpassed the allowed limit of characters for the field default value.
As this is a String type field, things like HTML tags, paragraph tags, character types, new lines, among other things have to be considered when setting the default value since it will all count for the limit.
The character limit for the default value of a Formatted Text field type may then vary between 40 to 50 characters.
Reduce the number of characters on your text to match the limit.
Formatted Text, Default Value, Exceed Limit, Allowed Text Length Limit, Extensibility , KBA , AP-RC-UIF-FLX , Page Layout & Key User Configuration , Problem