Forrester’s new research explores consumer trends that will define B2C firms’ marketing policies over the next decade.
As consumers get empowered and are no longer overlooking price and convenience when purchasing, B2C brands must innovate to meet consumer demands. The report found that marketplaces like Amazon may enjoy diminished customer loyalty with 44% of US adults in 2020 saying they are indifferent to online marketplaces.
With consumers wanting to buy or test products before purchasing, B2C firms must recreate the traditional consumers’ journey. Companies must develop new business models via alternative revenue streams, expanded partnerships and new channels or face elimination.
Sucharita Kodali, Forrester, says, companies should “discard orthodoxies around pricing, distribution, promotions and products.” Further, brands should focus on privacy, security, and data ethics in corporate social responsibility, as consumers consider these essential to corporate values.
[2 minute read]