Businesses prioritise sustainability as they revaluate brand values

New Ideas in MarketingEssential news for marketers, summarised by YouGov
October 28, 2021, 2:08 AM GMT+0

Forrester’s 2022: Customer Experience report revealed that three-fifths of Fortune 500 companies have pledged to take climate action in 2021.

Companies could lose 50% of sales in 2022 due to backorders unless they offset the negative experiences with customer service. One of the most prevalent reasons why US consumers switch to a different retailer is product availability.

In-house substitutes for out-of-stock products and informing customers about the inventory ahead of time may help brands manage issues caused by supply chain disruptions. Brands that offer services like curb-side pickup via consumer insights will “successfully navigate the transition to the new normal”, notes the report.

With over 40% of Americans concerned about labour practices, companies are likely to review employees’ responsibilities. As brand value grows in importance, businesses are expected to shift their focus to environmental and sustainability issues.

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