The Skinny on Stickier Customers
COVID-19 has impacted the retail industry unevenly.
There are two key trends driving growth in commerce for 2020:
Trend 1: Consumer spending has firmly shifted online
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- 40% of consumers are spending much more online than before the pandemic.
- Verticals benefiting the most include groceries, cleaning supplies, healthcare-related products, and online entertainment.
Trend 2: Subscription revenue has become a bigger focus
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- 40% of commerce brands are now adopting or prioritizing recurring revenue-based business model
- Food, Beauty, and Pet products are already seeing as high as 279% increases in customer subscriptions
And here are Forrester’s Five Tenets of Sticky Subscriptions
Commerce Brands that Win:
- Add More Value Than The Status Quo
- Evolve The Value They Deliver To Their Customers Over Time
- Are Highly Personalized
- Live In An Ecosystem Of Value
- Appeal To Consumer Emotion
**Important: Each tenet is like a rower on a boat, if one isn’t there, the others must work harder!
For additional research and insights, please listen to our full webinar recording above.
Speakers
Greg Alvo
CEO and Founder of Ordergroove
Committed to making consumers’ lives easier with omnichannel solutions, and enables Relationship Commerce experiences for hundreds of brands and retailers.
Lily Varón, Guest Speaker
Forrester Sr. Analyst
Focuses her research on the strategies and technologies that firms need to win, serve, and retain customers in the age of digital business.
Greg Alvo
CEO and Founder of Ordergroove
Lily Varón, Guest Speaker
Forrester Sr. Analyst