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
- 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
- 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.