Disruption on the Horizon. Stay on target.
The biggest challenge brands face is knowing that they’re focusing on the right areas and our research would suggest they are missing the mark. While most business owners (78%) say they have the necessary resources to serve and retain customers, they may not be investing where consumers need them to1.
Consumers want practicality from their brands meaning a focus on affordability, clear and detailed product information, trusted reviews from other customers, guarantees about authenticity and protection from counterfeits. But brands seem keener on wider purpose and innovation, sustainability and social awareness. They also want to be seen as cutting edge and innovation can’t stand still but, in this uncertain climate, brands must refocus to match their consumers’ changing needs.
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1 Forrester Consulting survey commissioned by PayPal, PayPal Evolution of commerce insights 2023. n=507, 5 markets: the US, UK, Australia, Germany, and France. Online survey of global merchants (18+ senior decision-makers responsible for their business’s growth, customer experience, and innovation) between November 2022-January 2023