[Webinar Recap] Forrester Predictions 2023: Fortune Favors The Bold And Focused
The Metaverse, customer data, and budgets, oh my! Attendees of our recent Blue Acorn iCi and Adobe Lunch and Digital Series, Forrester Predictions 2023: Fortune Favors The Bold And Focused, were able to get a glimpse into the future and learn which digital trends will become a reality in 2023.
Happen to miss this insightful conversation? You can still grab your crystal ball and join in on the fun! Below is a recap from the event, featuring Forrester vice president and principal analyst, Ted Schadler and some insight from a few Blue Acorn iCi subject matter experts.
Predictions to Keep Top of Mind
Forrester predicts more of a return to normalcy in 2023 with a tightening of wallets as people prioritize things that truly matter. These two shifts will influence what consumers want and impact commerce experiences.
Consumers Will Blend Digital Fluidity With Old Fashioned Familiarity
People will want to go back into stores and connect in person as things return to normal.
Experiences like BOPIS will continue to grow because of the expectations set during the pandemic. Expect a rise in blended experiences as the best of digital and physical continue to come together.
“Online-only brands need to think about physical strategies,” Ted Schadler noted. While some categories will be fine, customers will want to see and touch the product before they buy it. Take a look at Warby Parker and Allbirds as two brands blending both experiences successfully.
Payment Innovation Teams Will Clash
The boring will beat the dazzling, and we’ll begin to think about payments as part of the customer journey. If companies can think about payments in a creative way, it will unlock additional value.
“Instead of having a horizontal service that everyone uses to transact, we’ll start thinking about how payments intersect within the customer journey,” explained Schadler.
Brands Will Add Entertainment to the Front of Their Direct-To-Consumer Playbooks
Look for more relevant ads as we’re being entertained. There’s a link between audience, advertisement, and entertainment, and it’s starting to come together.
“This type of advertising is already starting with Amazon, and I’m sure we’ll see other streaming services do this, such as Netflix or Disney,” Schadler expressed.
Three Suppliers and Distributors Will Launch Ventures to Build Industrial Endless Aisles
Many B2C or consumer market aspects are coming into parts of the industrial supply chain. Companies such as Amazon, Target, and Walmart have many SKUs, but this is not the case for the industrial sector. In 2023, anticipate three distributors to build multiple supplier relationships that will allow them to always have the inventory, stock, and SKUs somebody wants.
There Will Be a Change in How Marketers Think About Customer Data That Drives Their Business
Privacy will continue to be a critical consumer value. By the end of 2023, Forrester predicts that 75% of Californians will have asked firms to stop selling their data, meaning more of a focus on first-party data and protecting customer interests.
Chase Bruch, Blue Acorn iCi’s VP of Analytics and Optimization, agrees with Forrester’s prediction. “Our team is working to understand better ways to lean into first-party data opportunities to build ecosystems that are less reliant on third-party data. We encourage clients to audit and map how many third-party tags are used on their sites,” Bruch stated.
What About the Metaverse?
There’s a lot of buzz around the Metaverse, but we’re still waiting on its Pokémon Go moment. Although we’re not there yet, the foundations are starting to come into focus.
“When Pokémon Go became popular in 2016, it was an energetic moment, and we’re a long way from that in the Metaverse,” Schadler explained. “On the other hand, Roblox is growing rapidly, and its ability to bring virtual experience into Roblox feels like a powerful force of change.”
Chris Guerra, Blue Acorn iCi’s Co-CEO, said, “The future of Metaverse economy is the purchasing of real-life products combined with a digital asset purchase. I think this will be fueled by Millennials and Gen Zers who are highly engaged with games like Fornite. But I agree, no major Metaverse moments in 2023.”
Will Budgets Tighten?
Budgets might not get slashed in 2023, but expensive experiments or new builds will be more limited. It will be tough to justify tests that could potentially harm the customer experience. Stay focused on current successes and invest in projects with a longer-term payoff.
Overall, 2023 should be another growth year for commerce strategies, with creative commerce leading the way to a better experience for all. Use the predictions discussed during this webinar to your advantage. If you want to improve your digital experiences in 2023, learn how Blue Acorn iCi can help. Contact us today.
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