CAMBRIDGE, Mass., October 25, 2022 /PRNewswire/ — According to Forrester’s (Nasdaq: FORR) 2023 predictions, released today, trust will be at the forefront of organizations’ business operations in the coming year as business and technology leaders focus on long-term growth priorities. Current factors, including economic and financial instability, geopolitical uncertainty, corporate scandals, and climate change, are undermining consumer trust in organizations – nearly 40% of US consumers will stop doing business with a brand after a damaging headline.
Firms that gain greater trust with customers and employees drive loyalty behaviors such as retention and advocacy, helping to ensure sustainability and long-term growth. As customer and employee distrust continues to grow, in 2023, regulators will step in and crack down on greenwashing, misinformation, and employee surveillance practices. Forrester predicts that some companies will pay millions in greenwashing fines, while C-level executives will be fired for the company’s use of employee surveillance.
Forrester’s predictions analyze dynamics and trends in different topics and industries, including technology and innovation, customer experience (CX), the metaverse, artificial intelligence and automation, and the future of work. These insights help business and technology leaders see around them and gain a competitive edge going forward in the year ahead.
Highlights from Forrester’s 2023 forecast include:
- Confidence in consumer technology companies will drop by 15%. The elimination of technological dependence, combined with the scandals of technology companies, the inability to protect users from emerging risks, and the lack of effective ethical measures in their digital environment, will gradually reduce consumer confidence.
- At least 10 companies will be covered $5 million or more in greenwashing fines. Greenwashing investigations from distrustful consumers and strengthened watchdogs will increase significantly, prompting regulators to target companies that spend more time and money marketing themselves as environmentally conscious than minimizing their environmental impact.
- The use of AI to monitor work-from-home productivity will destroy employer confidence. Rising firms and business-leaders use AI to track knowledge worker productivity will lead to more than half of employees actively looking for new opportunities in new organizations in the next year, Forrester found. Employee mistrust will be further fueled by the fact that 40% of companies that work hybrids have tried – and failed – to cancel employment policies everywhere.
- Banks will lose consumer confidence during economic turmoil. Consumer trust in banks is falling for the first time in years, as many consumers believe their banks lack empathy and are not following lessons learned from the pandemic, according to Forrester.
- Public trust in government will increase in the US. In 2023, the US will build dependency – the government’s ability to keep people safe, promote economic growth, and ensure effective recovery from crises – as a core lever of trust while also investing heavily in trust levers such as accountability, competence. , and transparency.
“In 2023, successful leaders will focus on eliminating wasteful business and prioritizing long-term growth,” he said. Sharyn Leaver, chief research officer at Forrester. “Building trust among customers, employees, and partners is a critical component to that long-term growth. When individuals have greater trust in the company, they are more engaged and more willing to forgive the company’s mistakes. In making smart investments, focus on the mission and excellence their organization, and establish long-term trust with customers and employees, leaders will fuel the resiliency of their firms for the future.
- Download Forrester’s 2023 Predictions complimentary guide, includes 12 big impact predictions for the coming year.
- Visit Forrester’s 2023 Predictions hub to explore additional resources.
- Register to attend Forrester’s Security & Risk Forum and Data Strategy & Insights, where analysts will unpack these critical dynamics for the year ahead.
Forrester (Nasdaq: FORR) is one of the world’s most influential consulting and advisory firms. We help leaders in technology, customer experience, digital, marketing, sales, and product functions use customer obsession to accelerate growth. Through Forrester’s proprietary research, consulting, and events, leaders from around the world are empowered to be bold at work — to navigate change and put their customers at the center of their leadership, strategy, and operations. Our unique insights are based on annual surveys of more than 700,000 consumers, business leaders, and technology leaders worldwide; rigorous and objective research methodology, including Forrester Wave™ evaluations; 70 million real-time feedback votes; and wisdom shared by our clients.
Forrester Research, Inc.