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Forrester's 2024 US Customer Experience Index reveals that CX quality in the US is at an all-time low for the third consecutive year. Only 3% of companies are truly customer-obsessed, which translates to 41% faster revenue growth, 49% faster profit growth, and 51% better customer retention. Key issues include poor digital experiences, ineffective customer and employee engagements, and economic and social concerns. All three dimensions of CX quality have declined, with effectiveness at 64% and ease at 66%. Despite these challenges, the airline industry showed improvement. The 'elite' brands, including Tesla and Chewy.com, struggled to maintain high CX standards. The study, based on feedback from over 98,000 US customers across 223 brands, underscores the importance of emotional connection in delivering high CX performance.
Forrester (Nasdaq: FORR) announced the appointment of Cory Munchbach, CEO of BlueConic, to its board, effective June 1, 2024. Cory brings extensive expertise in customer data platforms and has worked with Fortune 500 companies in the privacy-first era. She previously served as an analyst at Forrester, specializing in business and consumer technology trends. Her thought leadership is widely recognized, having been featured in leading publications such as Ad Age, Forbes, and Wired. Her addition to the Forrester board is expected to enhance the company's go-to-market strategy and bolster its Forrester Decisions portfolio. Forrester's CEO, George F. Colony, highlighted her operational experience and scientific marketing approach as pivotal assets for the company's growth.
Forrester (Nasdaq: FORR) forecasts global online retail sales to grow from $4.4 trillion in 2023 to $6.8 trillion by 2028, with an 8.9% CAGR. Despite this growth, 76% ($21.9 trillion) of global retail sales will remain offline. Advanced economies like the US, UK, and South Korea lead in e-commerce due to higher digital literacy and internet penetration. Emerging markets in Asia Pacific, Eastern Europe, and Latin America are rapidly catching up due to increasing smartphone adoption and mobile commerce.
In the US, online retail sales are projected to reach $1.6 trillion by 2028. Western Europe is expected to see online sales grow from $508 billion to $773 billion by 2028. Asia-Pacific will witness growth from $2.2 trillion to $3.2 trillion, with China leading the region. Southeast Asia's top six markets will see sales rise from $93 billion to $193 billion, driven by high CAGRs in the Philippines and Vietnam.
Forrester (Nasdaq: FORR) has announced Nedbank Retail and Business Banking as the winner of its 2024 Customer-Obsessed Enterprise Award for the Europe, Middle East, and Africa (EMEA) region. This award highlights organizations that prioritize customer-centric strategies to drive growth.
Nedbank will be recognized at the CX Summit EMEA in London and online from June 24-26, 2024. The bank was chosen for its significant investment in a comprehensive customer obsession program that fosters collaboration and systematic customer experience (CX) improvements.
Martin Gill, Forrester's VP and research director, will host the event and spotlight Nedbank's success in customer retention, profitability, and employee engagement due to their customer-focused culture. Attendees can expect to learn best practices and actionable advice from award recipients.
Forrester (Nasdaq: FORR) announced the winners of its 2024 Customer Obsession Awards. Prudential, Albertsons Companies, and T-Mobile are among the recipients honored for their exceptional customer-focused strategies. Prudential received the Customer-Obsessed Enterprise Award for its comprehensive customer-centric approach. Jill Pavlovich from Albertsons Companies and Jon Freier from T-Mobile were recognized for their leadership in enhancing digital and customer care experiences, respectively. The awards will be presented at the CX Summit North America, held in Nashville and digitally from June 17–20, 2024. Forrester highlighted the winners' achievements in fostering business growth through customer obsession.
Forrester presented new research at the B2B Summit North America, emphasizing the need for B2B firms to transform their revenue process in line with changing buyer behaviors. The Forrester Opportunity Lifecycle framework aims to align marketing, sales, and customer success functions to create meaningful interactions and sustainable growth. Customer-obsessed companies see higher revenue, profitability, and customer retention rates, highlighting the importance of putting customers first.
Forrester has opened nominations for its Security & Risk Enterprise Leadership Award, recognizing organizations for implementing successful security, privacy, and risk strategies that build trust with customers, employees, and partners. The award criteria focus on providing secure, private, and resilient customer offerings and quantifiably better outcomes for stakeholders. The deadline for nominations is October 4, 2024, with the winner announced before the Security & Risk Summit in December 2024.
Forrester Research, Inc. reported its 2024 first-quarter financial results, with contract value at $323.1 million, down 4% from the previous year. The company saw stabilization in CV retention metrics, an uptick in new business, and the rollout of Izola, its generative AI tool. However, first-quarter revenue decreased by 12%, mainly due to consulting headwinds. Forrester expects the momentum to pick up in Forrester Decisions as the year progresses. Total revenues for Q1 were $100.1 million, and the company's board authorized a $25 million increase in stock repurchase program.
Forrester announced the full conference agenda for its CX Summit EMEA event, focusing on leveraging generative AI tools to enhance customer experiences. The event will address the challenges of integrating human and AI experiences in the context of new regulations and cultural differences in Europe. Key sessions include topics on AI regulations, talent strategy in the age of AI, sustainability, and metrics alignment. Attendees can also participate in certification courses, leadership programs, and a GenAI Hackathon.
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