CAMBRIDGE, Mass., October 25, 2022 /PRNewswire/ — According to Forrester’s (Nasdaq: FORR) 2023 Forecasts released today, trust will be at the forefront of organizations’ business activities next year as business and technology leaders focus on priority of long-term development. Current factors such as 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 adverse title.
Companies that gain greater trust with consumers and employees drive loyalty behaviors such as retention and advocacy, helping to ensure resilience 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 tracking. Forrester predicts that many companies will be hit with millions in greenwashing fines, while a C-level executive will be fired because their company uses employee tracking.
Forrester’s forecasts analyze dynamics and trends across a variety of topics and industries, including technology and innovation, customer experience (CX), the metacluster, artificial intelligence and automation, and the future of work. This information helps business and technology leaders see around the corner and gain a competitive edge to thrive in the coming year.
Highlights from Forrester’s 2023 predictions include:
- Trust in consumer technology companies will drop by 15%. Declining reliance on technology, coupled with tech company scandals, the inability to protect users from emerging risks, and the lack of effective ethical measures in their digital environment, will gradually erode consumer trust.
- At least 10 companies will be charged 5 million dollars or more in greenwashing fines. Greenwashing scrutiny from skeptical consumers and empowered 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 artificial intelligence to monitor the productivity of working from home will hit the confidence of employers. The growing use of artificial intelligence by companies and business leaders to monitor the productivity of knowledge workers will result in more than half of workers actively seeking new opportunities in new organizations in the coming year, Forrester finds. Employee mistrust will be further fueled by the 40% of companies working in hybrid networks that try—and fail—to undo their workplace policies.
- Banks will lose consumer confidence during economic turmoil. Consumer trust in banks is falling for the first time in several years, as many consumers believe their bank lacks empathy and is not following the lessons learned from the pandemic, according to Forrester.
- Citizens’ trust in government will increase in the US. In 2023, the US will rely on credibility – a government’s ability to keep people safe, promote economic growth and ensure an effective recovery from crisis – as a key driver of trust, while investing heavily in trust drivers such as accountability, competence and transparency.
“In 2023, successful leaders will focus on eliminating wasteful efforts and prioritize long-term growth,” he said. Sharyn Leaver, principal researcher at Forrester. “Building trust among customers, employees and partners is a critical component of this long-term growth. When individuals have more trust in companies, they are more deeply committed and more willing to forgive a company’s mistakes. In making smart investments, By focusing on their organization’s mission and strengths, and building long-term trust with customers and employees, leaders will fuel their companies’ resilience for the future.”
- download Forrester’s free 2023 Predictions guide, covering 12 high-impact predictions for the coming year.
- Visit Forrester’s 2023 Forecasts hub to explore additional resources.
- Register to attend the Forrester Security & Risk and Data Strategy & Insights forums, where analysts will reveal these critical dynamics for the coming year.
Forrester (Nasdaq: FORR) is one of the most influential research and consulting firms in the world. We help leaders in technology, customer experience, digital, marketing, sales and product operations use customer obsession to accelerate growth. Through Forrester’s exclusive research, consulting and events, leaders 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 methodologies, including Forrester Wave™ assessments; 70 million real-time feedback votes. and the shared wisdom of our customers.
Forrester Research, Inc.