In a study commissioned by Mastercard, Forrester Consulting surveyed 326 decision-makers at retailers around the world to assess how revenue diversification strategies can unlock sustainable growth.
Forrester’s survey found that 65% of retail decision-makers are finding it harder to respond to rapidly changing consumer expectations than in previous years. Against this backdrop, 76% of retailers agree that finding new ways to generate revenue outside traditional methods is essential. This is where revenue diversification comes into play, which is defined as creating new revenue streams outside the core business, such as extending into new products or monetizing data.
This study highlights findings on:
- Top strategic priorities for retailers
- Mounting challenges, including rapidly changing consumer expectations
- How revenue diversification strategies can drive growth
- The importance of testing new strategies on a small scale
- Expected benefits of data solutions and partnerships
The study also highlights regional nuances and best practices for implementing revenue diversification strategies. Download the 2024 study now to learn more.
