Five Business Trends to Prepare for in 2023

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Five Business Trends to Prepare for in 2023 | FutureBusiness

A new year brings evaluation of the previous one, and a new focus on the trends that are expected to make an impact. For 2023, businesses in industries across the globe are looking forward as the world continues to change around them, sometimes for the better – and sometimes for the worst.

Knowing and understanding what is going to impact your business is vital for success – it’s important that your strategic planning considers global events, changes in your industry, developments in resourcing and processing, and ultimately – what your end users want, need, and expect from you.

In this article, we’re going to look at 5 incoming business trends that are expected to make, or continue to make, an impact on industries across the globe in this coming year.

Company Culture and the Workplace Needs to Be Top Class

With continued focus on Environmental, Social, Governance (ESG) issues, there is a continued trend in evaluating, adjusting, and changing company culture, to ensure that workers are protected, appreciated, and treated fairly. How your company operates, and the way in which it treats its staff is crucial – not only for maintaining a highly-skilled workforce, but for sourcing upcoming talent, interacting with other businesses, and appealing to investors or obtaining financial assistance.

Digital Transformation will Accelerate

Innovative and transformative technologies will continue to change the way in which businesses function, both in how they operate internally – and how they engage with customers. Technology such as Virtual Reality (VR), Augmented Reality (AR), and online communication, with hybrid remote working will continue to enhance and fundamentally change business operations.

Sustainability is a Critical Issue

With targets set for 2030 and 2050 by worldwide organisations, there is a continued focus on businesses redefining their practices and operating processes and becoming more sustainable.
Employees, customers, and investors alike, are increasingly more likely to engage positively with companies that are making environmentally friendly decisions, and actively working on their sustainability plans.

Immersive Customer Experience is Increasing

Customer experience (CX) is essential, 86% of customers are willing to pay more for superior CX, and up to a 16% price premium following a positive experience; and the trend of technology being involved in providing this continues to grow.
The upwards trend towards CX has seen brands such as Adobe and Adweek appointing Chief Experience Officers (CXO) in order to ensure CX is covered as a fundamental part of their operational strategy.

Supply Chains are Going Green

With ESG and Sustainability playing enormous roles in business development and change, it’s unsurprising to see a trend towards green supply chains. Businesses want to be sure that their suppliers are a good fit for their vision and values and are making changes to the way in which goods, services, and products are developed and transported through the supply chain.
This trend is also being considered from a financial perspective, as optimising the process, making changes to cheaper resources or packing, and streamlining delivery can all serve as cost-cutting measures.

2023 is set to bring a lot of technological and environmental changes to companies, businesses, and industries around the world, and will continue to be affected by the wider world at large. The implementation and success of these trends largely depends on uninterrupted business, and no catastrophic global events (such as the COVID-19 pandemic of 2020).

Taking the time to evaluate what trends are impacting your business, working out what is cost effective, appropriate, and a good move for your business is essential.

When you’re building your strategy for 2023, it’s important to:

  • Research the current state of your industry (locally, nationally, and globally)
  • Determine how the change will affect your purpose or product positioning
  • Identify whether the change is financially viable, and suitable for the wants and needs of your customers
  • Evaluate what your competitors are doing, and what is (and isn’t) working for them

Once you’ve made your strategic changes, it is essential that you monitor the progress, and gather data together – determine what metrics and Key Performance Indicators (KPIs) are appropriate before you begin.

The data that you gather from your projects, can be used to enhance your business on multiple levels – marketing, sales, development, product sourcing, etc. How you handle the incoming trends, and the path you set now, will determine which direction you take in 2023, and whether you’re leading to success or not.

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