Businesses have faced huge challenges and have undergone an incredible amount of change over the past few years, and this won’t slow down in 2023. Businesses will have to deal with the aftereffects of the global pandemic, Russia’s invasion of Ukraine, economic challenges, as well as an ever-faster development of technologies.
Here are the trends I believe will have the biggest impact on the way we work and do business in 2023.
1. Work from home
How does your business consider this new way of working? Does it make it easier for people to access the things they need from the comfort of their home? Do you also offer friendly, in-person customer service for those customers who want to meet you face-to-face?
There are also multiple benefits to running a business remotely including reduced heating, electricity and office related costs, less time commuting (also better for the environment), and you’re able to recruit the best talent from around the world without being restricted by location.
Ultimately, with the increase of digitalisation, this business trend is around to stay and will continue to grow.
2. UGC and user reviews
You might have noticed companies are trying to adopt a more ‘human’ and ‘relatable’ tone of voice on social media through memes and UGC (user-generated content). There are multiple reasons for this, but the important focus here is noticing the trends. And understanding that it’s because their customers are valuing UGC and customers reviews more than ever.
Ensuring customers can see that past customers have had a positive experience with your services or product, encourages them to feel confident when making their purchase.
92% of people will hesitate to complete a purchase when there are absolutely no reviews available.
3. Sustainability and going green
More and more businesses are incorporaiting sustainable policies and doing more to show they are working to protect our environment. It’s important to think about why.
Ultimately, a primary reason is due to the imminent influence of climate change, but businesses wouldn’t be going to this effort without a drive and want from their customers. More businesses are doing so, because customers are now more likely to purchase from businesses who demonstrate they are operating ethically.
“A recent survey of over 1,000 adults revealed striking evidence that two-thirds (66%) are willing to pay more for sustainable products, despite a growing gap in consumer trust of corporations.” (Source – www.sustainablebrands.com)
4. Increasing niche markets
With the rise of social media, it’s now easier than ever to find the specific thing you like and want to see more of. Ultimately, niche businesses are on the rise.
More businesses are now catering to specific dietary requirements such as vegan, gluten free, vegetarian, and dairy free. Other categories include the LGBTQ+ community, people who are very environmentally conscious, people who work from home, and so on.
When starting a new business, often they will operate very broadly, with the aim of getting as many clients as possible to get them started. But once you’re running an established business, you’ll be able to niche down more to a specific target audience. If you successfully tap into a particular niche, this can be far more profitable than operating broadly. Getting your messaging across to just 1 target audience is also easier.
5. Social responsibility
Still fitting within the ethical theme, more consumers are now very socially conscious just like they are environmentally conscious. Today, around 92% of millennials prefer buying from ethical brands.
Younger generations appear to be more concerned with corporate and business ethics and if you want your business to survive, it’s important to ensure you are giving your target audience what they want.
It’s important to ensure you’re being authentic with your ‘green’ messaging and campaigns, because if your customers find out you’re being untruthful, it can have very negative repercussions for a business’ reputation.
