5 Business Trends To Look Out For In 2023

As a business leader, embracing change is core to an organisation's growth for which keeping an eye open for the latest innovations is crucial. Check out these 5 business trends to look out for in 2020.

5 Business Trends To Look Out For In 2023

Whip smart entrepreneurs lay their foundation of the company on their vision and conform towards leadership qualities of planning for ahead. A new decade just around the corner, signifies forecasting time in the business world. Great leaders make it a priority to invest and embrace in understanding the present-day trends, markets, technology and consumer behaviour to use that as an opportunity and curate relevant strategies.

It is not the strongest or the most intelligent who will survive but those who can best manage change. - Charles Darwin

Business world can get quite competitive and it’s essential to be eagle-eyed to puzzle out the new “in”. With all that in mind, here are 5 impending business trends that are to steer growth and innovation in 2020 and beyond:

1.Focusing On The Millennials & Gen Z

Do not take these digital inborn lightly, they not just constitute as your prime consumers but also might steal your market! A staggering 66% of millennials want to begin their own businesses.

They’ve not encountered a world without digital presence, so everything they do, consume and participate in involves online platforms. This demographic particularly is influenced and relates more to popular influencers and transitioning your marketing to a digital platform is the best move to attain these users. Applications like Instagram and Tik Tok have gained monumental traction amongst them even way ahead of major social-networking sites like LinkedIn, Twitter and Pinterest. Now why is it that these apps specifically catch their attention? Well, Gen Z have an attention span of 8 seconds- 4 seconds less than millennials- so my advice and takeaway- be at your ace game with the content, or say goodbye as they scroll right past your advert.

Secondly, know that they’re passionate about issues, not institutions or big brands. Comprehend values that are core to them like sustainability, activism, social issues and integrate your business strategies around those. Now, a question might linger over your head as to why should we care about ‘kids’ that might not even have enough money to pay for your product? Well, this generation has a purchasing power of approximately 44 billion yearly and makes up for more than 40% of US consumers. Oh also, 70% have the ability to influence family decisions, so don’t shy away from advertising an expensive tablet to them too, they might help you sell it!

2. Going Green

Like mentioned in the previous points, recognizing and sensitizing towards issues that matter to your audience is of acute significance and going green is on top of their priority list. About 80% consumers claimed they felt it was “important/extremely important” for companies to design sustainable products and 55% of consumers are willing to pay higher prices for those products too! Apart from consumers, being sustainable also drives purpose and passion for your workers. A survey by Deloitte found that 73% employees that felt they worked for a purpose driven company engaged better with their job, of course boosting morale, profitability and growth for the company. According to an international survey, 80% of people respect brands that adopt eco-friendly practices and being a socially responsible organization has now become a status symbol. Importance of going green is best summarised by Forbes- what’s good for the planet is good for business.

3. Incorporating AI Technology As A Service

This has got to be the most important yet the most obvious one- AI is everywhere and this industry shows no signs of stopping any time soon. It has the power to impact every market with endless virtual possibilities to improve user experience. Business leaders universally agree how it will transform businesses by cost reduction, managing risks, fuel innovation, doubling growth by 2035 and improving productivity by 40%. Infact, spending on AI would top $125b by 2025.

Google, Microsoft and Amazon have been quick to offer machine-learning solutions and now, AI business solutions as monthly subscription services are next in line to be adopted. With a prediction of the global AI market to be almost $60 million by 2025, leaders should think of how they can include it in their operations. Also following with the opportunity in this industry and the growth of numerous AI related jobs comes the depletion of many non-technology related jobs which will be replaced by AI. In short, you can’t run from it!

4. Bringing Voice Search Into Play

With heavy reliance on technology by the day, people often laze out, especially 55% teenagers that use it on a daily basis to search up whole sentences manually and prefer asking questions through voice search. A search for mexican restaurants near me and a voice question of Siri, what are the best mexican restaurants around can generate varying responses. Making sure that your searches are tuned adequately in SEO for voice, can be a game changer.

A Google assistant, Siri, Alexa is now becoming a staple decoration in our living rooms. By 2020, voice searches are expected to be above 50% of all searches, and would be the new way of searching organically. As a business, you should work towards optimising and integrating it to allow for one-on-one conversations with your customers or clients, building better relationships is often followed with immense popularity. So adapt or get left behind!

5. Providing For Personalisation

Consumers look for unique products that match their tailored preferences and not what everyone and anyone can own, 59% of customers are influenced by it. Providing your audience with relevant products that they connect with allows for more customer loyalty and retention. If you can’t offer effective customization, chances of them bailing on you are quite high up there. In fact, about 48% consumers leave a particular company and purchase elsewhere due to the experience not matching their preferred expectations.

It’s as simple as a puzzle that has 99 blue pieces, your eye would direct to that 1 distinct pink piece. Similarly, to attract consumers, a product or advertisement must catch their attention for which personalising and shaping according to their interest is key for driving sales. When 80 % consumers state they’re likely to buy from a brand with personalized experience then it's time to bid farewell to the generic poster templates and boring and common website layouts.

Final Word

This information is not just a prediction, it’s soon to be the future and if you’re hoping to succeed, then keep an eye out for these trends and adapt accordingly!

The art of life is a constant readjustment to our surroundings. Kakuzo Okakaura