One year after the two-year struggle fighting COVID-19, businesses started picking up the broken pieces brought about by sluggish sales and long-term business closures. Entrepreneurs have learned many lessons during those lowest moments when it comes to finding alternative ways to reach more customers, innovate products, secure business systems, and keep up with finances.
Now that the business world is gradually recovering from the ill impacts of the recent pandemic crisis, many entrepreneurs find new hope and expect better opportunities for 2023. Learn the top business trends to watch out for from the industry experts below.
1. Wiser Technology Investments
Many businesses hastily fueled their technology investments for the past two years because of the pressure caused by the pandemic. Almost everybody wants to take advantage of digital transformation to remain competitive despite restrictions.
Business owners sought the help of tech companies to upgrade their systems and adopt sales and marketing technologies. However, only some are ready for the sudden shift to using technological advancements. Employees were unprepared and forced to adopt business software systems and a work-from-home (WFH) setup. As a result, cybercriminals found gateways to penetrate company data and networks and lure potential victims.
Milo Cruz, the CMO of FreelanceWritingJobs, said, “Technological investments will matter even more in 2023. The only difference is that business leaders are now wiser in investing in tech solutions. Choosing a tech provider will be more collaborative and holistic, and considers the feedback of frontliners who deal directly with clients.”
Because modern workplaces must invest in the right technology to automate business processes and prevent data and network hacking, Cruz stressed the importance of investing in cybersecurity solutions.
“Remote and hybrid companies will hire more freelance workers, who need to handle business data and access networks from various parts of the world. Companies must ensure remote workers use stronger passwords, be wary of phishing scams, and use updated and encrypted devices with secure virtual private networks (VPNs).”, he added.
2. Better Employee And Customer Engagement
The Great Resignation and quiet quitting are just a few problems companies faced during the pandemic and the re-opening of businesses after mass vaccination. Employees have changed their priorities and realized the importance of a safe work environment with more flexible schedules and better health benefits.
Dov Breuer, COO, Fixlers, explained, “In 2023, business owners must become more sensitive to the needs of their employees. As much as we keep customers happy, we must double our efforts to show employee appreciation, which will greatly benefit our business.”
Implementing employee and customer engagement programs must be aligned. Business leaders can hold team building, seminars, peer-to-peer training, and online learning activities that resonate with this goal. Dedicating a team to handle employee and customer engagement ensures proper implementation and successful outcomes.
Employee happiness reflects customer satisfaction. “Employee engagement is the key to providing excellent customer service. When employees are happy, their positivity will show in how they treat customers.’ Breuer added.
3. Easier Digital Payments
Business leaders perceive the importance of making easier digital payments in 2023. With the increasing number of digital-first customers, payment installments will become more in demand. According to Visa, payment installment processing had a market value of USD 1.6 trillion in 2020 and is expected to increase 5 percent year-on-year.
Aside from payment installments, one-click mobile payments for retail businesses will become more popular. Because businesses want to create mobile-optimized customer journeys, they expect to see more investments in this payment method.
“One-click mobile payments will optimize payment processing.”, Adam Garcia, founder of Stock Dork said. “Retail businesses will offer more convenient payment methods, wherein customers no longer have to enter their log-in credentials into a third-party payment app. One-click mobile payments will help reduce shopping cart abandonment and boost e-commerce sales. E-commerce businesses will have their own digital wallets to promote seamless mobile payments.”, he added.
4. Greater Participation In Worthy Causes
Many small businesses helped consumers during the pandemic by providing mobile outlets, door-to-door delivery, and online shopping services. They have become a lifeline for many families in local communities under stringent restrictions and health protocols. Because the pandemic has taught the world to care more about people’s health and welfare and to protect the environment, expect to see more businesses participating in worthy causes.
“A crucial aspect of business development in 2023 is participating in charity work, environmental protection, and other worthy social causes. Expect to see more brands position themselves as sustainable, child-friendly, and socially responsible, supporting renewable energy use, women empowerment, gender equality, and other similar causes.”, Sam Tabak, Board Member, RMBH Charities, shared.
Tabak also explained, “Businesses want to make a difference by reinforcing and showing how they apply their vision, mission, and core values. Customers patronize these companies because they have the heart to go above and beyond business profits.”
5. Better Transparency with Blockchain
Since its existence, blockchain technology is usually tied up with cryptocurrencies. But blockchain technology is beyond digital currencies. Businesses can track transactions using blockchain. Hence, this revolutionary technology will help boost business transparency.
Jonathan Merry, the Co-founder & CEO of Crypto Monday, explained, “Blockchain is a must-have technology that promotes business transparency with a central authority and massive, decentralized transaction ledger. Expect disruptions in commerce, banking, finance, real estate, and other industries and all economic sectors.”
He added, “Despite the ongoing issues that cryptocurrencies face, blockchain technology continues to soar its business reach to attain greater horizons. I believe cryptocurrency and blockchain technology will remain valuable in unleashing new business opportunities next year.”
Businesses can achieve growth and success in 2023 by anticipating the above trends. Embracing business-appropriate technology, improving customer and employee engagement, implementing easier digital payments, participating in worthy causes, and adopting blockchain technology are worth-it investments.
These trends gear towards better products and services and pave the way for more business opportunities. And there is no denying that general consumers and investors have high expectations and hopes for the new year.
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