5 Small Business Trends in 2023
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5 Trends in 2023 To Move Your Business Forward
Despite a changing business landscape, small business owners are optimistic about the future. In fact, 66% expect sales to increase and more than half plan to expand their business in 2023. These five trends promise good growth opportunities for your business in the coming year:
1. E-commerce and Social Commerce
eCommerce and social commerce will continue to boom in 2023. The importance of e-commerce on the market is undisputed. More than half of the world's Internet users shop online every week. There is no end in sight. Experts predict that the global e-commerce industry will grow to $8.1 trillion by 2026. Social networks have also become a major player. With customers now buying directly from platforms like Facebook and Pinterest, it might be time to adapt your sales model accordingly.
2. Brick and Mortar
That doesn't mean you should forget about brick-and-mortar retail. Our lifestyles may be increasingly digital, but the statistics don't lie: 61% of customers still want to try products in person before buying. That's all the more reason to look at your strategy from a multichannel perspective. Use digital helpers like chatbots on your website or install a voice search for a seamless customer experience. In-store, you can meet your customers' expectations with services like self-checkout. After all, more than half of retail shoppers surveyed in North America have used this option.
Customers have a high need for security. Collecting data is a sensitive matter. Your customers want to know that their data is safe, especially when online transactions become commonplace. Strengthen your customers' trust in you as a provider by, for example, using reputable payment providers, investing in fraud prevention tools, and installing a Secure Sockets Layer (SSL) certificate on your website.
Awareness of sustainability is another trend that will intensify in 2023. Environmental responsibility is important to today's customers. In fact, consumers of all generations are willing to pay more for sustainable products. What's more, 76% say they have made conscious choices to buy more sustainable products in the past year. Consider how your business can become more sustainable, for example, in production, the use of less packaging material, the delivery of your products, or your role as a social employer.
5. Customer experience
A perfect customer journey is still the central key to purchase. Research shows that customers value experience over price and product quality. Whether online or in person, the customer experience must be at the heart of your strategy. You can use different strategies for this, depending on the industry you're in. Be creative. Think of fun ways to personalize your store profile, such as pop-up events. Online, it's all about creating a comprehensive experience. For example, if you sell clothing, you could invest in technology that allows customers to try on clothes virtually.