What are the Top 6 Trends that will Shape Businesses in 2023

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What are the Top 6 Trends that will Shape Businesses in 2023

If you want to establish a business in 2023 or develop one you currently have, leverage the insights that Pinterest, TikTok, LinkedIn, and Shopify have published for 2023, gathered from their users. These analyses forecast what will be on customers' minds next year, such as internet search phrases to utilize, supply-chain methods to invest in, and ways to utilize content creators.

Read: 4 Ways to Start a High-Growth Business With Zero or Minimal Funding

As a trusted voice and consultant in the startup and small business community, we have compiled the list of top 6 trend that might assist entrepreneurs in 2023, including advice on launching a new concept and attracting clients.

Read: 4 steps to Start a Successful Entrepreneurship journey

1. New technology will become mainstream in 2023.

LinkedIn projected that technology such as artificial intelligence and Web3 will thrive in its 2023 big ideas report

The forecast is already coming true, with AI photos going popular on social media, ChatGPT becoming a threat to Google search engine, Google and Coinbase announcing a partnership, VISA proposing a new way to transact on the blockchain, and Web3 appearing in fields such as fashion and banking.

Read: What Does Google and Coinbase Partnership Mean for Cryptocurrency Payments

2. There will be a blend of internet and traditional retail.

Despite a digital concentration over the last two years, LinkedIn forecasted that in 2023, digital and brick-and-mortar retail will meet in the middle.

"Retailers opened more than 4,200 stores in the US in the first five months of the year, putting 2022 on track to be the first year with more store openings than closings since 2016," LinkedIn's report said. There may not be a boom in new retail construction, but "rather a rise in developers renovating and reimagining existing, outdated properties."

Another, interesting data point to note is that while Amazon shuts down its book stores, Barns & Noble is planning to open around 30 more stores in 2023.

3. Freelance, side hustles and passion projects will be launched for extra cash.

Freelancing along with side hustle and passion project had been a critical lifeline for many since the pandemic began, when employees were searching for supplemental money, were laid off or resigned their unfulfilling employment, or finally had the time and freedom to focus on something they were passionate about.

According to LinkedIn, the side-hustle trend will continue to expand in 2023: 

"Some 25% of Gen Z have a side gig, according to a recent McKinsey survey, compared with 16% of all other ages," the report said, adding that young people were looking for additional money, identities, and hobbies outside a 9-to-5 job. 

4. To fight a long-term supply-chain dilemma, brands are investing in logistics.

Almost every company has experienced supply-chain challenges in the last three years, ranging from shipment delays to production shutdowns. While some of the tensions have subsided, recurring shortages and setbacks have become the norm.

Companies are realizing that the best way to combat these difficulties is to invest in their own pipelines by retaining more inventory, diversifying their suppliers and using technology, according to Shopify's commerce-trends. Meanwhile, buyers have higher expectations than ever before for quick and inexpensive shipment.

In a Shopify survey of 900 small businesses across 14 countries, 66% said they expected supply-chain issues to get even worse in 2023.

5. Content Creators will be critical to corporate sales.

This month, TikTok released its 2023 trend report. According to this report, organizations should continue to use content producers to promote their brands. They should also look for creators who buy and share their items without a brand arrangement, since these may lead to more real, and hence more valuable, collaborations. Furthermore, user-generated content and creator sponsorships may assist small companies increase recognition and revenue.

Here are the top trending hashtags - the numbers are just mind boggling:

#Musthaves had 5.7 billion views and 284% year-over-year growth in 2022.

#TikTokMadeMeBuyIt had 31.8 billion views and 382% year-over-year growth in 2022.

6. More brands will rely on social platforms to convert and retain customers

According to Shopify's 2023 trend analysis, the online-shopping surge will continue. As the market becomes more crowded, it is critical for companies to have a social media presence in order to stand out while converting and retaining consumers.

According to a Shopify analysis, Gen Z increasingly prefers social media to search engines when researching companies. Brands will also raise their investments and visibility in Web3 virtual worlds, according to the research.

Key Takeaways then?

1. Understand the trends and use the right channels to reach your customers.

2. Create a Supply Chain strategy to ensure bottlenecks do not impact your business

3. Macro, Micro or Nano, influencers will play a key role in capturing new markets and customers.

Connect with us to learn how we can help your startup or small business scale and have a sustainable competitive advantage, which can lead to higher margins and profitability in 2023 and beyond!

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