The COVID-19 pandemic has caused a series of drastic changes in markets and industries. Consumer behavior and technology are key business trends. These included omnichannel marketing communications, analytics, and uber targeting. We then encountered the new Coronavirus, which both accelerated and intensified some diseases. For others, this was a huge blow.
Moreover, 88% of consumers fear that the pandemic will negatively affect the economy overall. In Los Angeles, California, more than 6 out of 10 businesses may close by Labor Day if restrictions continue. In addition, many big companies have already filed for bankruptcy, including JCPenny and Virgin Australia.
It put many professionals out of work when the Covid-19 pandemic hit in 2020. In some cases, their hours were cut or they started working remotely, allowing them to pursue multiple income streams. The factors cited above led to an increase in small business and startup launches, many of which are still flourishing as we move into 2023.
11 Business Trends Entrepreneurs Must Know
1. Shift to the On-Demand Economy
In 2008, the app economy, or on-demand economy as it is also known, began to take off. The business trend is expected to grow in importance in 2020. More and more people expect products and services almost instantly. On-demand solutions also surged during the weeks following COVID-19. Cloud computing is the biggest example of the on-demand delivery of computing resources over a virtual network.
In today’s world, nearly half of all adult consumers rarely leave their homes. More than half work from home entirely or in part. About 57% of consumers see social distancing as a problem. Important supplies are being purchased using digital solutions. Specifically, non-perishable grocery sales increased by 27%, frozen food sales increased by 25%, and household supplies increased by 26%.
In addition, perishable grocery sales increased by 12%.
Home delivery of online purchases has increased. Likewise, online purchases for store pickup have increased as well. For frozen food, there was a 20% increase in spending, while for pick-ups, it was a 7% increase. Spending online on perishable groceries increased by 17%, and online pick-ups increased by 9%.
There has been a dramatic change in consumer behavior. Playing games, following the news, and following hobbies are among the more popular activities in today’s society. Also, more time has been spent on social media and online shopping. It is expected that this shift in consumer priorities will lead to long-lasting changes since 50% of consumers are trying out new products, 48% are adopting healthy habits, and 28% are taking up new hobbies.
A twin crisis in the economy and public health could be more lasting than expected. There are several reasons to shift to an on-demand economy, and this is one of them. Consumers are adopting new purchasing habits. We can’t break habits.
2. Support for the online community
Small businesses are more agile and are better at connecting with their audiences than large companies. Small businesses tend to have more passionate online communities. They can provide the best value for consumers. collaborate better to create more personalized offerings. This phenomenon also opens the door for social change driven by small businesses.
3. SEO and Voice Search: A Balanced Approach
Interested in the balance of voice search and traditional SEO for small businesses. Voice-activated devices are becoming more and more popular. This technology has steadily and rapidly advanced in recent years. I’m looking forward to seeing how new businesses use voice search to grow their brands in 2023.
4. Freelancers are being hired more frequently
“Employee flexibility and the hiring of freelancers have become exciting trends. A better quality of life for all, as well as a better work-life balance, is on the rise.”
5. Marketing automation usage is skyrocketing
The use of marketing automation will continue to grow among startups and small businesses in 2022. An automated system is crucial for a growing business’ success, so learning how to use it effectively is important.
6. Virtual Promotional Tools are easier to access
Consumers will continue to shop and conduct business in an ever-changing world through the use of virtual tools. In the future, startups and small businesses will have access to free or inexpensive augmented reality selling tools.
7. Hybrid models of online and offline businesses
The hybrid digital-offline business model looks like it will persist well into the future. For example, retail shops will be more likely to sell online in 2020. Online and offline shopping are both appealing to consumers. Many people prefer to research businesses, including stores, auto dealerships, and other services online before visiting them.
8. Cryptocurrency and NFTs: Becoming Mainstream
It is wonderful that cryptocurrency and NFTs are becoming mainstream. This revolutionary monetary system is fascinating. Thousands are creating new NFTs every day. It opens the possibilities for small companies and businesses established utilizing such technologies and digital currencies.
9. E-commerce technology is becoming more democratic
With e-commerce platforms like Shopify becoming more and more robust, launching an e-commerce website has never been easier for entrepreneurs. In the startup and small business space, predict growth in e-commerce in 2023. With the democratization of e-commerce technology, more product innovation is possible than ever.
10. Technology democratized access
It has given access to jobs and remote-first businesses the rise, and remote-first employment opportunities are on the rise.
It may also save companies money since about 50% to 60% of onsite office desks and equipment aren’t being used. About 67% of employees said that work flexibility would leave their jobs if they were reduced or removed.
Since the lockdown, companies, and employees have tasted the fruits of a remote work setup during the lockdown, and the adoption of remote work is at 44% for the last five years. The growth of remote work over the last ten years was 91%. As long as the pandemic ends, they will likely retain some of it. Momentum favors this outcome.
11. More Smart Offices
As of 2017, the global smart office market is valued at $21.2 billion. This market is expected to grow 12.98% over the next six years, according to experts. This may be the strongest business trend over the next 10 years.
IoT allows physical devices to be interconnected and aware of each other, allowing them to be used in an integrated manner, even with if-then triggers, thanks to AI. Robo-assistance is a method of manipulating data using AI, and it is mainly driven by technology, such as the internet of things (IoT) and artificial intelligence (AI).
Smart office technology varies from smart lighting and window vents to AV conferencing systems and HVAC control systems. On the other hand, AI and machine learning can help these devices adapt to the needs of their users and even optimize certain processes for themselves.
Smart buildings are becoming more popular, with buildings integrating business, security, and technology functions, but some firms only have smart meeting rooms as part of their smart strategy.
It seems that one of the biggest reasons for business trends is that manufacturers are phasing out legacy systems and making way for new smart systems with connectivity. As a result, companies and consumers alike will have little choice but to adopt smart, connected technologies. Hence, smart offices are now the future and are nearly inevitable.