Business trends to watch out for in the new year
We are approaching a new year, which means many things will be starting afresh and some skyrocketing. Many companies release their financial results at the beginning of the year, and investors respond in kind. New patterns frequently start to emerge around the beginning of the year.
In no particular order, these are the business trends to look out for in the new year, as recommended by some top business trend analysts.
1. E-Commerce Development Continues Post-Epidemic
According to exploding topics, The epidemic significantly altered consumer purchasing behaviour. Before COVID, e-commerce was already booming. However, the epidemic contributed to the eCommerce industry’s meteoric rise.
In fact, according to Shopify, during the pandemic, e-commerce grew by 10 years’ value in just three months.
eCommerce is still expanding slowly, despite the post-pandemic slowdown in growth. In order to optimize the impact on the bottom line, firms continue to modify their marketing and sales methods.
Global e-commerce sales were $5.2 trillion in 2021; they are projected to increase by 56% over the next four years to reach $8.1 trillion in 2026.
2. Quicker adoption of digital technology
Bernard Marr wrote in his article, that we should anticipate those disruptive technologies like artificial intelligence (AI), the internet of things (IoT), virtual and augmented reality (VR/AR), cloud computing, blockchain, and very fast network protocols like 5G will continue to advance and innovate in 2023.
Additionally, the distinctions between these revolutionary digital technologies will become less clear since they are interconnected.
These technologies are used in novel ways in new solutions for augmented working, hybrid and remote working, business decision-making, and automation of manual, routine, and creative jobs.
As a result, we are now closer than ever to being able to develop “intelligent organizations,” where systems and processes collaborate to carry out repetitive and boring activities efficiently.
Businesses need to make sure the appropriate technology is integrated into all of their processes and areas of operation in order to be ready for this.
There is currently very little justification for working in business and being unaware of the effects that AI and the other technologies mentioned above will have on your company and industry.
3. Workplace interactions are evolving
This year, phrases like “silent resigning” and “Great Resignation” were quite popular, especially with the “Japa syndrome” currently running in our country, Nigeria. You can almost say that we are experiencing a “brain drain” of the highest order.
These exhibit a complicated mashup of post-pandemic perspectives on the workplace.
Although the employment market has been very healthy, if a recession sets in, things might change. Also, many people are reporting being worn out and burned out, and other workers are reconsidering their outlook on their jobs.
Many businesses rely heavily on their employees, and losing personnel may be expensive. If you’re deciding between in-person, hybrid, and remote work, attempt to comprehend why your workers might be reluctant to go back to the office. Participate in the planning process with them and consider how to meet their demands.
4. Supply chain security and price increases
In 2023, the majority of the world’s economies don’t have fantastic prospects. Experts warn us to anticipate persistent inflation and moderate economic development.
Supply chain problems that first surfaced during the Covid-19-related worldwide shutdowns are still a problem for many businesses, and they have only become worse as a result of the situation in Ukraine.
Companies need to increase their resilience in every manner so that they can counteract this and stay afloat. This entails lowering susceptibility to commodities’ variable market prices as well as incorporating safety features into supply chains to address shortages and escalating logistical expenses.
Companies must map out the entirety of their supply networks to determine any susceptibility to supply and inflation.
By doing so, they may investigate risk-reduction strategies, such as finding substitute suppliers or increasing their independence.
5. Sustainable business practices
The climatic calamity will provide a much greater challenge than anything we have encountered in recent decades and will eclipse the difficulties posed by the Covid outbreak, the world is gradually realizing.
This indicates that investors and customers favour companies with the appropriate environmental and social credentials, and conscientious consumers are increasingly shaping market trends.
The fundamental idea behind creating sustainable business practices is to create procedures that produce the same or higher value without depleting the resources of the earth. Consumers like sustainable brands as well. Therefore brands should adapt this.
Knowing these trends helps small and large businesses, be abreast with the situation, and know what to adapt to their business model in order to scale up in the new year.