05 Dec 4 Key Business Trends to Know About in 2023:
As 2023 approaches, some key business trends will likely impact the way local businesses operate day-to-day. To start the new year in the best way possible, it’s vital to understand, adapt and meet these trends effectively. Let’s take a look!
1. Developments in Digital Transformation
In 2023, we will continue to see how AI, cloud computing and blockchain technology can produce more effective hybrid and remote business models. SMEs should continue to embrace digital transformations in 2023 to improve the efficiency of day-to-day tasks. With the barrier to access for new technology lower than it ever has been, incorporating ‘software as a service’ models to your business functions has never been easier!
2. The Threat of Inflation and Supply Chain Disruption
There’s no hiding from the financial challenges that businesses are set to face thanks to the current high rates of inflation and supply chain disruptions. 3 in 4 small businesses in the UK fear long term damage to their businesses due to the current cost of living crisis. Therefore, it’s imperative to build in additional measures to mitigate supply chain shortages and rising costs heading into the new year.
3. Sustainable Business
In 2022 we saw a significant shift towards ethical consumer behaviour and 2023 will be no different. Sustainability needs to be at the forefront of your business strategy in 2023 as investors and consumers alike continue to support those more conscious of climate impact. Establishing a good understanding of how to measure the impact your business is having on society and the environment will enable you to capture a more sustainable and ethical customer-base.
4. Immersive Customer Experience
The role of technology on the customer will continue to evolve. Customer experience when browsing, purchasing & enjoying goods and services will advance towards a more immersive experience. Businesses should incorporate exploring these new shifts in consumer behaviour heading into 2023.
With a constantly evolving business landscape, it’s important for businesses in the UK to adapt to the trends and innovations required of them to succeed in 2023.
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