2023 business trends

Businesses have faced huge challenges and undergone many changes in the past few years, and this will not slow down in 2023. Businesses will have to deal with the consequences of the global pandemic, the Russian invasion of Ukraine, economic challenges, as well as the development of faster technologies. The trends for the business environment in 2023 and beyond are influenced by precisely these factors. And at the present time, probably, a new trend is emerging.

In today's zeitgeist, nothing stays the same for more than a few seconds.

Some of the trends that I think will be strongly felt this year and will influence our activity are:

1. Ecommerce continues to grow as a booming industry.

The pandemic has completely changed the way consumers shop. Before the pandemic, e-commerce was growing, but once it started, there was a boom in the industry. Shopify reported that ecommerce experienced a 10-year growth in just three months during the pandemic. Although we have passed that moment, the forced re-education of the market is felt and the trend is still maintained. According to the data collected by AMRO ( American-Romanian Business Council (AMRO) ), in Romania, the growth was more pronounced in the rural environment, but a positive trend was also observed in the urban environment. Businesses are putting effort into developing and optimizing ecommerce platforms that make online shopping more accessible and convenient for consumers. For businesses, in almost all fields of activity, this will mean digitization or bankruptcy.

2. Data collection and analysis are becoming increasingly important for business

This is because data provides a clearer picture of the market and consumer behavior, which can help make better business decisions. While we all have the romantic image in our minds of the entrepreneur who listens to his gut despite the information at his disposal and he strikes… In the real world, success belongs to those who collect data and know how to interpret it to deliver optimal solutions to customers.

3. Businesses are expanding their online advertising budgets and increasingly focusing on promoting their products or services through social media.

It is a natural thing, a result of the increase in the use of social media by consumers and the high efficiency of these marketing channels in reaching the target audience. In addition to collaborating with content creators, companies now have the chance to communicate directly with audiences. If an entrepreneur wants to control the message as much as possible, even 100%, social media, unlike the mass media, gives him this comfort: he creates his own voice and distributes messages on his own channels.

4. Millennials and Gen Z are having an increasing impact on companies.

Although there are differences between the two generations, studies continue to group them under the phrase "digital natives".

What should companies take into consideration? The preferences and expectations of these generations regarding the products and services offered, as well as the way they are presented! At the same time, companies should respect their values such as care for the environment, diversity or mobility. Both for Millennials and for GenZ, it is important that business activism is real - falsehood in the communication of messages is no longer forgiven. Unmasking "greenwashing" is a priority, especially for GenZ. Moreover, building trust in a brand through online communication is among their priorities. They pay attention to the messages, the information shared and the proximity to the brand.

5. Companies are experimenting with immersive technologies such as augmented reality and virtual reality to provide a better customer experience.

We are in the '22/'23 version of the '60s space race. We are already seeing a competition in the metaverse: iconic, storied brands are competing to occupy these new worlds and spaces. We might think that it is much harder for small businesses to adapt to this trend, but small companies are in fact more advantaged. Although they do not have large budgets, any idea can be implemented and tested much faster, creatively and efficiently in a small company. In large companies many approvals are required. In this way, small businesses can keep up with technology faster.?

Big companies are already creating dedicated jobs. An example is Adobe who hired a Chief Experience Officer to ensure that new technologies are a fundamental element of the business strategy.

Where will we see the application of immersive technologies? We can test a perfume while immersed in nature through VR, or see a concert from the front row, also through VR, or even try on clothes in virtual fitting rooms through an avatar.

6. Employees are actively demanding remote and hybrid work options, and companies are adapting.

In recent months, we have seen that employees who had the opportunity to work remotely did not give in to the insistence of companies that would like them to return to the office. It is therefore clear that employees prefer to resign and find other permissive companies to work for, rather than return to the office full time. And since the option of constantly working from the office is not feasible, the best option remains hybrid work. Thus, the flexibility in the program is also respected, but the organizational culture and belonging are also preserved. In my opinion, companies need to let go of the control of having the employee in the office and make an effort to adapt to the needs and the zeitgeist.

7. Sustainability is becoming increasingly important for companies.

Social responsibility and to meet market and customer demands are equally important. Various plastic products are banned in certain countries, electric cars will soon replace classic ones, recycling is mandatory, and big brands have invested heavily in packaging changes or finding local suppliers, thus reducing their carbon footprint. The change is visible, no company can ignore it.

8. Companies prefer short-term plans and are looking to increase antifragility.

Leaders, teams and organizations that can become antifragile have a massive competitive advantage. In this unpredictable zeitgeist, companies can no longer control anything. The only solution is to develop antifragility in people and processes. What does this mean? To develop a mindset fit for change; with people who seek to grow in turmoil and change. People who can create constantly changing strategies, taking advantage of momentary opportunities.