2023: customer trends and predictions you need to know

As innovators and venture builders, we’re always on the lookout for the most impactful customer trends shaping our ever-evolving business landscape. It’s a great way to unlock new market opportunities, find out how customer expectations are changing, and gain insight into how emerging technologies can be leveraged to meet new demands.?

As we begin this new year, there’s no better time to explore how global market shifts and emerging trends may impact different aspects of your business, enabling you to:?

• Adapt to changing customer behaviours
• Anticipate resulting market fluctuations
• Forge new offerings, business models, and company values

With that goal in mind, we’ve tapped into our own experiences, observations and research to bring you the top 23 tech and customer trends we feel will have the biggest impact in 2023.

1. Customised curation-as-a-service

With a seemingly endless array of new products and services entering the market, customers are increasingly seeking out customised curation from companies that align with their values (e.g. sustainability, fair trade, cruelty-free, etc.). Customisation is the name of the game, with a growing number of startups creating tailored customer experiences that delight and surprise customers while saving them valuable time and effort researching new offerings.

Opportunity to tap into

• 60%?of consumers report their priorities keep changing due to growing uncertainty.?
• 79%?make a special effort to buy from brands that are aligned to their personal values.
• 80%?say they’re more likely to buy from a brand that offers personalised experiences.

Brands that can help ease the decision-making process while providing a heightened, personalised experience can tap into these customer segments.

Examples

Many customers find it tedious and time-consuming to sift through endless reviews, features and price comparisons before making a purchase. These companies are tapping into that pain point.?

NurseLuxe

NurseLuxe?offers monthly subscription boxes of fun products and samples designed to pamper and delight nurses.?

BarkBox

BarkBox?brings dog happiness right to your door with customised toys, chews and treats designed to keep your furry friend happy all month long.?

Firstleaf

Firstleaf?enables customers to sample new wines without the guesswork. They ship boxes of curated wines based on a customised taste profile for each customer.?

2. Ceaseless self-optimisation

Prompted by the pandemic, consumers are increasingly focused on wellness, self-improvement and personal growth. Many are seeking new ways to seamlessly integrate their physical, emotional and spiritual development efforts into their daily activities. Companies are tapping into this pain point with new products, services and experiences that highlight health and wellness.

Opportunity to tap into

• The global wellness market is worth?$1,5T, with an annual growth of five to ten percent.
• In 2021,?85%?of Americans made drastic changes to eat better. 75% are still doing it.?
• The wellness tourism market is expected to reach?$817B?by the end of 2022.?
• 76%?of global citizens say that mental health and physical health are equally important.?
• In an?Ipsos survey?about top health concerns, mental health ranked higher than cancer.?

According to a study by?McKinsey, consumers view wellness across six spectrums: Health, fitness, nutrition, appearance, sleep and mindfulness.??

Examples

These companies are tapping into the growing demand for health and wellness with products and services that make it easier for customers to reach their goals.

Noom ??

Noom?is a subscription-based app that emphasises behavioural changes, and mental wellness to improve eating and exercise habits.?

Athletic Greens ??

Athletic Greens?offers supplements that support gut health, immunity, energy, recovery, focus, ageing, and more.

Ro ??

Ro?is an online healthcare company that connects patients with healthcare professionals based on specific health goals.

3. A call for transparency

Consumers are feeling increasingly disillusioned with corporate greenwashing and unimpactful sustainability commitments. In response, they’re flocking to companies with genuine and transparent social and environmental practices. The impulse to buy from trusted and transparent brands is even more pronounced among Gen Z.?

Opportunity to tap into

• 73%?of customers say they would pay more for products that guarantee total transparency.
• 94%?of consumers say they would stay loyal to a transparent brand.
• Gen Z consumers are “turned off” by a lack of transparency in brands, preferring companies that are candid with their information.?
• Company transparency is among the top factors in determining?workplace happiness?(and happy employees work harder).?

According to?Social Sprout, when describing what company transparency actually means to them, 59% of respondents said it was when businesses are “open”, 53% said “clear”, and 49% said “honest”.?

Companies that cultivate a reputation for honesty, transparency and genuineness will gain customer trust and, in so doing, differentiate themselves in an often saturated market.?

Examples

These companies are boosting performance, improving their work culture and cultivating trust among customers by operating with transparency.?

Patagonia

Patagonia?shares detailed information about its carbon footprint. Its Supply Chain Environmental Responsibility Program even recognises third-party certifications like bluesign.

Buffer

Buffer tackles the challenge of unfair compensation by making?everyone’s salary public?- from the CEO to entry-level workers.?

Lush

Lush is a cruelty-free skincare brand with a strong commitment to the environment, customers and employees. Third-party?audits?of their animal testing, ethical and environmental policies are regularly conducted.?

4. Web3 goes mainstream

Web3 has arrived, with non-fungible tokens (NFTs), cryptocurrencies and decentralised autonomous organisations (DAOs) becoming increasingly familiar to mainstream audiences. Despite the crypto winter earlier this year, corporations are continuing to develop metaverse products and services - a market which is expected to be worth over?$100B?in 2023.?

Opportunity to tap into

• By 2026,?25%?of people will be spending one hour a day in the metaverse for work, shopping, education or entertainment.
• 79%?of active Metaverse users made a purchase while they were there.
• An Accenture survey revealed?42%?of respondents visited a virtual retailer to get advice, make a payment or browse a product.
• In 2022, the metaverse reached?400M, active users.

Companies are exploring new web3 opportunities and?expanding their metaverse?capabilities by hiring new talent, doing customer research, buying metaverse-related technology and upskilling their existing staff (just to name a few).Examples

Examples

Disney

Disney is all in on web3, with four of the six startups chosen during its 2022 accelerator demo day being web3 startups.?

Starbucks

Starbucks’ new Odyssey experience will enable customers to use digital collectable stamps (NFTs) to unlock new experiences.?

Nike

Nike’s?.SWOOSH?will allow users to buy, trade or create digital collectables (e.g. virtual sneakers or jerseys) to be used in video games and other immersive experiences.

5. Democratisation and sustainability through virtual spaces

Virtual spaces?are enabling increased participation, diversity and inclusion, creating value for companies and decreasing our global carbon footprint. As tools and experiences become more refined, we expect to see an increase in their use across a variety of industries, including education, healthcare and entertainment.

Opportunity to tap into

• According to?ApplyBoard, virtual environments can increase the number of people taught by a teacher, making knowledge more accessible and increasing the efficacy of a lesson.
• Virtual events?tend to be more affordable and don’t require travel or visas, enabling them to have higher attendance rates with a smaller carbon footprint.
• Female?attendance?at virtual science and engineering conferences increased by as much as 253%, and non-binary scientist attendance jumped to 700%.
• Activists in the?disability community?have expressed how virtual spaces are making events, health care, school, and work more accessible to them.
• Virtual spaces facilitate remote work,?breaking down geographic barriers, providing more opportunities for minority groups and giving companies the chance to hire teams with diverse backgrounds.
• The VR market is expected to reach?€84,09B?by 2028, up from €4,42B in 2020.

Companies that tap into these opportunities can increase diversity and inclusion while operating more sustainably.

Examples

Salesforce

When Salesforce’s?World Tour Sydney?pivoted from an “in-person” to an “online” event due to the pandemic, it increased its attendees from 15,000 to 80,000.

Verizon’s Forward for Good Accelerator

This?accelerator?supports start-ups developing solutions that leverage technologies like 5G, MEC, AI and XR to boost inclusion, sustainability and human prosperity.

Samsung

Samsung?created a virtual version of its pop-up store in New York, enabling people all over the world to enjoy the experience while exploring the company’s latest offerings.