It’s never too early to start thinking about what’s coming next. The pandemic has spurred changes in several areas, and in the coming year we can expect to see growth in many aspects of business. From the reawakening of the gig economy to an increased focus on sustainability, here are five business trends to watch in 2023.
The resurgence of the gig economy
As more workers look to strike the right work-life balance, many are choosing to work as independent contractors so they can work how and when they like. Workers can create a side gig to supplement their income or focus solely on their gig. The gig economy provides more flexibility and control over the types and number of projects someone takes on. It also helps workers build their skills, while allowing them to work from anywhere in many cases.
Hybrid work becomes a mainstay
The pandemic showed us that many people enjoy working from home, and many even excel at it. However, for certain industries a fully remote workforce isn’t a long-term option, and those leaders are calling for their employees to return to the office. Because of this, many businesses will adopt a hybrid work model. This will allow for some employees to spend a couple days a week at the office for in-person collaboration and more hands-on work, while still providing the flexibility to work from home the rest of the week.
AI and machine learning will be more prevalent
Artificial intelligence (AI) and machine learning have already woven their way into our everyday lives, especially in the form of applications like Siri or Google Assistant, or devices like the Amazon Echo. AI will find its way even more into business-related areas, including hiring, investing and marketing. Automation tools help companies streamline processes and elevate both the employee and client experience. These technologies will continue to make their way into businesses to help them attain peak performance.
The growth of sustainability
Companies are starting to focus more on reducing their carbon footprint and creating sustainable products and services, from how they’re manufactured to what they’re packaged in for shipping. And customers want to give their business to companies that are eco-friendly or are making strides toward becoming greener. Regulations will increase to ensure businesses are lowering their environmental impact. Companies will begin investing in and donating to green initiatives and will even provide incentives for employees to participate in sustainable practices.
Social commerce will increase
Selling directly on social media platforms will increase as more and more consumers continue to use social platforms for product research. Consumers discover new products, brands and services based on the influencers they follow and engage with regularly. Because of this, social commerce on a global scale is predicted to reach $2.9 trillion by the year 2026². This will require businesses to focus more on social media as part of their digital marketing strategy, but it’s an investment that will pay off.
What does your 2023 look like?
What will your business focus on in 2023? Will you shift to a hybrid environment? Invest in automation tools? Reduce your carbon footprint and work towards going green? Whatever you decide, remember to take small, intentional steps toward growing your business. After all, slow and steady wins the race.