The 5 Business Trends In 2023 Businesses should not ignore
![Having witnessed the worst-ever pandemic crippling the world in terms of drastic social, health, and economic impact, the worst was yet to come in the form of the Russia and Ukraine war. Businesses have to adapt to the changing scenario, come 2023. Here we list the 5 major trends which can turn challenges into opportunities.](https://d6wz8uj70mtdq.cloudfront.net/bc5db367-811c-4eb4-aed8-48ad754bb246/image+library/unassigned/business-trends_2023.png)
Having witnessed the worst-ever pandemic crippling the world in terms of drastic social, health, and economic impact, the worst was yet to come in the form of the Russia and Ukraine war.
Businesses have to adapt to the changing scenario, come 2023. Here we list the 5 major trends which can turn challenges into opportunities.
1. Adopting Digital transformation 2023
The digital world is changing with the latest tech companies viz. Google, Meta, Open AI, and more competing for digital space, and already testing the waters with their Beta products out in the market, paving the way for Businesses to adopt to them viz. Google Bard, ChatGPT, Meta’s AI Initiatives, etc
Artificial intelligence (AI),
Internet of things (IoT),
Virtual and augmented reality (VR/AR),
Cloud computing,
Blockchain,
Protocols like 5G boost communication speed
All the above technologies are complimenting each other and exist in parallel. It is for businesses to assess its objectives, and goals before going for one or more of these technologies. The purpose of course is to stay competitive in the market, within the constraints of your goals, reach, expenses, ROI’s etc. This will smoothen the immediate and regular tasks within the organization and providing enormous ease of Business and reach, higher sales and marketing, boosting supply chains and decreasing the cost of acquisition of clients by automating and reducing the job cycle..
2. Boost Supply chain in 2023
Businesses’ need to turn challenges into opportunities, especially since now the world is over the COVID phase and dealing with economic impacts. One grey areas have always been the Logistics and Supply chain, as logistics costs have increased too with Russia Ukraine war still on.
Becoming more self-reliant, reducing dependence on Chinese manufacturing already reeling post-COVID impacts.
3. Socio-Ecological Sustainability & Transparency
Covid brought with itself not only economic activities to a halt, but major Social & Ecological changes too, giving time to nature to self-heal. Post covid customers are more aware, data driven, asking for transparency before working with Businesses. Reducing the Customer acquisition cost is a way forward in 2023 Business’s need to adapt too. being more transparent and authentic at the same time.
4. Immersive Technologies
If one sees the data of start-ups, unicorns being born post COVID and especially in the field of immersive technologies, we will be swept to the world of Metaverse, Augmented Reality, Virtual reality & more.
A new breed of talent has grew over the past few years which is making Business’s adapt to the new technologies which have existed but in subdued form. A customers Sales Funnel is impacted by these new immersive ‘experience’ tech-brigade.
5. The New Work Ethos
A parallel work culture buoyed by new work ethos viz. WTH, Hybrid models has emerged alongside traditional work culture, and with Digital Transformation in 2023, a new skillset is the need of the hour. The Business mindset is changing and so is customers and employees, keeping in pace with these technologies.
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