4 New Business Trends in 2023

2023 is just around the corner and if you’ve been waiting to start a new business, now’s the time to begin.

The first step towards building a successful small business is keeping yourself aware of the latest industry trends and adapting to changing situations.

In this post, we will share four trends that new business owners must look out for in 2023.

small business trends new business owners must look out for

#1. Digitization Investments Will Grow

Although small businesses have come a long way in adopting digitization and tech products, 57% of small business owners believe they still need to upgrade their IT infrastructure for streamlining their operations.

image: financesonline

Implement tech solutions that would make lives easier and help your business achieve its goals. For example, an upcoming SaaS business can use a dedicated tool to design an effective product management process and monitor the project process. Similarly, an eCommerce business can leverage a shipping route optimization platform to facilitate faster deliveries.

#2. Sustainable Packaging Will Be More than Just a Buzzword

Contribute to creating a sustainable future by adopting environment-friendly business practices. 32% of small businesses surveyed by QuickBooks believe that environmental sustainability is important for the economy.

Source raw materials from local suppliers to reduce transportation and support the local economy. Use eco-friendly packaging and ship multiple products in the same packaging to reduce the number of packages. Encourage bulk purchases by offering additional discounts to customers.

#3. Immersive Buyer Experiences Will Attract and Engage Customers Better

Positive experiences add emotional value that fosters customer loyalty and helps small businesses stand out amidst the competition. 80% of customers feel the experience a business provides to its consumers is as important as its products or services.

Leverage modern immersive technologies, such as AR, VR, and more to deliver engaging experiences and efficient support to customers.

#4. Flexible Work Model Will Be Widely Adopted

The flexible work model is gaining popularity because of its benefits. A flexible workspace is the first step toward adopting this work model. Coworking spaces offer the best flexible work solutions for all kinds of businesses. No wonder, the global coworking market is expected to rise to $13.03 billion by 2025 from $8.14 billion in 2021.

Sign up for a private office in a coworking space and get started with your business operations in less than a week. You could save up to $2700 by leveraging coworking space for setting up your office.

Coworking Stats

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Image: Envato Elements

Pratik Dholakiya Pratik Dholakiya is the founder of Growfusely, a content marketing agency specializing in content and data-driven SEO. As a passionate SEO and content marketer, he shares his thoughts and knowledge in publications like Search Engine Land, Search Engine Journal, Entrepreneur Magazine, Fast Company, The Next Web, YourStory, and Inc42, to name a few.