The business world continues to change rapidly. Much has to do with technology, the evolution of consumer habits and paradigm shifts. That is why the 2023 entrepreneurship trends offer a wide range of options. Ann Marie Puig, a global business expert and consultant, offers insight into some of what businesses will see when 2023 begins to unfold.
Mobile commerce is going to continue to rise. Modern companies look for the customer wherever he is. This stems from a general customer-centric trend and the fact that many people cannot be without their cell phones. Studies say that people check their smartphone about 96 times a day and actively use it for about 3.5 hours a day.
As with digital nomadism and globalization, mobile technology has laid the groundwork for unstoppable mobile commerce. Entrepreneurs can now compete against mega-corporations from anywhere. In 2020, more than 11 thousand brands closed their doors, and the health crisis has worsened this situation.
Last year, eCommerce in the US had a turnover of $791.7 billion, which represents a growth of 32.4% compared to 2019. Much of this is thanks to Amazon and the digitization of other chains. If a dollar in 6 goes to mobile commerce, startups and SMEs should know that the cake is getting bigger.
The gig economy has had an exponential growth, whose value in 2021 reached $300 billion. However, with a CARG through 2023, analysts estimate that by 2024 it will be worth $455 trillion. In the US, this economy is made up of 59 million people, which represents 36% of the country’s workforce.
Additionally, it includes the decacorns, which are companies valued at more than $10 billion and up. In this lot are Airbnb and Uber, whose investors are very committed to the business model. “These multinationals aim to provide temporary employment, being an attractive trend that you should not ignore as an entrepreneur,” explains Puig.
One way to do this is by designing a scheme based on these part-time jobs for your business. The biggest advantage is that the collaborators are independent, and you do not have to pay benefits, settlements and other common compensation. In addition, these workers use their equipment/implements, which will allow you to save on general costs.
Of course, there are a number of risks and challenges when you take on this business model. The most crucial thing involves finding the ideal balance between supply and demand, which can take some time. When you use an algorithm like Uber, there is a learning curve if you want to scale. For a small business of your own, project management software is enough.
According to a recent report, the billing and subscription market will be worth $11.1 billion by 2027. This is due to 2 factors: the increase in subscribers in existing brands and the growth of these models. This category includes entertainment, computing, telecommunications, retail, health and much more.
The COVID-19 crisis has also contributed to this trend, showing a growth acceleration of 22.5% in 2020. Currently, it is a model that continues to rise due to its popularity in movies, streaming and food. Many specialists indicate that it will be the business of the future, and it must be taken into account when starting a business.
Also, this is not just limited to digital products/services, as Fender has shown, using it to offer their instruments. The Play Fender subscription offers an educational service for those interested and fulfills the purpose of establishing a long-term relationship with the client beyond a sale.
Both aspiring entrepreneurs and those already established are looking for ways to implement recurring consumption models. If you’re interested in this approach, start implementing automation tools as soon as possible to streamline operations, payments, and finances, leading to cost savings.
Many see efforts to improve corporate social responsibility (CSR) as a publicity stunt. Although some organizations have these departments to look good, in this age of social media, things change fast. Now it is easier to detect who is trying to manipulate the information to disguise their intentions.
Adds Puig, “Today, 92% of millennials are aware of this and are therefore more inclined to buy ethical brands. Their priorities are properly exploited raw materials, gender equality, eco-friendly environmental policies and working conditions that dignify employees. ”
This paradigm shift has created new market niches that, as an entrepreneur, you can take advantage of by giving consumers more ethical products/services and attracting good talent with responsible policies. Of course, branding focused on CSR must be authentic and consistent to avoid negative effects on social networks.
The word disruption has been very present in recent years. It can be said that it has lost its original meaning, especially with the appearance of the pandemic. In fact, the original intention of this concept speaks of a product or service that arises from simple applications at the bottom of the market and then displace established models.
Today there are many specialized and hyper-localized ventures that serve specific communities. Their model is aimed at being unique and that expands the options for different segments of the population . It can be said that it is a way to express your passion with little investment and away from the mainstream.
Among the many examples of these stores, those of antiques, articles for smoking, pyrotechnics, art supplies, religion, discounts and more stand out. The idea is to serve particular interests within various niches of the local market. That is why they are more community oriented, to create lasting ties and have a much more loyal captive audience.
Many of these hyper-localized ventures also promote environmental and social awareness. To achieve success with this model, make a good network of contacts and presence in the area. Once people know the processes, trust can be nurtured with local and organic products that favor the circular economy.