The 2022 year has been a challenging one for many businesses, and 2023 seems to be shaping up to be another tough hill to climb.
The fourth-quarter AICPA & CIMA Economic Outlook Survey found that 51 per cent believe the economy is in a recession or might be in 2023. This tendency seems to have a great impact on how companies operate, both internally and externally.
Since it is best to be prepared for changes than quickly adjust to them as they arrive, businesses always want to know what trends to expect next.
Knowing and using trends in advance can give your business a competitive advantage and help you stand out from the crowd of similar companies.
We created this article to show you what trend you may expect in 2023 that will likely be influenced by economic recession fears.
Investing in Technology
Investing in technology isn’t new. Since 2019 technologies have become a must-have tool for any business, and now companies all across continue to invest in new tech that may improve their efficiency and services.
Even though the risk of recession is growing, investment in technology will remain strong and efficient in 2023. Experts predict a 5.1 per cent increase in IT spending, with a total of about $4.6 trillion next year.
Although automation, cloud services, blockchain and other technology require money, they still work as a good investment that can boost your profits and reduce expenses.
While some companies are preparing for a possible recession, using more software and having tech tools in place can help them to keep up with changes in user demand, supply chain issues, as well as other issues that may arise in 2023.
Companies investing in technologies are more flexible, agile and proactive.
The Importance of SEO
SEO has long been a crucial element of any marketing campaign. But now we see how its importance is growing day by day, offering many opportunities for companies all across the world.
In addition, people use the Internet for almost everything, so the need for companies to have their online presence is also growing rapidly.
The thing about SEO is that it helps your business to grow without breaking the bank.
However, SEO changes and requires your marketing teams to always stay aware of trends and changes in algorithms. For example, each business has its own rules that have to be followed when promoting your company online.
So let’s say you run a roofing company; you will need an SEO for roofing companies. And if you run a healthcare business, you will need to know the regulations in the medical sphere.
The Talent Challenge
Statistics show that lots of Americans quit their jobs in 2021 and 2022, which was part of the shift named the Great Resignation. In fact, over 4 million people were still leaving their jobs by the end of 2022.
Experts believe that this fallout of the Great Resignation will continue in 2023 since employees recognise their value and want to work in the best conditions.
Employees have become more independent and choose freelance over in-house employment.
That is why most people have felt overwhelmed with work in the last few years and are gravitating to companies promoting work–life balance.
As a result, businesses looking for dedicated and skilled employees will see the change and will have to stay more flexible.
So now companies have to offer remote work and promote work-life balance as much as they can to attract top talents from the pool.
Highlighting Customer Experience
It is vital to understand that customers are also facing the same issues, worries about recession and rising costs that businesses are dealing with.
If you want to constantly grow your revenue and open new streams, you will need to put more attention and focus on the customer experience.
Customer satisfaction is also essential for SEO results since Google identifies user behaviour and their satisfaction with your website when ranking your business.
Tracking customer experience and always improving it can help your business achieve more trust and loyalty, which leads to higher revenue.
Increasing Innovation
Since competition in various industries is high and businesses want to stand out from the crowd in 2023, those businesses that increase innovation will have the advantage.
Customers will also look for companies that put innovation at the forefront, especially if they look for ways to improve economic storms on the horizon.
Although most businesses are worrying about a potential recession, this situation can be a perfect time for organisations to focus on innovation to survive.
Therefore, they will also need to build products and tools that speak to customers in the new economic reality or rebuild themselves to stay adaptive and flexible.
Companies that do not want to adapt to changes won’t survive during a downturn.
Final Thoughts
Every new year brings new issues and opportunities for companies worldwide. The increased use of mobile phones, digitalization and massive adoption of new technologies will have a major impact on businesses in 2023.
That is why companies should be ready to find success even in a tough market by knowing and using trends that may appear next year.