9 Business Trends to Watch in 2023

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The world is constantly evolving and so is the business landscape. With rapidly changing technology, customer choices, and new regulations, it can be difficult to stay ahead of business trends. But understanding the key trends in business for 2023 can give you the edge over your competition.

We live in a world that is advancing at the speed of light with no signs of slowing down anytime soon. Companies are beginning to take notice of this trend and are adjusting their strategies accordingly. As a result, staying informed and up-to-date on what’s happening in the world of business operations is more important than ever before.

In this article, we will discuss several of the biggest business trends that experts predict will become even more important in 2023. We analyze employee needs, technology, customer service, and more for insights to help companies compete. Through this exploration, we may uncover some major game-changing techniques for future success!

1. Employees Want Remote and Hybrid Options

In the U.S., data from a 2022 Gallup survey showed that 56% of full-time employees, equaling 70 million employees, have jobs that can be completed virtually. This was up from 71% during the COVID-19 pandemic. Post-pandemic, many employees still seek hybrid work options.

Companies globally are encouraging their staff to return to their workplace, however, employees are still favoring remote work in 2023 and beyond. Gen Z and Millennial remote workers commonly convey a strong sense of refusal with the phrase: “Thanks, but no thanks.” These two demographics are projected to comprise 75% of our workforce by 2030. Remote work will continue to be an integral part of doing business in the future.

The prevalence of gig workers has increased over the past decade, with an estimated 22% of large companies now comprising contractors, temporary employees, and freelancers, according to findings from Staffing Industry Analysts. It is projected that this figure will rise to 28% in another decade.

2. (AI) Artificial intelligence

Small business owners can leverage Artificial intelligence (AI) and machine learning for automating a wide range of tasks and improving customer service and data analytics. Most business leaders recognize the potential of AI. It is one of the biggest business trends this year. Consumers like the prospect of efficient and tailored experiences throughout their journey. A survey conducted by Zendesk reports that 57 percent of leaders intend to increase their AI investment by a minimum of 25 percent in the upcoming year.

Artificial Intelligence is used in multiple ways to enhance the customer journey. Routing calls is one use. AI recognizes the skills needed for a problem and assigns them to the proper agent. For example, sending calls to the proper department or person for efficient help.

A chatbot provides customers with fast answers by automatically retrieving information from the help center or self-service portal. Additionally, these bots can prevent irrelevant inquiries from reaching agents and aid in reducing first-response times. The reduced time and filtered responses contribute to a better customer experience.

3. Cloud Communications

Ready to take your business operation to the next level with effective communication? Upgrade to a modern cloud-based phone system and turbocharge your workflow, unlock cost savings, and enjoy myriad benefits! Take your operations to the next level and upgrade customer service with a cloud-enabled phone system – perfect for businesses big or small.

Utilizing a modern cloud-based PBX system is an advantageous choice for companies of all sizes and industries. Using this solution offers efficiency benefits and better collaboration among teams. Implementing a cloud-based system can improve customer service and satisfaction while boosting productivity and flexibility. Adopting this solution will lead to cost savings, increased reliability, and improved uptime.

4. SMS Vital to Reaching Customers

Business communications are always shifting and transforming – keep ahead of the curve! The internet completely changed the way we do business at lightning speed! Communication has been revolutionized in the age of technology – email, mobile phones, and even social media have replaced telephones and telegraphs! Communications of all kinds are welcomed with open arms, gaining social acceptance across the board. This business trend is here to stay.

Sadly, the rapid advance and acceptance of technology mean new annoyances. Our inboxes have become jam-packed with emails! Recent customer surveys indicate that texting is one of the preferred methods of communication with companies, with 74% of respondents said they would use this form of communication.

With an open rate of well over 90%, SMS texts for businesses are a valuable tool for reaching customers. Texting has a 209% increase in response rate compared to phone calls, emails, or even Facebook Messenger. Simply put, consumers view SMS texts as a convenient method of communicating and not as an intrusion or a waste of time.

Including a full-service business text messaging service that allows companies to send SMS reminders, alerts, confirmations, and marketing campaigns is now essential. TextNow.cloud is one such business text messaging platform that gives you the features you need to connect with your audience. All from your existing business number! Whether you have an established company or are looking for new business ideas, SMS should be part of your plan.

5. Self-Service and Chat

Customers increasingly prefer self-service. According to a Gartner business trend report, 70 percent of consumers use self-service channels for issue resolution. Self-service has been able to handle the majority of live calls since it was introduced. According to Gartner’s analysis of over 8,000 customer journeys, 70% of customers use self-service channels at some stage of their resolution process.

Self-help support combines customer-controlled tech to help them solve their issues. Self-service tools let consumers solve their queries, leading to better customer care. Customers can easily get help with electronic records management and knowledgebase systems.

Self-service support is convenient, saves costs, and quickly resolves issues. Consumers save time – no waiting on hold or queueing. Organizations gain efficiency by allocating staff to other tasks and using self-service tools like chats and online help. Customer satisfaction increases with time, essential for staying ahead of the competition.

6. Business Trend – Secure Communications

Business leaders demand secure communications. In a globalized and interconnected business world, the risk of data breaches and other cyber attacks has increased. Organizations are implementing unified communications that prioritize security to avoid such attacks.

According to a recent study carried out by the Ponemon Institute and co-sponsored by IBM and ObserveIT, the frequency and cost of insider threats have risen sharply from $8.76 million in 2018 to $11.45 million in 2020. Moving your phone system from a landline to the cloud reduces costs, increases mobility for remote employees, and enhances customer experience. Additionally, it focuses on enhancing safety. According to a Microsoft survey, 94% of companies indicated that their security was improved after implementing cloud-based applications.

7. (UCaaS) Unified Communication

The pandemic supercharged organizations to fly into the cloud, creating a new normal of Work from Home (WFH) environments. The surge in cloud-based innovation opened the world’s eyes to its powerful potential – inspiring a wave of businesses to fast-track their plans for migration. Ready to take the leap? By 2025, it’s estimated that more than half of enterprise IT spending will follow this business trend and shift to the cloud.

As organizations further embrace the benefits of cloud environments, they are leaving on-premises hardware that lacks the reliability and modern security measures required to meet customer expectations and compliance regulations. Additionally, organizations realize that Unified Communication as a Service (UCaaS) can ease the burden on understaffed IT departments and enable greater flexibility, security, and cost-saving opportunities. These benefits are often enough for organizations to pursue a complete cloud migration and abandon legacy on-premises equipment once and for all.

8. Business Trend – Super App

Forget the one-trick wonders, enter the era of Super Apps: powerful programs that do it all! Ready for infinite possibilities with your next business idea? Bring your apps to life with newfound powers that’ll keep you engaged like never before!

Have you heard the buzz about “super apps”? Brands from Uber and Spotify are talking up this idea – prepare to be wowed! Elon Musk

A super app is like a toolbox of individual mini-tools that users can mix, match and customize according to their needs – it’s the Swiss army knife of the digital age! Superapps are taking the world by storm, as users everywhere – especially the digital natives – demand streamlined and powerful mobile-first experiences.

A super app is an application that provides users with a suite of core features and access to mini-apps. The super app provides users with an ecosystem of mini-apps that they can select from to achieve personalized and consistent experiences.

9. Short-form Video Content

Short-form videos, typically lasting less than a minute, have gained tremendous popularity across social media platforms. A recent survey shows 73% of consumers prefer learning about a product in short-form videos. With shrinking attention spans, brands and marketers maximize short videos to deliver concise, impactful messages that quickly capture the audience’s attention.

With this demand, companies seek platforms like VEED.IO to create short-form content. This online video editor offers helpful features like video downloader, subtitle generator, and background remover.

The business landscape is constantly changing, and it’s important to stay on top of key trends if you want to remain competitive. Small businesses have unique needs and challenges, which makes keeping up with the latest major business trends in industry even more important.

With the right strategies in place, small businesses can take advantage of these changes and gain a competitive edge. To ensure success, small businesses should stay informed about the latest industry news and developments, focus on customer service, and employee needs, leverage technology to streamline processes and operations, embrace digital marketing strategies, and create strategies that are tailored to their specific needs. By staying ahead of the curve with these tactics, small businesses can achieve long-term success.

To learn how your business benefits from the latest business trends, contact one of our experts at Carolina Digital Phone. We will analyze your business needs and work with you to build a strategy and solution to help your company come out on top. Call us today at (336) 544-4000.