The business environment is experiencing significant changes caused by technological advancements, evolving customer preferences, and new regulations. When you stay updated on the trends for 2023, you gain a competitive edge.
Many companies are adjusting their strategies to keep up with the rapidly developing business world. Staying up-to-date on the latest business developments is crucial to maintaining competitiveness.
In this article, we discuss the 8 major business trends that are projected to have a significant impact in 2023. The areas of focus include employee requirements, technology advancements, customer service, and other factors that could potentially change the competitive environment.
1. Employees Want Hybrid & Remote Options
A Gallup survey conducted in the United States in 2022 revealed that 56% of full-time employees, which amounts to 70 million people, had the ability to work remotely. The percentage increased from 71% during the COVID-19 pandemic. Following the pandemic, a significant number of employees sought hybrid work arrangements.
Companies around the world are inviting their staff back to the office, although employees continue to prefer remote work in 2023 and afterward. Gen Z and Millennial workers often voice their opposition with the phrase: “Thanks, but no thanks.” These two age groups are expected to make up 75% of the workforce by 2030. Remote work remains an essential part of business activities in the years ahead.
A study from Staffing Industry Analysts finds that 22% of large companies in the past decade have been made up of contractors, temporary employees, and freelancers. As a result, the estimate shows that this number will grow to 28% within the next ten years.
2. Artificial Intelligence (AI)
Small business owners can utilize AI and Machine Learning to automate tasks, and improve customer service and data analytics. Business leaders acknowledge the potential of AI and it is a popular trend this year. Consumers get a tailored experience experience throughout their journey, thus encouraging them. A survey conducted by Zendesk found that 57 percent of leaders plan to invest at least 25 percent more in AI over the coming year.
If you aren’t already doing so, use AI to improve the customer journey. One way is through routing calls. AI identifies the skills needed and connects them to the correct agent, directing calls to the right department or person for an effective resolution. In other words, AI is a huge business trend to watch.
Chatbots can quickly provide customer inquiries with automation tools from the help center or self-service portal. This helps to reduce first-response times, filter out irrelevant inquiries, and ultimately create a better customer experience.
3. Cloud Resources
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 Texting Impact
Business communications are always shifting and transforming – keep ahead of the curve! To be sure, 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. Indeed, this business trend is here to stay.
Sadly, the rapid advance and acceptance of technology mean new annoyances. As a result, 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 saying 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. To sum up, texting is definately a business trend to watch if you want to keep customers happy.
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 handles the majority of live calls and has been since its introduction. 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, as a result, they get better customer care. Customers can easily get help with electronic records management and knowledge base 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. As a result, customer satisfaction increases with time – essential for staying ahead of the competition.
6. Communications Security
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. A Microsoft survey reports 94% of companies say that their security 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. Super App – Business Trend to Watch
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!
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.
Keeping up with current business trends.
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. In addition, they should 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 TextNow.cloud. We will analyze your business needs and work with you to build a strategy and solution to help your company come out on top. TextNow.cloud is a service of Carolina Digital Phone. Call us today at (336) 544-4000.