After two years influenced by the pandemic that turned the Portuguese economic fabric on its head, accelerating the connection between business and the digital world, in the new year the tendency is for this to be accentuated and deepened, but not only.
As we have been experiencing, inflation due to disruption and/or instability in supply chains, especially in the primary product delivery phase, will be a factor businesses will have to deal with in 2023, causing production and sales prices to rise further.
These are just two examples of trends that will mark the new year and that businesses will have to deal with, but there are more.
Come and find out about the five main trends that will mark the year 2023 in Business.
Key business trends in 2023
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Deepening the digital transition
Although they are already present in many businesses, cutting-edge technologies such as AI (Artificial Intelligence), Virtual/Augmented Reality, blockchain, the Internet of Things (IoT) or 5G networks, it is expected that, by 2023, these will be incorporated by companies in a more structured way and will start to act as a single body and not as separate, isolated elements.
So, instead of mere organisations that include innovative technologies in their processes, we can have the advent of so-called "smart companies" where systems work in networks to simplify and bring greater profitability to the production process, logistics, marketing, sales and pre- and post-sales customer service.
In the specific case of the end customer, the simplification of this type of process and the inclusion of data analysis should result in products and services that serve the needs and consumption habits of consumers and eliminate existing barriers.
For example, in the case of online paymentsREDUNIQ, one of the processes that causes the most inconvenience to companies operating in e-commerce, has invested in developing a payment solution that not only provides a simplified checkout for the customer, but also offers businesses that sell via social networks or without a website a secure way to accept payments by link via email, SMS, WhatsApp, Multibanco reference or MB WAY with Visa and Mastercard cards.
Created with those who want to sell online without a website (marketplaces, social networks, etc.) in mind, the REDUNIQ@Payments is an intuitive turnkey solution with no need for integration that provides a platform, optimised for smartphones and tablets, where businesses can charge for payment link.
When the customer receives this payment order by link, all they have to do is click to be redirected to a secure REDUNIQ page, thus ensuring that the digital retailer does not have access to the card details at any stage of the payment.
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Supply chain disruptions and inflation
After the pandemic caused some disruptions in the supply chain, especially in raw materials from China, the war in Ukraine and economic sanctions on Russia, one of the world's leading producers of natural gas and electronic components, are causing a major headache for countries and companies around the world.
This ends up resulting in protectionist policies that further limit the supply of raw materials that are essential to the operation of many businesses and a retraction in consumption due to inflation, which will necessarily have an impact on the prices of products sold to the public.
With little prospect of a change in the status quo in the coming months, it is recommended that businesses not only identify the risks of disruption to their suppliers, but also consider looking for alternative suppliers and investing in self-sufficiency (as much as possible, it should be noted) using digital technologies and renewable energy sources.
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Betting on a more immersive buying journey for the customer
We've already touched on the subject in the first point of this article, but the need to speed up and improve the customer buying journey is, in itself, one of the major trends for 2023.
As we've seen, this doesn't just involve the introduction of payment methods suited to the habits and needs of consumers or the quality and price of the services and products on offer.
Things as diverse as the implementation of chatbots to help the customer through the shopping journey, the introduction of augmented reality in product displays and 24/7 service and support platforms during and after the sale will be fundamental to the success of a business in 2023.
This greater immersion and interactivity will also be boosted by the spread of the metaverse, a virtual parallel universe where consumers will not only be able to interact with brands and other consumers, but also, for example, try on clothes or shoes on their avatars in a virtual dressing room before buying them in the real world.
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Social and environmental commitment
Consumers and investors are more demanding which, among other things, means that they favour businesses with a solid social and environmental commitment.
As a result, one of the main business trends for 2023 is investment in environmentally and socially conscious and transparent practices and processes, such as,
- reducing the use of fossil fuels
- betting on recyclable products
- the adoption of fair trade principles in which it is ensured that all those involved in the production chain are paid fairly
- the introduction of the circular economy in which the end customer is assured that at all stages of production the negative impacts on society and the environment are mitigated.
