Business Trends & Predictions for 2023

Everest Business Funding Shares Small Business Trends and Predictions for 2023

Looking to the future is what successful business owners do best, as forward-thinking is essential to stay ahead of the competition and keeping up with forthcoming trends. With the holidays ramping up, marking the end of another year, it is time for entrepreneurs to start focusing on business trends and predictions for the upcoming 2023 year. 

Everest Business Funding, an organization that provides small business owners revenue-based financing, has compiled a list of small business predicted trends for 2023, which is provided below:

1. Improve Efficiency
   The pandemic pushed businesses to adapt to remote working quickly, and the option to work remotely from home has not gone away since. In fact, companies are starting to look at the benefits of remote and hybrid working, seeking the advantage of focusing on employee accessibility over in-person presence.
2. Voice Search Technology
   The use of voice search on a daily basis has escalated and continues to do so, according to Google reports. Now, 55% of teens and 41% of adults are taking advantage of voice search. When small businesses take into account website and SEO marketing, they need to keep voice search progression in mind.
3. “Greenwashing”
   With more consumers looking to support companies that incorporate sustainability into their practices, the term “greenwashing” has come into existence. Small businesses need to familiarize themselves with greenwashing to be sure to avoid it, as the word represents companies that imply that they are more sustainable than they genuinely are.
4. Enhancing Consumer Experience
   The metaverse infuses digital and physical worlds into one space where businesses are welcome to join and enhance the consumer experience through virtual reality. For example, the future of the metaverse is moving towards being able to virtually “try on” clothes, and big corporations like Walmart and Hugo Boss are already pioneering a path.
5. The Evolution of the Manager Role
   The middle manager’s role is evolving into something more than its past requirements. The modern-day middle manager plays a position that is not so traditionally straightforward but rather also calls for individuals fulfilling the role to act as an empathetic leader, coach, and mentor in addition to managing employees and supplying performance feedback. 
6. Free Shipping
   Big companies like Amazon have influenced consumers to expect free shipping. As more and more people opt to shop online rather than travel to a storefront, small businesses have to keep up with the e-commerce opportunity and demand. One way small businesses can get more products out the door through e-commerce is by offering free shipping for certain products or orders of a specific amount or greater.
7. 21st Century Layaway
   Layaway was once a trend of the past that has come back in style for 2023. The option to buy now and pay later is becoming increasingly popular thanks to retailers partnering with layaway apps such as Affirm, Afterpay, and Sezzle. Adapting an opportunity for customers to buy now and pay later into a small business practice can help expand sales to younger audiences who are taking advantage of the companies that do offer layaway.

About Everest Business Funding

Everest Business Funding provides alternative finance options and revenue-based funding to small business owners. They serve a diverse pool of businesses, from healthcare to retail, to help them obtain working capital to grow, buy inventory, launch marketing campaigns, or hire staff. Everest Business Funding’s clients are treated with respect and receive high-quality guidance and service from its professionals.