Business owners all over the world have faced huge challenges and have had to adapt to new ways of operating especially in the last three years. The question is: What will happen in 2023?
Coupled with the lingering aftereffects of the COVID-19 pandemic, the consistent increase in the exchange rates has taught the average Nigerian entrepreneur significant lessons in managing production costs, fixing prices, etc. Customers are also more knowledgeable as to what they should get from a brand since they have access to a myriad of information online regarding how a product or service should work or be rendered respectively. To put it in plain terms, consumers are smarter these days than ever before. This could also stem from the fact that they want to ensure that they get value from every kobo spent in purchasing items.
Here are the trends that are most likely to impact business activities in 2023.
1. Improved customer experience
In 2023, customers are likely to crave a better experience from any business that they come in contact with. With the advent of social media reviews where customers share their thoughts about a product or service rendered to them, business owners have to make efforts to deliver and meet clients’ expectations. You do not want to be caught lacking here because it could have a significant effect on how people perceive your brand.
Therefore, in 2023, the customers could continue to have the upper hand in a company’s brand image, and businesses would require real feedback to stay in the good books of their customers. It is important for entrepreneurs to provide top-notch customer experience in the coming year as it is also a vital longevity strategy. If you do not know how to go about this, it would be wise to seek the services of a customer experience professional as soon as possible.
2. Continued Technological Innovations
Technology or Digitization will not slow down anytime soon, as a matter of fact, there will be a continuation of tech advancements in 2023. More entrepreneurs will begin to see and understand the possibilities of boosting their customer relations and engagements online using artificial intelligence (AI). With this, one could timely join online conversations relating to one’s offerings, collect data on what your target audience need and why, etc. In addition, the 5G network is already here and in 2023, there could be a possible rise in its usage. Following the recent launch of 5G network in Nigeria, the shipment of 5G-enabled devices has increased by 26.9 per cent in the country according to reports and we are likely to see this figure trend upward next year. Technology is a crucial consideration that entrepreneurs must not ignore as they prepare for the new year as it plays a pivotal role in how we communicate, carry out tasks(manually or automatically), the kind of talents we hire and future business plans in general.
Entrepreneurs should prepare for augmented digital transformation and the best approach to merging these innovations to their workflow and relations with customers.
3. Finding a Deeper Purpose
Gone are the days where investors and customers transact with brands that are not purpose-driven. Almost everyone wants to be associated with something that immensely contributes to a greater cause or that proffers a solution to a major and an obvious pain point. As a result, we are beginning to see an increasing number of social entrepreneurs in Nigeria.
Investors are more likely to fund a business that provides value while solving a real problem. Now is the best time to revisit your mission and vision statements to figure out the true depth of the reason for the existence of your business. This will give you clarity and how you seek funding in 2023.
4. Economic Policies
As we approach 2023, it is essential for entrepreneurs to boost their resilience to inflation and other economic challenges that might be encountered. Stay updated with macroeconomics findings, and reports that would help you makoe informed decisions when setting prices for your goods and services. The era of fixing prices based on your production costs have long gone. Several other external factors should be considered so that your business does not suffer when economic crisis hit.
Explore protective measures such as alternative suppliers or even becoming more self-reliant. While economic hardship might not be the order of the day, it is important to always have a plan in place in order not to face bigger challenges.
We hope for a general positive outlook in 2023 in the areas of advanced technology for seamlessly business operations while we prepare in case we are forced to deal with any unfavourable condition. Now is the perfect time to plan ahead before we enter the New Year. Your business has come this far and so, can do better and go further if you make informed decisions with these possible 2023 trends.