2023 Small Business Trends to Know
With 2023 now finally upon us, it’s time to consider the trends that have the potential to impact small businesses throughout the year. Following are four trends that many are already taking advantage of and reaping the benefits.
Super apps (sometimes written as “superapps” or “super-apps”) are essentially apps that utilize collections of other “mini apps” within them to create useful sets of tools for users, and especially businesses. Research firm Gartner likens a super app to a Swiss Army Knife for creating a personalized app experience, running on a platform, and utilizing commonly used app services, such as payments, messaging, etc. Thus, containing much more information on a single platform and accessing it all with just a few clicks.
“Users access a range of discrete services through an ecosystem for which internal development teams and external partners build and deploy modular microapps to the superapp,” Gartner explains. “This provider ecosystem also amplifies the superapp’s value by providing convenient access to a broader range of services within the app.”
According to U.S. Chamber of Commerce, small business owners should consider using super apps to provide self-service options for employees and vendors.
Self-service, in general, is another trend expected to rise in 2023. Many consumers (and even B2B clients) are increasingly interested in self-service offerings from businesses as a way to get what they need as conveniently as possible. At the same time, this can help businesses run more efficiently while facing labor shortages and challenging labor expenses in the face of inflation and a looming recession. In some cases, technology makes it easier for consumers to make purchases without any intervention from salespeople. In others, a business model adjustment may save your business money. ResumeLab’s Peter Bryla gives the example of a provider of cleaning supplies having customers bring their own container to fill up on the products they need, which allows the business to lower product cost and keep customers returning.
Sustainability is one of the most commonly mentioned trends for small businesses in 2023 as sustainable materials are not only better for the environment, but also the economy. Also, a growing number of consumers are looking to businesses with environmental values.
Small Business Trends recommends sourcing raw materials from local suppliers to reduce transportation and support the local economy. They also urge using eco-friendly packaging and shipping multiple products in the same packaging to reduce the number of packages. (4)
Short-Form Online Video
The online video trend has been gaining steam for several years, but in 2023, platforms like TikTok and Instagram have become all but impossible to ignore for businesses.
“Whatever form of social media you use, video content is becoming as — if not more important — than text,” says Emma Newberry at Fool.com. (5) “People spend more time on pages with videos. You can condense a lot of information into a short video, making them a great way to tell a story and build your brand. If video isn’t part of your current content and marketing strategy, 2023 might be the year to turn on the cameras.”
Businesses are also finding success marketing via influencers on such platforms. This may be a lucrative path for businesses who can find such personalities with the right audiences.
Super apps have the ability to improve operational efficiency, while self-service and sustainability can save your company money and entice consumers at the same time. Short-form online video is a great way to reach a growing number of consumers scrolling through videos on their devices. These are all trends to consider taking part in as the year progresses.