Trends in business and market trends are predictable in the marketplace that influence consumer behavior. Keeping abreast of these trends helps entrepreneurs to ensure that their products and services are in line with the needs of their customers which increases brand loyalty and sales.
Trend analysis requires observation, research and a keen understanding of what people need and desire. Entrepreneurs who miss their mark like Mattel when its Barbie dolls were surpassed by Bratz in the 2000s will not be prepared for competition with new, innovative businesses that understand the changing demographic and generational shifts.
In 2023, expect to see small businesses using the latest technologies to enhance their marketing strategies and captivate their customers. From hologram displays to beaming in celebrities or influential people directly onto the sales floor, marketers will rely on the latest technology to amplify their messages and entice customers.
A second business trend to be on the lookout for is the increased emphasis placed on employee health and the creation of flexible working environments. This is partly due to the coronavirus-related lockdown, and is likely to continue to grow with the improvement of the economy and the desire to find new talent.
Economic trends can give a an excellent overview of the market’s health and vitality. For instance, prices for oil tend to rise when the economy grows and the demand for energy in the world increases. In the opposite direction wars and disruptions to mining may reduce the supply of a certain commodity. The same applies to bonds and stocks, which rise or fall in value based on the mood of investors, announcements, quarterly results, economic data and natural fluctuations between supply and demand.