Business and market trends are predictable in the marketplace that influence the behavior of consumers. By keeping up-to-date with market and business trends entrepreneurs can ensure that their products and service with the requirements and desires of consumers. This will increase the brand’s popularity and sales.
Trend analysis requires research, observations and a keen sense of what consumers need and desire. Entrepreneurs who miss the mark such as Mattel did when its Barbie dolls lost market share to Bratz in the early 2000s, are not able to compete against new, innovative companies that recognize shifting demographics and shifts in consumer demand.
In 2023, expect to see small companies leveraging the see post latest technologies to enhance their marketing strategies and attract their audiences. Marketers will utilize modern technology to increase the number of and engage their customers. This could include hologram displays, or beaming celebrities or influencers onto the sales floor.
Another business trend to watch is the growing emphasis on employee wellbeing and the creation of flexible workplaces. This is largely due to the coronavirus lockdown and is likely to continue with the improvement of the economy and the need to recruit talented employees.
Economic trends offer a snapshot of the health and vitality of markets. For instance, the price of oil typically rise as the economy grows and global energy demands increase. On the other hand, wars or mining disruptions can restrict the availability of a commodity and lower its price. This is the same for stocks and bonds that fluctuate in value depending on the sentiment of investors news reports, company quarterly results, economic readings, and natural fluctuations in demand and supply.