4 Key Business Trends in 2023
The last few years of trading have been exceptionally challenging for many businesses. 2020 witnessed the onset of the first truly global pandemic in over one hundred years and this caused problems for many businesses. The traditional retail sector was hit the hardest, as restrictions on movement dramatically reduced footfalls to retail premises. However, online shopping experienced a boom in sales, as consumers looked to buy online from their smart devices whilst at home. It is estimated that this generated an extra $183 billion in revenues for online stores and e-commerce in general. The end of 2022 was characterized by rising inflation across many countries and an emerging cost of living crisis. Both these developments led to a reduction in purchasing power for millions of consumers and impacted the sales of high-value goods, such as cars and more expensive household items. In 2023, the general economic environment still looks uncertain and the ongoing war in Ukraine is continuing to affect the price of certain goods. As the year begins, some noticeable trends are emerging across the business world. In this article, four key business trends for 2023 will be discussed.
Increasing Use of APIs
In recent years, an increasing number of businesses are moving to completely digital, or cloud-based IT infrastructures in the workplace. There is also an increase in the number of applications and programs that are required to work together which has led to the rollout of a range of application programming interfaces (APIs). APIs are needed to allow different programs and applications to communicate with each other and function as part of a larger IT infrastructure. As APIs become more commonplace in business, there is a need to improve the ease of building and maintaining these systems. Many businesses who use APIs are now looking to add in api management solutions as they can dramatically improve the day-to-day running of APIs and may come with improved security features. In short, 2023 will see more businesses rolling out APIs for their software suites and using api management solutions to make it easier to run and maintain these systems.
Prioritizing Data Security
Data security has been a priority for many businesses over the last decade, but in 2023, it is expected that all businesses will make it one of their top priorities. This is because the effects of cybercrime and data theft can be crippling for any business in terms of both financial costs and the damage that a successful attack causes to the reputation of a firm. Data breaches are estimated to cost businesses around $4.35 million as a global average and this figure is considerably higher for companies in America. A cyber attack can be targeted at any company, regardless of its size or sector of operations. As such, 2023 will see increasing investment in cyber security which will encompass improved IT security systems and a growing number of highly trained cyber security specialists working for larger organizations.
Operating Sustainably
Last year saw some of the hottest temperatures recorded across many countries. 2022 is now known to be the 6th hottest year on record. Experts agree that this is influenced by humankind’s impact on the natural world and is evidence of climate change and global warming. Businesses must now act to minimize their carbon footprints, reduce waste from every process, and seek to operate sustainably. Consumers are increasingly looking to buy from companies that have demonstrated their green credentials and will actively avoid using firms that do not work in an eco-friendly manner.
Hybrid and Remote Working
As a final key trend, hybrid and remote models of work look set to continue for the considerable future. Many workers experienced these forms of work during the peaks of the Covid-19 pandemic, and for the vast majority of staff, it was a model of working that gave them tangible benefits. Hybrid and remote models of work can allow staff to gain greater control of their work-life balance and many employees seek this option when applying for new jobs. It can also benefit a business as less time is lost when travelling to meetings (by using video conferencing systems) and the carbon footprint of the organization can be reduced as fewer commuting journeys are made by the workforce.
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