Small Business Trends for 2023

Every year, the Small Business Administration (SBA) publishes their thoughts on small business trends for the coming year. We’ve read the report and want to share a few that may apply to your business. If they don’t, they may still apply to your competitors, so it’s good to stay informed. 

2023 number and red question mark on wooden cube block on wood table in room background. Next year planning concept.

1. E-commerce and social commerce continue to boom. 

More than half of global internet users purchase something online every week and it appears those numbers will only grow. Social media has emerged as a serious player. Smart marketers are taking the best of eCommerce and combining it with social media on platforms such as Facebook and Pinterest. We agree that, depending on your product or service, it could be time to adjust your sales model accordingly. 

2. Marketing  online is a must. Still, 60% of customers still want to see, touch, feel and try products before buying. Considering that half of retail shoppers use self-checkout or online forms to enroll or purchase services, it’s time to bone up on marketing your business online. ReferralRock’s article on How the Internet Helps Small Businesses Stay Competitive is a worthwhile read. 

3. Data collection is and will always be a customer concern. We all want to be assured that our information is secure. Protect your clients and customers and build a reputation for trust by installing a Secure Socket Layer (SSL) certificate on your website. Let Forbes list the top services you can trust.  

4. Customer experience is still #1. Research shows that customers value experience over both price and product quality.

Whether over the phone, online or in-person, the customer experience has to be the focus of your strategy. Forbes recently published a great article: 7 Customer-Experience-Related Predictions for 2023. Though published on December 14th, Southwest Airlines evidently failed to read the article.  

All of us at DLMoneyMatters want to wish you a very happy, prosperous, healthy, and exciting 2023. As always, we are a phone call, email, or text message away. Happy New Year!