Plenty of challenges and opportunities lie ahead for small businesses in 2023, and having well-informed expectations can help you stay ahead of the curve. Here are the trends the Small Business Administration (SBA) is monitoring as we head into 2023:

1.    E-commerce and social selling will continue to boom. https://www.hootsuite.com/resources/digital-trends Experts forecast that the global e-commerce industry will grow to $8.1 trillion by 2026. Social media has also emerged as a serious player. With customers now buying directly on platforms such as Facebook and Pinterest, it could be time to adjust your sales model.

2.    But you should still remember brick and mortar. Statistics don’t lie: 61% of customers still want to try products in person before buying. If you have a website, consider installing chatbot technology. In-store, you can cater to customer expectations with services like self-checkout. After all, more than half of surveyed retail shoppers in North America have used it.

3.    Safety is essential to your customers. Shoppers want to know that their information is secure, especially as online transactions become commonplace. You can protect your customers and build brand trust by doing the right things: using reputable payment providers, investing in fraud prevention tools, and installing a Secure Sockets Layer (SSL) certificate on your website. 

4.    So is sustainability. Consumers from every generation are willing to pay more for sustainable products. Furthermore, 76% say they’ve made a conscious effort to shop for more sustainable products in the past year. Brainstorm ways to make your processes more sustainable, such as using low-waste packaging for your products.

5.    Customer experience is still king. Research shows that customers value experience over both price and product quality. Whether online or in-person, the customer experience should be the focus of your strategy. Think of fun ways to personalize your in-store profile, such as hosting pop-up events. Online, it’s about creating an immersive experience. For example, if you sell clothes, you might invest in technology that allows customers to try on clothes virtually.

Since 2005, Quikstone Capital has helped thousands of merchants with easy, fast, and flexible funding for all their business needs. Quikstone has an A+ rating with the Better Business Bureau, and 80% of our merchants are repeat customers. We work hard to build your trust. Contact us for a no-cost or obligation review. We want to help you succeed.