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The business world has changed dramatically in recent years mainly due to emerging technologies, changing customer demands, the COVID-19 pandemic, and even societal changes. For instance, the recent economic downturn contributed to a drop in VC funding, leading to massive layoffs, pressure to become profitable, and falling valuation. At the same time, companies that offer innovative solutions aren’t experiencing funding challenges.
With the increasing economic uncertainty and tech adoption, markets will continue to shift, creating many opportunities for startups to grow and thrive. Staying on top of emerging entrepreneurial trends can help you make smart business decisions, including finding the right business loans to grow your startup and gain an edge over the competition in changing times. Here are some of the top startup trends to look out for in 2023:
1. Electronic Commerce
Online sales have increased by nearly 55% since 2020, partly due to the COVID-19 pandemic. With smartphones becoming more powerful and accessible, an increasing number of people are choosing to shop on the internet. In fact, research shows that most people spend three hours on their phones daily on average. This clearly indicates that mobile commerce will only continue growing in the future.
That implies businesses with eCommerce will have the edge over their competition in 2023 and beyond. As mobile commerce continues to grow, you should expect more options for mobile payments and transactions. More entrepreneurs are expected to invest in mobile eCommerce to grow their businesses.
2. SuperApps Will Become Common
Another startup trend to watch in 2023 is the increased popularity and growth of superapps. In fact, experts predict about 50% of the global population will be using more than one super app by 2027. Superapps eliminate the need to create multiple individual apps by providing a platform that brings multiple services into one app. This makes it more convenient for users seeking mobile-first experiences with outstanding capabilities.
Super apps help increase user engagement and retention, providing companies with new revenue streams. As companies realize the potential of super apps, they’ll want to develop their own multi-service apps. This means the trend will likely continue in the future, especially among startups.
3. Cybersecurity Takes Center Stage
With businesses facing a growing number of cybersecurity risks, cybersecurity is more likely to take center stage in the startup ecosystem in 2023. Experts predict cybersecurity mesh will be a priority for organizations by 2024 since it will significantly reduce the financial impact brought by security incidents. Cybersecurity mesh architecture focuses on securing a company’s networks using multiple security checkpoints, making it a crucial security measure for companies looking to protect customer information and data.
Additionally, the growth of eCommerce and remote work and the shift to cloud-based delivery models exposes startups to many security breaches. Thus, more and more startups will invest heavily in security and risk management as the demand for cybersecurity increases.
4. Growth of Social Responsibility
Besides growing shareholder value and driving profits, companies are now expected to be socially mindful by maintaining an ethical supply chain and taking care of the employees. Thus, we should expect to see startups develop strong policies that prevent discriminatory hiring and misconduct and ensure fair wages for all employees.
Additionally, companies will become more mindful of their operations’ impact on external stakeholders. The rise of ethical businesses will likely create new niches, including ethical consumption products. Thus, it would be best if you stayed on top of the latest social responsibility trends to take advantage of the opportunities they provide.
5. Clean Energy and Sustainability
With global warming and emissions becoming a major issue globally, clean energy technology is likely to be a top priority for many startups. Startups will start evaluating sources of clean energy generation, such as wind, solar, and hydropower. This will make battery technology more vital for storing this energy.
You should also expect rapid advancement in microgrids, enabling startups to generate their own energy and distribute it amongst the local community. This will help remove the pressure off the main electricity grid while reducing environmental impact.
Companies will likely focus more on sustainability by creating more environmentally friendly, biodegradable, and recyclable products. This will increase the adaptation of eco-friendly operations to reduce the environmental impact and carbon emissions in order to achieve sustainability.
Endnote
While it’s difficult to accurately predict the future, you should always be prepared for the change to take advantage of the opportunities and grow your startup. From the growth of mobile commerce to increased demand for clean energy and sustainability, the above are some of the top startup trends you should leverage to grow and expand your business. Staying on top of the latest startup trends will help you make smart business decisions and drive innovation into your company and achieve success in business.
