3 Business Trends SMEs Need to Know for 2023

Continuing Digital Transformation

Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, blockchain and other transformative technologies have seen an ongoing evolution over the last few years, and we see a continuation of their development in 2023. According to Forbes Digital Assets, the emphasis will be on NFTs or non-fungible tokens that actually “do something”, rather than simply represent virtual works of art or other digital assets. As the technology gains wider acceptance, it will also give rise to new opportunities for businesses to offer these innovations in an “as-a-service” model.

Ecommerce Will Continue to Thrive

The recent pandemic has seen a rapid growth in the ecommerce industry. According to the International Monetary Fund, the online share of total spending rose sharply from 10.3 % in 2019 to 14.9% at the peak of the pandemic. While the growth has slowed somewhat this year, online spending has become a permanent part of our shopping experience, with 58.4% of internet users buying online each week. Analysts expect the global ecommerce industry to grow from $5.7 trillion in 2022 to $8.1 trillion by 2026.

What does it mean for SMEs? We are rapidly approaching a phase in global retail where online shopping is non-negotiable for consumers. The year 2023 will be an important time to make crucial decisions on ecommerce strategies.

Towards a More Immersive Customer Experience

At a time when products are largely undifferentiated, creating meaningful customer experiences ultimately spell the difference between success and failure. When it comes to Customer Experience, the key words for 2023 are immersion and interactivity.

As more people jump on the metaverse bandwagon, there are tremendous opportunities for brands to adopt immersive technologies to wow their customers and improve on their experiences. One classic example of this is IKEA who used Augmented Reality to allow customers to see how their products would look in their homes. This interactive engagement opened additional opportunities for the brand to measure valuable behavioral and preferential data about them.

The good news is that IFZA provides premium standards of company setup solutions that empower entrepreneurs to turn these trends into a business in Dubai. This includes a wide range of related business activities – from ecommerce, virtual assets services, metaverse services provider, to Dubai General Trading – supported by fast and efficient Free Zone company establishment.

Don’t wait for the new year. Contact an authorized IFZA Professional Partner today for more information.