Market and business trends are predictable trends in the marketplace that influence the behavior of consumers. By keeping abreast of business and market trends, entrepreneurs can align their products and services to the needs and wants of their customers. This can increase brand loyalty and sales.
Trend analysis requires observation, research and a thorough understanding of what consumers want and need. Companies that fail to meet the criteria, as Mattel did when its Barbie dolls lost market leadership to Bratz in the 2000s, aren’t equipped to compete with the new innovative companies that are aware of the changing demographics and shifts in consumer demand.
In 2023, we can expect to see small businesses leveraging emerging technologies to enhance their marketing strategies as well as captivate their audiences. From the hologram display to beaming celebrities or influencers directly onto the sales floor, marketers will make use of cutting-edge tech that can amplify their messages and draw customers in.
A second business trend to keep an eye on is the growing emphasis on employee health and wellbeing as well as the development flexible working environments. This is a reaction to the coronavirus shutdown and is likely to increase as the economy improves and businesses are looking to attract talent.
Economic trends can give a an accurate picture of a market’s health and vitality. For instance, oil prices typically rise as the economy grows and the global demand for energy increases. On the other hand, wars or disruptions to mining could limit the supply of a particular commodity and decrease its value. The same is true for stocks and bonds that fluctuate in value based on investor sentiment news reports, quarterly results, economic data and natural fluctuations in demand and supply.
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