Business and market trends are predictable patterns in the marketplace that influence the behavior of consumers. Keeping abreast of these trends enables entrepreneurs to ensure that their products and services are in line with the demands of consumers to increase brand loyalty and sales.
Trend analysis requires research, observation and a keen understanding of what consumers want and require. Entrepreneurs who do not meet their goals as Mattel did when its Barbie dolls lost market share to Bratz in the 2000s, are not equipped to compete against new, innovative companies that recognize the changing demographics and shifts in consumer demand.
In 2023, small businesses will employ new technologies to enhance their marketing strategies and capture their target audiences. From displays that show holograms to beaming celebrities or influencers directly onto the sales floor, marketers will rely on the latest technology to amplify their messages and entice customers.
Another important business trend to keep an eye on is the increasing focus on employee well-being and the development of flexible working environments. This is a direct response to the coronavirus shutdown and is likely to remain in place as the economy improves and businesses look to hire new talent.
Economic trends provide a picture of the health and vitality of a market. For instance, prices for oil tend to increase as the economy grows and the demand for energy increases across the globe. In contrast, wars and disruptions to mining can limit the availability of a product and reduce its value. Stocks and bonds are affected by the mood of investors, news, quarterly results of businesses, economic readings, and natural fluctuations in supply and demand.