~ From off-the-track thoroughbred to sport horse ~
Trends in business and market trends are predictable trends in the marketplace which influence consumer behavior. Staying on top of these trends allows businesses to align their products and services to the needs of customers which increases brand loyalty and sales.
Trend analysis requires observation, research and a keen understanding of what consumers require and want. Companies that fail to meet the criteria like Mattel did when its Barbie dolls lost market dominance to Bratz in the 2000s, are not equipped to compete with modern innovative companies that are aware of the shifts in demographics and generational trends in the consumer market.
In 2023, expect small businesses harnessing the latest technology to bolster their marketing strategies and attract their customers. Marketers will use modern technology to increase the number of and engage their customers. This could include hologram displays, or broadcasting celebrities or other influencers onto the floor of sales.
A second business trend to be on the lookout for is the increased emphasis placed on employee wellness and the creation of flexible working environments. This is www.compucog.net/2021/12/28/tech-market-leaders-lead-list-of-notable-business-deals/ a direct response to the coronavirus lockdown and is likely to increase as the economy improves and businesses are looking to attract the best talent.
Economic trends can provide an overview of a market’s health and vitality. For instance, oil prices typically rise as the economy grows and the demand for energy in the world increases. In the opposite direction conflict and disruptions in mining could decrease the availability of a certain commodity. The same applies to stocks and bonds, which rise or fall in value according to the mood of investors, news reports, quarterly results, economic readings and natural fluctuations between supply and demand.