Roman Semiokhin is an entrepreneur and philanthropist with extensive knowledge of the tech industry. From social commerce to entrepreneur communities, this article will explore some of the most prominent entrepreneurship trends of 2023.
Data published by Google reveals that 50% of smartphone shopping apps are used on a weekly basis. Experts predict that by 2025, global consumer mobile spending will exceed $728 billion.
Against this backdrop, it is plain to see that businesses that want to achieve commercial success in 2023 need to invest in mobile optimization, ensuring that the mobile version of their store is sleek and easy to navigate. Mobile stores must match the capabilities of desktop versions, ideally facilitating a seamless experience as shoppers navigate between the two.
Just as smartphones have become an increasingly powerful conduit for commerce, so too have social media platforms. Rising organically out of social media use, social commerce is a natural progression of e-commerce that is widely used today, from user-created shopping like Svpply, The Fancy, and Lyst and group buying platforms like Groupon to peer recommendations like Amazon and Yelp.
With 30% of online shoppers purchasing products through Facebook and other social media networks, according to research from BigCommerce, industry insiders predict that this trend will only increase as digital marketing tools become more and more sophisticated.
Entrepreneurship communities present a valuable opportunity for founders to connect with like-minded individuals. Thus, presenting a platform for the sharing of insights and ideas and enabling entrepreneurs to expand their networks. Bringing together creative, innovative people to help them flourish, entrepreneur communities help entrepreneurs to connect with individuals at all levels within the same community, from fledgling founders to seasoned entrepreneurs. Communities such as this also attract investors seeking promising businesses and their founders. Thereby, presenting an opportunity for entrepreneurs to network with and learn from the best.
Diversity and inclusion are more than just buzzwords today; they are a commercial necessity. Today’s forward-looking companies are investing in creating diverse workforces, employing people of different races, ethnicities, sexual orientations, abilities, and religious faiths. The good news is that diversity boosts bottom lines, with millennials more likely to buy from businesses dedicated to social justice.
Embracing diversity brings a variety of different business benefits, helping to develop more well-rounded teams. Thus, making the business landscape more diverse, and placing an organization in a better position when it comes to securing top talent.
Typically with a following of less than 25,000 subscribers, micro-influencers often operate within a particular niche. This is key to their success from a marketer’s perspective. Although it is easy to overlook the power of the micro-influencer in favor of a contemporary with a huge following, the advantage of micro-influencers lies in the very fact that they have a more modest following. This enables them to dedicate more time and energy to engaging more effectively with followers. Thus, can better discuss products and answer messages. This is hugely valuable to marketers seeking to expand brand reach and boost sales.
According to a report by the Influencer Marketing Hub, for each dollar spent on influencer marketing campaigns, businesses can expect to make $5.20 (on average). This equates to an impressive return on investment. In addition, studies shared by the Association of National Advertisers suggest that 92% of consumers prefer micro-influencer endorsements over celebrity advertising campaigns. In fact, 82% make a purchase based on micro-influencer recommendations.
With the typical consumer spending several hours a day engaging with media in various formats including blog posts, videos, and podcasts across multiple platforms, there is huge scope for entrepreneurship. After all, they can repurpose existing content. Thus, helping them to spread their message amongst as large an audience as possible. Simple ways of achieving this include posting snippets of podcasts on social media. Or, transcribing broadcasts and publishing the scripts as articles or blog posts. Or, filming videos alongside podcasts. Entrepreneurs can also revisit existing material, converting old blog posts into tips newsletters, and webinars into video tutorials.
With technology continuing to advance at lightning speed, entrepreneurs need to secure the support of specialist employees capable of helping them to take advantage of new opportunities without compromising their businesses. For example, as cloud computing grows in popularity, businesses are increasingly relying on cybersecurity experts to protect critical business data. In addition, collaborating with specialized tech experts could help business leaders to develop new products or achieve a competitive edge over market rivals. Meanwhile, hiring a virtual assistant could free up a founder’s time to focus their energy on what they do best. That is running and growing their business.
According to a report from Finances Online, the gig economy was worth somewhere in the region of $300 billion globally as of 2021, with 59 million gig workers in the United States alone – accounting for 36% of the country’s workforce and contributing circa $1.2 trillion to its economy. Entrepreneurship is increasingly leveraging this by creating gig schemes for businesses. Thus, limiting operational costs, and driving up profitability.
For more information about this topic, visit Roman Semiokhin’s website: https://romansemiokhin.com
