Looking Back: 15 Business Statistics from 2022 That Will Shape 2023
2022 Ends as an Unprecedented Year of Change and Uncertainty
The year 2022 was a year of unprecedented change and uncertainty for businesses. From the ongoing pandemic and its impact on the global economy to shifts in consumer behavior and remote work, businesses had to adapt and evolve to meet the challenges of the new normal. As we look ahead to 2023, it is important for businesses to reflect on the key trends and statistics that defined 2022 and how they may shape the business landscape in the coming year. In this blog, we will explore 15 business statistics from 2022 that will likely have a significant impact on businesses in 2023.
1. Remote Work Is Here to Stay
One of the most significant trends of 2022 was the shift to remote work due to the ongoing pandemic. According to a survey by Buffer, 99% of respondents said they would like to continue working remotely at least some of the time for the rest of their careers. This trend is likely to continue in 2023 as more businesses realize the cost and productivity benefits of remote work.
For remote workers, it is important for them to have the right tools to remain productive and engaged. In some instances, due to loneliness and other factors, some remote workers need a break in the routine—a chance to surround themselves with other likeminded professionals. Coworking spaces and day offices like those from Davinci Meeting Rooms, which are close to their home offices, are a great place for them to work one or two days a week. These on-demand work environments come with all technologies and services professionals require such as high-speed internet, rented meeting rooms, photocopy and fax machines, and more.
2. Rise of E-commerce
The pandemic has also accelerated the growth of e-commerce, with online shopping becoming the new norm for many consumers. According to a report by Shopify, e-commerce sales grew by 44% in 2022 and are expected to continue growing in 2023. Businesses that have not already embraced e-commerce should consider investing in online sales channels to reach customers where they are shopping.
For any business with an e-commerce site, digital engagement is critical, and it must be omnichannel. Customers want their questions answered in real time when shopping online. This requires a live web chat engagement model, in addition to phone. For small businesses or solopreneurs, it is virtually impossible for them to provide live web chat during the hours when customers are online. This is where on-demand live web chat services like Davinci Live Web Chat Services are especially helpful. Davinci provides teams of live web chat specialists who become experts in your business, products and services, and customers—and their engagement is billed on demand.
3. Importance of Health and Wellness
The pandemic changed consumer behavior in many ways, including an increased focus on health and wellness. A survey by the National Institutes of Health found that 70% of respondents reported prioritizing their health and well-being during the pandemic. Businesses that can meet this growing demand for health and wellness products and services are likely to be successful in 2023.
Offering employees hybrid work environments, remote work opportunities, as well as professional engagement and collaboration opportunities through on-demand coworking space, day offices, and rented meeting space will be important.
4. The Growth of Online Learning
The pandemic has also driven the growth of online learning, as students and workers turned to virtual classrooms and remote training. One report predicts that the online learning industry is expected to grow by more than $350 billion by 2025. Businesses that can offer online learning and training opportunities are likely to have a competitive advantage in 2023.
5. Importance of Sustainability
Sustainability has become a top priority for consumers and businesses alike in 2022, with the global pandemic putting a spotlight on environmental issues. A survey by Nielsen found that 66% of global consumers are willing to pay more for sustainable products. Businesses that can demonstrate their commitment to sustainability through eco-friendly practices and products are likely to appeal to consumers in 2023.
6. Growing Importance of Personalization
Personalization has become a key component of successful marketing strategies in 2022, as businesses seek to stand out in a crowded market and build stronger relationships with customers. According to a report by Epsilon, consumers are 80% more likely to make a purchase when a brand offers personalized experiences. McKinsey found that 71% of consumers expect customer to deliver personalized experiences. The same study from McKinsey discovered that companies that grow faster drive 40% more of their revenue from personalization than their slower-growing counterparts. Businesses that can leverage personalization in their marketing strategies are likely to see a positive impact in 2023.
7. Growth of Artificial Intelligence
The full potential of artificial intelligence is just being felt, even with the launch of ChatGPT. Businesses leveraging AI to automate tasks, improve customer experiences, and drive growth. According to a report by IDC, the global AI market is expected to reach $300 billion by 2025. Businesses that can invest in AI technology and develop a strategic plan for its use are likely to be ahead of the curve in 2023.
8. Importance of Cybersecurity
For numerous years running, the critical importance of cybersecurity grows, as it remains a top priority for businesses as they address malicious cyberattacks, insider threats, and accidental exposure of sensitive data. The volume of global cyberattacks spiked 38% last year, and the cost per data breach for businesses now tops $4 million according to the “Cost of a Data Breach Report” by IBM and Ponemon Institute. Businesses that invest in robust cybersecurity measures, such as encryption, firewalls, multifactor authentication, content governance tracking and controls, and employee security-awareness training, will be better prepared to protect themselves and their customers’ data in 2023.
9. Growth of Social Media
Social media continues to be a crucial platform for businesses in 2022, with platforms like Facebook, Instagram, and Twitter being used for marketing, customer engagement, and brand building. According to a report by Hootsuite, there were over 4.62 billion active social media users in 2022, and this number is expected to continue growing in 2023. Businesses that can effectively leverage social media to reach their target audiences will have a competitive advantage in 2023.
10. Popularity in Video Marketing
Video marketing has become increasingly popular in 2022, with businesses using videos to showcase products and services, build brand awareness, and engage with customers. According to a report by HubSpot, video is the most consumed type of content online, with over 80% of internet users watching videos on a regular basis. Businesses that can effectively incorporate video into their marketing strategies are likely to see a positive impact in 2023.
11. Growth of Influencer Marketing
Influencer marketing has become a key component of many businesses’ marketing strategies in 2022, with brands partnering with influencers to reach new audiences and build credibility. According to a report by Influencer Marketing Hub, influencer marketing was a $16.4 billion industry in 2022, with businesses expected to spend a whopping $4.5 billion on influencers in 2023. Businesses that can effectively leverage influencer marketing in 2023 will have a competitive advantage in reaching and engaging with their target audiences.
12. Customer Experience Remains a Critical Focus
Customer experience has become increasingly important in 2022, with businesses competing to provide the best possible experience for their customers. Forrester dubbed 2022 as the “Year of the Great Pivot” as organizations began to focus on customer experience that values privacy and offers opportunities to provide new, individualized experiences. This trend is certain to continue in 2023, and businesses that can effectively enhance the customer experience in 2023 will be better positioned to stand out from the competition and drive growth.
13. Mobile Remains Hot
Mobile technology continues to be a crucial tool for businesses in 2022, with more and more consumers relying on smartphones and tablets to research and purchase products and services. According to a report by We Are Social, there were over 7.9 billion mobile users in 2022, and this number is expected to continue growing in 2023. Businesses that can effectively optimize their mobile presence in 2023 will be better positioned to reach and engage with customers on the go.
14. Employee Satisfaction
Employee satisfaction has become increasingly important in 2022, with businesses competing to attract and retain top talent. A study in Harvard Business Review found that companies with high levels of employee satisfaction outperform their peers by 2.3x in terms of revenue growth. Businesses that can invest in creating a positive work environment and fostering employee satisfaction in 2023 are likely to be more successful in attracting and retaining top talent.
15. Data-driven Decision Making
Data has become an increasingly important tool for businesses in 2022, with companies using data to inform and optimize their strategies and operations. Nearly three-quarters of businesses rely completely on data-driven decision making, according to a study conducted by BARC. Businesses that can effectively leverage data to inform their decisions in 2023 will be better positioned to make informed, data-driven decisions that drive growth and success.
Digital Business in 2023
All of the above 15 statistics corroborate the importance of digital transformation. Businesses that embrace digital transformation have a competitive advantage. It simply isn’t one department, but every aspect of a business’ operations. Tapping on-demand services like Davinci Live Receptionists or Live Web Services can facilitate that process, enabling businesses to focus on business-critical initiatives.