2022 was a year of rebuilding foundations. It was the time when businesses were getting back on their feet back and navigating the aftermath of the pandemic. It was a better year for businesses than the previous years, but at the same time, it also brought in a new set of challenges putting most in an uneasy position. It remained to be a challenging year overall, but with more wiggle room for businesses to operate and do start again. Business trends in 2023 will be no different, but they will come with a mix of old and new hurdles.
Challenges from the previous year will continue
Manpower shortage will continue to run its course this year.
The primary cause of the manpower shortage in the F&B industry is that many workers have simply left in search of more steady employment. Long hours, income, and few benefits are common in this industry, putting many people in danger during the pandemic. When these individuals were laid off, many took advantage of the opportunity to pursue more stable employment and have not returned to the F&B workforce since.
Interest rates will keep going up or at least maintain, in turn affecting prices of goods and services. Not only will this be a more difficult time for businesses to navigate the rising cost of products, but consumers will feel the brunt of it. Leading us to our next point.
Conservative consumers in 2023
2023 will be no different. It will keep businesses busy attracting more customers and making them spend more. With inflation pushing prices upwards relentlessly, it is possible that this year, we will see more conservative spending patterns from consumers. This means consumers will think twice before they spend and will be more focused on understanding product life cycles.
This presents both an opportunity and a challenge for retailers. Pre-owned goods, reusing, and recycling will become more common and be more in demand by consumers.
Another factor that contributes to this from consumers is an increased focus on sustainability. With more and more people becoming aware of the environmental impact of their consumption habits, they may be more likely to make choices that are better for the planet.
A new generation of entrepreneurs
There’s no one size fits all approach to handling these challenges.
Businesses that can adapt to these and other trends and challenges may be well-positioned for success in the coming years. It may be helpful to stay informed about developments in their industry and to regularly review and assess their business strategies to stay competitive.
2023 will be a year for entrepreneurs to rise up to the occasion. With a new set of challenges on the horizon, we may see a whole new generation of entrepreneurs take the front seat this year.
How StoreHub can help businesses
StoreHub will continue to look into creating more innovative ways to help businesses navigate the ever-changing market trends and rethink the way businesses engage with customers.
There will be new challenges and new things that we will all have to journey with together. But our promise as a company, as a group of people supporting a total of 15,00 retailers and restaurants across Southeast Asia, we will make sure that businesses will have everything they need – tools, automation, service, and people to run a successful and sustainable business.
We will also continue our mission to help out SMEs, retailers, and F&Bs to make their businesses successful.
Here’s a video of what our Chieftain and CTO have to say about this matter and their message to our merchants.