Top 5 game changing ideas for businesses in 2023

by Buana Sari Digital Marketer

Global businesses are facing big challenges with incredible changes over the last few years, and this is unlikely to slow down in 2023. Experts predict 2023 to be tumultuous for global businesses as they have to deal with the effects of the global pandemic, Russia Ukraine war, recessionary pressures, China’s Covid restrictions and property slump, as well as an ever-faster development of technologies.

Worldwide economic growth is predicted to slow down from 6 percent in the year 2021 to 3.2 percent in 2022 and 2.7 percent in 2023. Economists say that falloff in global economic activity is more broad-based and quite sharper-than-expected, with a high rate of inflation - higher than seen in decades. According to the global economic outlook presented by Organisation for Economic Co-operation and Development (OECD), stringent monetary policy, high interest rates, persistently growing energy prices, slow household income growth and falling confidence are all expected to affect business growth. With the US and Europe growing slowly, the major Emerging Asian economies are expected to account for nearly three-fourth of the global GDP growth in 2023.

Keeping in view the dismal global economic predictions for 2023, businesses need to save costs, improve margin or reinvest. Perhaps this is the time for a pivot — to reinvent business models. Businesses need to be quick to adopt new technologies like moLotus acting as a panacea for most ills.

Technologies will have a profound impact on the way businesses operate, earn and perform in 2023. Today, businesses are on the cusp of major technological disruptions, and they need to prepare to embrace them. Some businesses may need to do all of these fast. Technology holds an important role in all areas of business including brand exposure, customer acquisition, retention, loyalty, sustainability, scalability, and much more.

As we reach that part of the year when brand leaders are thinking about budgets and strategy frameworks for 2023, preparing for an economic downturn is certainly prudent. Most of the global businesses are rightly concerned, and are taking measures to prioritize how, where, and when they should tighten their belts. Here are the top five game changing ideas that will have the greatest impact on the way businesses work and do business in 2023.

1. Switch to Mobile Video Advertising

In 2023, mobile video advertising is expected to become the most preferred revenue generation and asset monetization technique for businesses worldwide with the further integration of video ads on mobile platforms to revenue generation. According to a recent study, mobile video advertisements are performing considerably better as compared to other forms of ads, driving more clicks and impressions.

Millennials & Gen Z customers are increasingly searching video content on mobile with a growth in tendency for instant need gratification. This is going to add to demand for mobile video creation in 2023.

Mobile ad spending will reach USD 362 Billion in 2023 (Source: data.ai). According to Statista, in the video advertising segment, USD 250.10 Billion of total ad spend will be generated via mobile by 2027.

With moLotus mobile video customer interaction platform and tech becoming the main driver of developments in mobile video ads in 2023; most experts suggest businesses to switch to the platform for earning more advertising revenues. moLotus mobile video advertising has already proved superior to traditional media channels including SMS, MMS, Emails, etc. in terms of customer reach, scalability, customer response, conversions, cost-effectiveness, etc.

Higher mobile processing power together with new 5G internet speeds will allow businesses to deliver moLotus mobile video ad campaigns quickly. High impact 40 seconds moLotus mobile videos get delivered without using any app or data connection. It has disrupted the global mobile advertising landscape making video advertising increasingly enticing.

2. Aim for Immersive Customer Experience

In 2023, customers crave for experience above anything else. Customers are getting quite obsessed about the quality of experience they get while choosing, purchasing, and enjoying the goods and services they spend their money on.

Immersive technologies are going to play an important role in streamlining customer processes, removing hassle from the life of the consumer, thus enriching customer experience. For instance, in 2023, moLotus real mobile advertising and transformation technology is going to help customers to get their queries resolved through FAQs, choose the right product, get quick after-sales mobile video support, give instant feedback to brands and much more. These moLotus smart capabilities will play a key role in 2023. The game will further evolve, with hyper-personalized and interactive customer communication.

Personalized moLotus videos reach customers directly using their name and other contact details creating a feeling of close, personal, one-on-one communication. By creating hyper-personalized moLotus mobile video ads innovative businesses can engage their customer base better and maximize revenue. Hyper-personalization will be done using more customer data points. The spam-free personalized moLotus ads are capable of reaching the inbox of the customer and remain there until deleted by the customer.

In 2023, a fast-emerging practice of innovative and futuristic businesses will be to strike contextual conversations with customers via interactive moLotus mobile video ads supported by easy customer response options like SMS, Call, Clickable Web Link, USSD, and many more.

Further, metaverse technology, described as the “next level” of the internet in 2023, will be used by businesses to interact with customers through 3D environments and VR. Ecommerce shops will "try on" virtual representations of clothes, jewelry, and accessories using VR technologies impacting customer experience favorably.

3. Don’t Give Up on Innovation & Transformation

The global pandemic has been driving an urgent acceleration in digital transformation initiatives since the last couple of years. It has pushed businesses of all sizes to invest in advanced transformation technologies to survive in the new normal. Experts say that those investments are not just a few blips on the radar with ensuing global economic uncertainty, combined with evolving customer demands. These have further led businesses to double down on their efforts to invest in digitization, automation and innovation — with a renewed focus on revenue generation, cost reduction, operational efficiency, agility, productivity and resilience.

According to Gartner forecasts, by 2024, digitization & hyper-automation will allow businesses to lower operational costs by 30%. By the year 2025, the market for hyper-automation technologies will hit approximately USD 860 Billion.

Digital transformation is already augmenting all businesses, and that trend will continue to accelerate next year. In 2023, businesses will experience the continuation of innovations and developments in digital transformative technologies such as moLotus, cloud computing, artificial intelligence, and super-fast network protocols like 5G. What’s more important is that these transformational technologies do not exist in isolation from each other. Businesses will experience the boundaries between them blurring.

For instance, moLotus technology extensively uses AI to automate and digitally transform business processes end-to-end to build “intelligent enterprises” where systems and processes support each other to complete time-consuming tasks like reminders, document submission, service contract renewals, etc. in the quickest, most cost-effective and profitable way possible. moLotus powered mobile automation models are fast replacing voice-based contacts by non-voice mobile-based contacts. These mobile transformation endeavors lead to better customer engagement with low operating costs and more efficiency for businesses.

4. Reduce Extraneous Expenses

Doing away with all possible waste in business in the form of cost reduction should be top of the list for all businesses in 2023. It is a good exercise to perform now with a possible recession simmering now. Most businesses right now are busy finding surefire ways to reduce business costs, and it is quite easier than most of them think! Using digital technologies wherever possible can help businesses with cost reduction and moving them business forward.

In 2023, businesses can easily cut down advertising cost via mobile advertising tools like moLotus creating cost-effective campaigns. Digital marketing platforms like Facebook and Google Ads are definitely not advisable for businesses on account of high advertising costs involved. Surveys reveal that moLotus stands out as an economical and effective alternative to such digital marketing tools. In fact, it is the best option for businesses to reach customers on their phones at a low cost without relying on any app download or active internet connection. The cost-effectiveness of the tool comes from its high response rate which stands as high as 8 – 15 %, unlike any traditional advertising platform.

moLotus has already brought a noticeable amount of cost efficiency by transforming customer processes for sectors like banking and insurance. Studies reveal that moLotus mobile technology has reduced outbound costs by up to 30 percent. Further, It has eliminated the staffing, training, telemarketing, printing, distribution, compliance, etc. cost overheads for several businesses pertaining to different industry verticals. Businesses are channelizing the financial resources saved towards important business activities like customer acquisition, customer loyalty, etc. to combat the growing economic pressures and to stay afloat.

5. Monetize Big Data

Speaking of Big data — businesses in 2023 must be ready to cope with a continued creation of massive chunks of data. Consequently, the Big data analytics sector is going to increase as more businesses automate their processes using innovative data-driven models to support fact-based decision-making, cost optimization and high margin revenue generation. As per the DataToBiz report, the global Big data market revenue is predicted to hit USD 103 Billion mark by 2027.

Big data benefits go to businesses of all sizes and in different sectors. Big data technologies have led to improvements in operational efficiency, enhanced brand visibility in a quickly changing economic environment, and customer-focused product and service optimization. Although there are many Big data analytics technologies like Stream Analytics, Data Lakes, Hadoop Ecosystem, etc. available currently in the market, the issue of potent data processing capabilities still exists. Social media platforms like Facebook are quickly analyzing thousands of GBs of data every second for several use cases, including serving up digital advertising. Agile Big data analytics models brought in by new technologies like moLotus will make it feasible for businesses to innovate, differentiate, and grow digitally in 2023.

With moLotus enterprise mobility solutions and Big data analytics, enterprises can intelligently integrate strategic customer data assets to offer actionable and deep insights. Data scientists are saying that more businesses should harness the power of moLotus data analytics to manage customer data and get deep customer insights next year. Integrating moLotus Big data analytics to the existing business models is expected to produce tangible financial results for small and large enterprises across the globe in 2023.

To Sum Up

To prepare for a likely downturn, leaders should double down on areas that will most likely drive value to their businesses, earning more at less cost. They must consider new investments in new technologies including moLotus. These efforts pushed to the forefront will not only help businesses survive but empower them to thrive under difficult economic circumstances in 2023. Innovators perceive technology more as a facilitator than an expense, and thus spending levels are forecasted to grow in 2023. Businesses should stay on top of the latest trends to stay afloat.