4 Types of Businesses that are Experiencing Growth in 2023
In recent years, the world of business has experienced an increasing degree of uncertainty across multiple industries and sectors. There have been several reasons for this, most notably the ongoing war in Ukraine, which has pushed up food, energy, and commodity prices for millions of consumers. This has led to a reduction in spending power for households and coupled with an emerging cost of living crisis and rising inflation, consumer spending power has been markedly reduced. Businesses are also being subjected to higher costs in their raw materials and must eventually pass some of this onto the end customer in the form of higher prices. These higher prices make it harder for a business to remain competitive in a global marketplace and may lead to lower volumes of sales. However, whilst the outlook for many businesses remains challenging in 2023, there are some sectors that are experiencing sustained growth. In this article, four types of businesses that are enjoying growth will be discussed in detail.
#1: Construction Firms
It is widely recognized that 2020 was a disastrous year for the construction industry. The restrictions that were imposed because of the Covid-19 pandemic hit construction firms hard. It became almost impossible for teams of construction workers to function when regional or national lockdowns were imposed by governments and the movement of workers was strictly limited. Thankfully, in the following years, the construction industry recovered, and it is expected to record a compounded annual growth rate (CAGR) of 7.4% for the rest of this decade. The construction industry is also assisted by the fact that there is a shortage of high-quality housing for sale in many developed countries. 2021 saw a housing boom that was partly driven by this fact, with houses selling exceptionally quickly. At present, demand still outstrips supply for housing which is expected to help to drive the continued growth of this sector of industry.
#2: Shipping Industries
Today, it is estimated that 2.14 billion people shop online on a regular basis. The exponential rise of the internet, along with a growing majority of homes that now have fast and reliable internet access, has led to online shopping and trading becoming incredibly popular. For every product that is ordered online, the goods need to be shipped to the end customer. This increase in online purchases and international trade has resulted in the shipping industry enjoying sustained growth and increased demand for its services. In recent years, many road shipping forms have moved to a decentralized method of fulfillment where they rely on freelancers working for them to deliver orders on time. Today, shipping work is commonly put on online job boards and is accessed by freelance drivers. If you are in this line of work, perhaps you are wondering where you can find truckloads? The link will take you to a dedicated and regularly updated site showing the latest shipping work. In short, shipping work, whether it be by road, sea or air, is expected to enjoy sustained growth, fuelled in part by booming online shopping habits.
With the rise in online activity by millions of people, eCommerce has become one of the most dominant forms of new business across the world. Today, there are estimated to be up to twenty-four million unique eCommerce sites in operation. The beauty of eCommerce is that any entrepreneur can set up an online business quickly and easily to respond to emerging trends in the consumer marketplace. Even if you do not possess advanced coding skills or high levels of IT literacy, professional-looking websites can be quickly created by using web hosting platforms such as Wix that have their own intuitive web design functionality. In addition, sites such as Shopify can quickly give eCommerce businesses the tools they need to provide secure payment services on their sites.
#4: Digital Content
As a final key example of business growth, the market for digital content has been growing year on year. Many businesses are starting to fully appreciate the role of SEO in their marketing activities and how creating high-quality content on their sites can allow their business to rank higher on organic searches. Firms across all sectors are also beginning to fully embrace online marketing strategies as a key way to drive improved revenue streams by building a larger customer base. The demand for digital content in its various forms is predicted to grow for the decade ahead and has led to an increase in the number of dedicated digital content and marketing firms being created since 2020.