For those with fingers on the pulse of the business world, Entrepreneur magazine reveals the biggest trends of 2013 and the directions they’ll take various industries in the future. These movements reflect the wants and needs of a changing demographic in the United States and what’s necessary for entrepreneurs to keep in mind when considering consumers, employees and how business is getting done around them.
“Whether you’re running an established company or hope to start in the new year, it’s crucial to stay in-the-know with what’s happening in business right now to stay competitive—and more importantly, what to expect next, ” says Amy Cosper, VP and editor in chief of Entrepreneur magazine. “Being savvy about modern expectations and consumer tendencies can make or break a business, and we’ve got a great look at what 2013 has in store.”
The list looks at the booming trends that will help anchor a business moving forward and thinking ahead:
- Big Data – Numbers-based insights
- Domestic Production – The comeback of “Made in the USA”
- Reimagined Workspace – The office of the future
- Fun Company Culture – Adding playfulness to the workplace
- Personal-Care Products – Desire for skin enhancement
- Spicy Flavor – Turning to food with a bite
- Fake Energy – Products giving a boost
- Transparency – Building brand trust and loyalty
- Creative Financing – Alternative financing methods
- Vending Machines – Access to unique products instantly
- Digital Doctors – Technology on call
A common thread among the 11 trends to watch in 2013 is that they aren’t fads with short-lived popularity. Instead, they may be seen as business movements built to last even beyond next year. Each trend reveals a synthesis of factors leading to their tipping points, such as changing demographics, widespread availability of certain technologies, shifting workplace and productivity ideologies, and consumer desires.
For example, increased exposure to international cuisines, combined with the growing desire to innovate in the kitchen, have contributed to a population eager to consume—and create—spicy condiments. The popularity of food with a kick has spiked the small hot sauce segment into a billion-dollar industry, signaling the impact that an appreciation for diversity can have in business. Another trend stems from economic influencers and is good news for capital-seekers. While entrepreneurship has become a near-mainstream movement, lending is still tight with banks, leading to demand for financing. So borrowers and lenders are getting creative, and alternative financing methods such as crowd funding, peer-to-peer lending sites and collateral-free loans are becoming more of the norm.