How to develop an online business in 2023

To scale a company and increase its profits, it is necessary to take into account current market development trends. We have gathered forecasts and trends for online business development in 2023. What awaits us?

1. Flexibility in Payment Options

To retain the attention of customers and partners, it is important that they can conduct financial transactions and make payments quickly and in the most convenient way possible.Consider integrating a range of the most convenient and popular payment instruments into your business.

Remember that when choosing a payment method and currency, you should consider the capabilities of the audience and the region in which the company is registered. For example, in some countries, people are used to using digital wallets, while in others (such as the USA), credit cards are in demand.

We recommend integrating alternative digital currencies into business processes, as they have proven to be an extremely effective tool for business promotion.

We have discussed why the popularity of crypto is growing and the benefits of its implementation in the article How cryptocurrencies are changing the approach to MLM investing.

Also, adapting to the needs of their customers, companies have started to more frequently offer additional financial services. For example, by providing the option to buy goods on installment (the "buy now, pay later" option), you can significantly increase the competitiveness of your business.

2. Loyalty Programs

Loyalty Programs, as an evolving method in network marketing, are one of the most effective ways to retain the attention of customers and increase their interest. The fact that people love loyalty programs is confirmed by statistics as well.

For example, according to YouGov data, 68% of consumers have a positive attitude towards loyalty programs and personalized offers/discounts.

Our team recommends considering the implementation of methods such as:

●  Accumulative bonus program, where a buyer makes a purchase and earns points for it;

●  Tiered loyalty program, where a customer is rewarded with a small prize upon reaching a certain level;

●  Referral program, when an existing customer receives a reward for introducing their friends to make purchases;

●  Premium paid program, when buying a club membership, a person becomes a VIP buyer and receives significant benefits when purchasing the company's products;

●  Cashback, when a buyer receives a percentage of the purchase amount back to their card as a reward.

To achieve higher sales figures, companies develop marketing strategies comprehensively by combining different types of loyalty programs. This way, it is possible to increase profitability by up to 20% and beyond.

3. Mobile Commerce

The mobile technology market is evolving rapidly. Additionally, the share of mobile web traffic increases every year. Considering this, it is extremely important for companies to devise methods to attract and engage with mobile device users.

As part of working on a mobile marketing strategy, you can launch SMS campaigns, set up push notifications, use QR codes, adapt content on social media and corporate websites for mobile phones.

Also, at a certain stage of life, network companies come to the need to develop a business application that maximally takes into account the project's needs and partners' features.

We have discussed what mobile software for network marketing should be like in the article Back Office on a Smartphone.

4. Adoption of Artificial Intelligence

Simply put, when talking about artificial intelligence (AI), they mean intelligent systems and programs that collect information, analyze, extract patterns from it, and thus learn to perform specific tasks.

Integrating artificial intelligence into company processes is a strategic move that offers numerous benefits. For example, with AI you can:

●  Automate data collection and analysis. AI enables processing large volumes of information and obtaining necessary analytical insights, based on which appropriate decisions are made; 

●  Optimize communication with clients. For instance, you can develop a chatbot that speeds up and automates certain stages of interaction with customers and partners;

●  Strengthen the cybersecurity system. AI systems can easily and promptly detect specific traffic, anomalous activity in the system, and prevent any potentially fraudulent actions. 

AI is also used for filtering spam in emails, speech recognition, image, text, biometric, and behavioral user authentication on the platform.

5. Social Responsibility and Sustainability

Statistics and analytics also agree that more and more consumers take into account the social component when choosing a brand. For example:

●  When making purchases, almost 80% of shoppers consider the ethics and eco-friendliness of the product/brand;

●  65% try to buy products in eco-friendly packaging, while 29% regularly avoid plastic packaging

●  52% of consumers demand that companies create products with less packaging;

●  31% of consumers in the USA are willing to pay extra for eco-friendly delivery.

Therefore, our team recommends to our clients to be transparent, adhere to ethical and ecological standards, and openly declare their position on social media.

For detailed information on what this concept entails, read the article The Role of Social Responsibility in Network Marketing Promotion.

We see that the main trends of 2023 are the continuation and strengthening of existing directions that have been actively developing in previous years. Companies will need to increase their innovativeness and technological advancement. In order to continue to grow and develop, businesses must keep pace with current e-commerce trends and quickly adapt to changing consumer needs and expectations.

With our many years of experience working with network organizations, the FlawlessMLM team will help take your business to a new level. Contact our manager in the website chat and get a free consultation on solutions for your business.