#1: A critical part of the digital economy in 2023: the people
Labor has traditionally been seen as a commodity and is part of the equation when an employer puts value on an open position. In 2023, this view is looking increasingly anachronistic. One significant outcome from 2022’s unprecedented tech lay-offs is that from today, employers must go beyond commodity thinking to create value, not just profits. The companies where the employees are the most valuable asset are ensuring their own future success.
While the recent events will invariably see a realignment of the whole industry, it could also be an opportunity to shape the sector’s culture in years to come - for leaders to truly walk the walk and see people as the most valuable asset in a company. Only people can make the idea, product or solution gain traction, and ultimately transform society. To fully realize the promise and potential of their talent pool, it is incumbent upon companies to ensure that their people have the work culture, rewards and benefits they need to not only be successful, but thrive. Today’s talent will not hesitate to walk away from opportunities that aren’t aligned with what they seek.
As global economic uncertainty deepens, many companies may be contemplating their approach to resource allocation more generally. In fact, many may be looking to introduce higher levels of automation into their operations and processes not only to achieve greater efficiency, but also to improve employee engagement and enhance their work experience. Automation’s ultimate success hinges not on the technology that underpins it, but on people’s relationship with it. By framing automation as an opportunity to alleviate the pressure on employees who are engaged in more prosaic, monotonous work, it will allay people’s widely held feelings about the technology. Automation will free up time for employees to focus on higher value added, fulfilling and enjoyable elements of their work. It will also allow them to learn new and varied skills, empowering them to do more meaningful jobs and reinforcing their status as a valuable and essential asset of the company.
#2: Pre-owned devices will be a trend in 2023-24
2023 may be the year that consumers will embrace refurbished devices as a viable alternative to buying new ones. Already, refurbished and pre-owned devices are becoming increasingly popular around the world, and there are a few key factors driving this trend. To begin with, some tier-1 retailers are taking the lead by adopting a policy of retiring smartphones once they have been written down. Following this, these devices are being responsibly sold, refurbished, and fed back into the market, providing a good quality source of pre-owned devices for all consumers. Additionally, awareness that pre-owned, refurbished devices are a viable option is rapidly gaining traction as consumers try them out and are convinced of their benefits. With cost savings of between 20 percent and 50 percent relative to new devices, and the assurance that refurbished smartphones and similar devices are reliable and have longevity, the economic argument for pre-owned devices is strong.
#3: Companies that offer genuine sustainability initiatives will be rewarded in 2023
The pressure is increasing on all companies to introduce sustainability at every stage of their business operations. With two-thirds of consumers willing to pay more for sustainable products and with 42 percent of online shoppers choosing brands depending on the sustainable packaging they offer, consumer mindsets are shifting toward more climate-conscious and energy-saving living. It’s important to note that now more than ever, people expect honest sustainability and not greenwashing. Instead, companies need to spell out in simple terms how they are making a difference when it comes to protecting the planet. For instance, companies are turning to measures like increasing their use of renewable energy, using more sustainable materials in their products and even employing the use of a carbon calculator to establish suitable mitigation actions in relation to climate change and remain competitive in the long term. Future contracts will be won or lost based on a company's efforts to reduce their impact on the environment, so businesses must act now to measure and become more transparent about the impact of their products and services.
#4: In 2023 consumers will seek to consolidate their smartphone and connected products under one policy
Prevailing economic headwinds are forcing consumers to re-assess how they view their device protection plans in relation to their connected home solutions. Given that the global economy continues to face steep challenges, shaped by the lingering effects of three powerful forces - the Russian invasion of Ukraine, a cost-of-living crisis caused by persistent and broadening inflation pressures, and the slowdown in China - consumers are increasingly reassessing their spending across all of their living expenses. In the area of protection, we believe consumers will still seek protection, but will want more value for that protection across their personal digital ecosystem.
