2023 Investment Opportunities: Navigating the Business Landscape
We outline the top business sectors an entrepreneur can choose to use this year.
The world of business is constantly evolving, and as we move into 2023, it’s essential to stay ahead of the curve by understanding which emerging sectors hold the greatest potential for investment. With technology and innovation driving the global economy forward, new opportunities are arising every day, and savvy investors are eager to capitalize on them. From on-demand applications to virtual reality-powered platforms and beyond, there are countless exciting business sectors to explore, and now is the time to invest. In this blog, we’ll be examining the top emerging business sectors that you should be paying attention to in 2023.
What has 2022’s Economy Presented Us With?
Although 2022 should have been a year of rebuilding from what the world had suffered in the previous two years, things did not turn out much optimistic. While a high-scale geopolitical tussle in Eastern Europe had the global economy slightly crippling, the promising crypto market didn’t help much, as it went into the harshest winter it had ever experienced.
Yet, most nations recovered from the economic impact of the global pandemic as restrictions for movement eased. As far as businesses are concerned, companies big and small across industries have to take drastic actions to save themselves from shutting down.
The World Economic Outlook (WEO) report published in October 2022 by the International Monetary Foundation (IMF) showed that the global GDP growth could slow down to 3.2% in 2022 compared to the 6% observed in 2021. Also, inflation could rise to 8.8% from 6.7% in 2021.
Is 2023 a Good Time to Begin a Business?
According to WEO mentioned above, 2023 could also have lower GDP growth levels, despite a decrease in inflation, signaling some positive vibes for businesses trying to build themselves to the future. For any entrepreneur wanting to run a business, the general time frame for growth will at least be 2–3 or 5 years.
They understand how hard it is to gain recognition in any industry (including the now-popular Web3). Hence, 2023 could be a great time to build and launch a business. With access to the internet rising at stunning rates, investing in an online business will be the best in the long run.
Compilation of the Top Business Models to Go for in 2023
- AI-driven Marketing
- NFT Marketplace
- NFT Game
- On-demand Product Delivery Platform
- Software-as-a-Service (SaaS)
- eCommerce Application
- Ed-tech Business
- DeFi Application
- Metaverse Space
- Cryptocurrency Exchange
AI-driven Marketing
A digital marketing venture based on artificial intelligence (AI) is one of the go-to business models among entrepreneurs. With AI gaining popularity through applications such as OpenAI’s ChatGPT and home assistants such as Amazon’s Alexa and Google Assistant, it is high time businesses tap on the emerging Web3 element for promotions.
As a marketing agency, you can use AI elements such as data analysis, natural language processing (NLP), media buying, content generation, automated decision-making, and real-time personalization to generate traction for clients. This could be a great addition to your plans if you had in mind delving into digital marketing.
NFT Marketplace
Chances are that you might have heard about how NFTs could bring a changeover to how we perceive digital ownership, and NFT marketplace platforms help precisely in that. With a workflow similar to an eCommerce website, NFT marketplace applications enable users to create and trade various NFT products.
Popular platforms in the domain include OpenSea, Magic Eden, Nifty Gateway, and Atomic Market. Building an NFT marketplace could ease your business moves in the future as creators and brands plan to partner with such ventures to begin their Web3 adventures. Note that both horizontal and vertical trading models are possible in the model.
NFT Game
Yet another business model utilizing NFTs’ power, Web3 gaming platforms built on blockchains offer unparalleled playing experiences added with incentivizing mechanisms. Platforms such as Axie Infinity, Meta Cricket League, and Splinterlands have been gaining momentum so far, and you could consider creating one based on one of the many gaming genres.
NFT gaming has two models — Play-to-Earn (P2E) and Move-to-Earn (M2E). Both models have been famous among gamers in 2022, as the former concentrates on conventional gaming and the latter focuses on physical fitness. You could consider building an NFT game based on one of the models to gain reach.
On-demand Product Delivery Platform
As a gift from the pandemic, on-demand delivery platforms have become vital to many households globally. Platforms such as Gojek, Postmates, Grab, Rappi, and Glovo have been reaping big profits in recent times. Entrepreneurs can take inspiration from any such venture and plan their own accordingly.
Running a product delivery platform has a lot of players involved, making it one of the thought-intensive business models to work on. Still, staying with the trends and amplifying business on a daily basis can be helpful for an on-demand delivery startup to yield profits. These are sometimes called super apps due to their nature of offering a plethora of services via the same platform.
Software-as-a-Service (SaaS)
As one of the profiting domains in the last decade, Software-as-a-Service (SaaS) continues to be stable in 2023. The need for faster and more efficient applications has been increasing, and catering to the business world’s requests can bring benefits for you. Firms such as Salesforce, Microsoft, and Google have already been market leaders, but you can still create your own clientele by implementing unique and ingenious ideas.
For example, you can leverage the power of blockchains on conventional business applications that can help you save money incurred on server maintenance while earning trust from clients for using decentralized networks.
E- Commerce Application
The eCommerce industry has evolved so much in the last decade, similar to SaaS, due to easy accessibility to the internet and an increased understanding of smart technology. Platforms like Although Amazon, eBay, and AliExpress have millions of customers worldwide, popular regional players have strong markets, erasing your worries about competing with global players.
You need to have a mobile and web app with attractive UI/UX features, a great assortment of products, and helpful customer support to succeed in the eCommerce market. The domain also is promising as high-speed internet expands into small towns of the world, extending the scope for businesses.
Ed-tech Business
The last few years have seen an eminent rise in the popularity of online courses via MOOCs, language learning, and individual support courses among students and professionals. A business based on online education can earn you long-term benefits if you do well in the long run. Ventures such as Duolingo, Chegg, and Byjus have been pioneers in establishing the model.
As an ed-tech venture, you’ll need to be knowledgeable about what you are doing and the feasibility of the plans you make. Apart from conventional education, you can also opt to offer exclusive courses based on niche science domains added with hands-on experiences.
DeFi Application
Decentralized finance (DeFi) has become popular among crypto enthusiasts in recent times owing to its peer-to-peer nature. DeFi applications for loaning, exchanging, crowdfunding, yield farming, and insuring have become commonplace now. Experts project that the DeFi market is expected to grow at astonishing rates in the next five years as massive crypto adoption is anticipated among the masses.
As an entrepreneur, running a DeFi-based startup could prove good since the model is dependent on blockchains rather than intermediaries. Still, profiting streams are aplenty, with a variety of fee mechanisms observed across platforms such as PancakeSwap, 1inch, and MeanFi.
Metaverse Space
Web3’s popularity has been growing this decade, and the metaverse is an excellent example of how our internet experiences will be in the future. Platforms such as Decentraland, The Sandbox, and Somnium Space have a lot of traction surrounding them as businesses and enthusiasts utilize them in different ways.
Renting metaverse spaces for events and businesses can be an ideal opportunity for one to establish their Web3 presence. It is also a simple way to earn, as one should purchase a virtual plot NFT and promote it to attract potential tenants. It is even possible to rent it to multiple enterprises through fractional tokenization.
Cryptocurrency Exchange
Despite a hard year, the crypto market hasn’t disappeared yet, and what’s more, it is showing signs of resurgence as Bitcoin nears US$24,000 after a long time. Such promise makes crypto exchange a feasible business option in 2023. Platforms such as Uniswap, 0x Protocol, Coinbase, and Binance have been among the toppers.
Even several smaller ventures have been performing great. For a crypto exchange business to succeed in 2023, it is important to stay transparent about funds — a lesson learned from FTX’s bankruptcy. Implementing protocols such as Proof-of-Reserves can be vital for ventures to attract the community.
Conclusion
Hence, we have presented you with the top business models to go to in 2023. We recommend you choose one based on your business goals and long-term ambitions, although doing your own research is suggested at any time. With experts predicting an encouraging level of economic growth in 2023, beginning a business should be a wise investment.
If you have decided to build your own venture, there are two ways to accomplish it — either form in-house development teams or hire a reputed application development service provider. Either way, you can achieve what you need only when you have precise visions and an endless quest to fulfill them.
