Economic headwinds and the rising cost of living could impact many businesses and consumers next year, but there are still some interesting areas for ambitious, growthseeking businesses to explore.

We’ve picked out three areas that could be of interest.

Growth forecasts for online sales are still buoyant. Europe-wide, revenue is predicted to reach almost $940bn in 2023, up from $828bn in 2022.¹ It’s a similar story in the U.S., where sales are predicted to grow 10% per year over the next five years.²

This alone signals a growing opportunity for businesses selling to consumers this way. But there could be even greater potential to explore with the evolution towards commerce via social channels and digital technologies such as voice assistants.³

According to research by Accenture, the social commerce market is set to grow at a compound annual rate (CAGR) of 26% until 2025. Already big business in China, social commerce allows retailers to create new shopping experiences and form strong connections with consumers.⁴ It also helps retailers reach consumers in developing economies, where people are more likely to have access to a smartphone with social apps than to a laptop.

The good news for SMBs? Retailing via social commerce is just as accessible for small or new businesses as it is for multi-national brands. According to Accenture, the “social commerce revolution” represents a shift of power from big businesses to small.⁴

Developing economies in Asia are predicted to see healthy growth in 2022 and 2023, with predicted GDP growing at a faster rate than inflation in most markets. India’s economy is set to grow 8% in 2023, according to Asian Development Bank, while China will see 4.8% growth.⁵ The International Monetary Fund predicts a similar level of economic growth for the region.⁶ Meanwhile, Southeast Asia is set to expand by 5.2% in 2023, with Indonesia, Philippines, Malaysia and Vietnam growing faster than the regional average.⁵

Despite a rising cost of living, attitudes towards sustainability have remained resilient. For instance, three-quarters of people globally say they want single-use plastics to be banned as soon as possible, while 82% say they favour products with less plastic packaging.¹³

An even greater percentage – 85% – say that businesses should be responsible for reducing and reusing plastic packaging.¹³

But the current cost of living pressures are also having an impact. A separate survey reveals that 67% of consumers say the high price of sustainable products significantly deters them from buying them. However, 24% have stopped purchasing (or purchased less) from a brand that isn’t doing enough to help the environment.¹⁴ Meanwhile, around two thirds of consumers say they intend to repair products rather than replace them.¹⁴

These figures indicate a potential opportunity to align with both consumers’ environmental goals and financial realities. The appetite for products that help consumers make environmentally friendly lifestyle changes, such as repairable goods, looks strong¹⁴, and businesses that can help consumers to lead more sustainable lives – especially where that intersects with a cost saving – could be well placed to succeed in 2023.