The franchise industry in 2023 continues to thrive and develop. Recent years have shaped the franchising trends. The modern world is constantly changing, forcing many businesses to adapt and implement new ideas and solutions in order to stay up-to-date and relevant. In this article, we have listed the hottest franchise trends for 2023 and franchise categories that are expected to grow significantly this year.
Here are the main trends that are expected to take place in the franchise industry in 2023.
Digitalization
Technology will continue to transform the business world. Brands that use digital technologies can improve business processes and customer experience and, therefore, increase company’s productivity. Digitalization allows franchisors to create more convenient and efficient interaction between franchisees and the parent company, as well as between customers and the brand.
It is important to realize how digital technologies can be implemented into business. Franchisors can save money and resources. Thus, it helps to optimize business processes and improve company standards.
Various applications, AI and cloud technologies are just some of the trends that are taking customer service to a whole new level.
Automation
Our world is becoming more and more automated. It is almost impossible to ignore the progress. The franchisors have to figure out what operations can be automated, how it can be achieved, and how much investment can be spent. Franchisors can save a lot of money on labor costs by outsourcing many business aspects to technology. Data analysis, statistics, accounting, and scheduling can be performed autonomously.
Automation can increase the efficiency of the brand by improving usability of products and services and simplifying internal and external communication.
Delivery
After the pandemic, most businesses realized how important it is to adapt in order to survive. Delivery has become an essential part of almost any business. The prospects for growth in this area are enormous.
In 2023, delivery will only continue to pick up steam. Brands that offer a delivery option are more likely to maintain and even increase sales, retain and attract customers, and keep competitive edge.
E-commerce
Mass transition to online formats of commerce began several years ago. And, today, e-commerce is just as popular as offline sales. Franchisors that get into e-commerce save costs and increase efficiency. There are a lot of web tools available for brand owners. They can study customers’ preferences, how clients get to the website of an online store, and other data.
Thus, there appear to be a lot of digital goods that can only be sold online, such as games, educational courses, and so on.
Wellness Services
The wellness and med spa services are in high demand in 2023. There are many segments that gain popularity today like spas, fitness clubs, beauty salons, home care services, and many more. After the pandemic, people have started to care more about their health and well-being. Nowadays, customers of all ages are prepared to spend money on services that focus on care of the body and appearance. Everybody wants to feel and look good.
The wellness market is full of opportunities. There are new technologies, approaches, and tools appearing every day. The innovation is never-ending, and new brands emerge regularly.
Food Services
The pandemic hit the food category hard. But it was able to come back. Food franchises that have been able to adapt their business model to the current market are thriving. One of the hottest categories remains chicken. New and existing chicken brands have enormous growth rates today. Another popular segment is pizza. It seems that its popularity is unwavering. Today, new pizza brands have an opportunity to become profitable. The coffee market has gained tremendous popularity. Coffee brands offer beverages to go and takeout food. It is very convenient for customers.
These are the categories in the food industry that are actively growing today.
No matter the obstacles franchising seems to be unwavering. The pandemic has left its mark on the industry, but it bounced right back. Today, the global market undergoes constant changes and many new tendencies and trends appear regularly. Above you can see what is trending in franchising right now.
It is always better to follow trends and keep up with times in order to have an edge in a competitive environment. The current market is constantly developing, and it is best to adapt.