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Tech trends 2023: 5 trends for small businesses to watch

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The GoCardless content team comprises a group of subject-matter experts in multiple fields from across GoCardless. The authors and reviewers work in the sales, marketing, legal, and finance departments. All have in-depth knowledge and experience in various aspects of payment scheme technology and the operating rules applicable to each. The team holds expertise in the well-established payment schemes such as UK Direct Debit, the European SEPA scheme, and the US ACH scheme, as well as in schemes operating in Scandinavia, Australia, and New Zealand. See full bio

Last editedJun 20233 min read

Whether you’re looking for a way to boost revenue, save costs, or diversify your products, digital transformation is often a solution. Advances in technology are constantly shifting the landscape across all industries, so it’s important to keep on top of the latest tech trends. Here are our choices for the top tech trends for 2023, providing plenty of inspiration for forward-thinking businesses.

1. The rapid rise of AI

When looking at tech trends for 2023, there’s one that comes up time and time again: the growth of artificial intelligence. Businesses have been using AI for years in the form of navigation apps, virtual assistants, chatbots and language recognition.

While AI might not seem like anything new, it’s really come into its own this year with the mainstreaming of tools like ChatGPT. These are now being used to write website content, create new images from text, and interact with customers. Cost-effective AI tools could help level the playing field between small businesses and global corporations, giving access to a wealth of automated features.

The sector is expected to grow at a rate of 36.2% between 2022 and 2027 to reach a market value of over $400 billion by 2027. Already, businesses can now use AI to analyze all buyer behavior and interactions for greater marketing insight, predicting demand for services in real-time.

2. Blockchain for business

You’re probably familiar with blockchain technology as it relates to Bitcoin and other cryptocurrencies. However, it also holds plenty of potential for businesses with unique, innovative applications. The blockchain describes a sequence of secure data that can be added to, rather than changed or taken away from. It’s also decentralized, meaning it forms a chain of data without any need for third-party oversight or editing. Using this framework, blockchain developers can work on new solutions to help businesses.

One example of blockchain technology in action is smart contracts. These automate payments or other contractual features once certain conditions are met, using lines of code written directly into the blockchain. This can streamline processes through secure, rapid automation.

3. Diving into the metaverse

It’s still unclear what exactly the metaverse will look like in its final form, but virtual reality technology is one of the top trends for 2023. It opens the doors to exciting new brand interactions between customer and retailer. The idea is that users will be able to enjoy a fully interconnected, immersive experience. Metaverse designers are creating digital versions of physical products, using creativity to fine-tune and customize the buyer experience. Customers can see what new beauty products or clothing looks like from the comfort of their own homes, or virtually try out a new game or tool.

From digital artworks to virtual shopping boutiques, it’s a growing component of a fully omnichannel marketing strategy. While this technology is still in the very early days of development, it’s likely we’ll see it grow alongside AI using custom apps and virtual reality headsets.

4. Expanding the Internet of Things (IoT)

Smart, connected technology goes beyond phones and tablets. Most of today’s appliances are now being built with a smart design that includes Wi-Fi connectivity. These virtually talk to one another using wireless networks to form an “Internet of Things” or IoT. The IoT is already in place to some degree, but we’ll see this 2023 technology trend continue to grow. In fact, it’s estimated that by 2030 nearly 30 billion devices will be connected worldwide.

What does this look like in practice? You probably already lock your car doors and control your home thermostat at a distance. Businesses can harness this technology by connecting their new products and services to online networks. Look into developing custom apps to give your customers greater control and interaction over their belongings.

5. Exploring fully integrated finance

Finally, this year’s tech trends extend into the finance and payments sectors. Embedded finance is a trend to watch, giving consumers access to more financial products than ever at the touch of a button. When you make an instant purchase using your phone, this is due to the growth of integrated or embedded finance.

This also is useful for businesses who now can offer more payment options than ever to their customers. With GoCardless, you can embed payment links directly into customer emails and invoices. We integrate with over 350 partners, including billing and invoicing software like Xero, Zuora and Salesforce. Take payments directly from customer bank accounts using ACH Debit for a streamlined, cost-effective integrated solution.

We can help

GoCardless is a global payments solution that helps you automate payment collection, cutting down on the amount of financial admin your team needs to deal with. Find out how GoCardless can help you with one-off or recurring payments.