The Product Management field is actively changing. There have never been more opportunities to break into the industry, or to provide customers with products and services that make their lives easier and more convenient.
Each year, the Product Management field changes. New trends are introduced as others die out. In order to evolve with the Product Management field, Product Management professionals should understand the most critical trend across their industry.
Let’s explore some of the most prevalent trends set to take the Product Management stage in 2023.
What will be the top Product Management trends in 2023?
Whether you’re an aspiring Product Manager or a seasoned product professional, you’ll want to know the top Product Management trends around the corner in 2023.
1. Increased digital advancement
In 2023, digital technology will be all around us. No matter your role in the Product Management world, you’ll be exposed to technology. You’ll likely use Product Management software programs, computer systems, and other digital solutions that make life easier.
Expect that trend to continue into 2023.
In 2023, it will be even more important for companies to embrace technology. Companies that use the right Product Management technology will achieve greater efficiency and make fewer errors. By contrast, companies reluctant to embrace technology could be left behind.
In particular, we might see the Product Management world embrace more digital solutions in fields like artificial intelligence (AI), the internet of things (IoT), virtual reality (VR), augmented reality (AR) and cloud computing.
2. Inflation and supply chain issues
Inflation and supply chain issues are expected to continue into 2023, which should affect the Product Management field in several different ways.
Many companies will continue to struggle with COVID and post-COVID shutdowns or slowdowns, as customers continue to wait for products they were promised a year ago.
Many companies are still negatively affected by the supply chain issues that stemmed from inflation and conflicts in other parts of the globe. Volatile market pricing can also lead to customer hesitancy, particularly for products that some might consider to be impulse or unnecessary purchases.
3. Customer-first immersive approach
Companies that sell products today have more data at their fingertips than ever before. With data on website performance, customer preferences and market trends, there’s no excuse for ignorance. In 2023, companies will continue to analyze data that indicates which products customers prefer, and which products customers do not purchase or use.
Product Managers will need to prioritize a customer-first approach to all aspects of the product lifecycle. This means creating products that solve customer needs, and not creating products simply because they might seem flashy or satisfy stakeholders.
4. Sustainable practices
In 2023, customers will become even more aware of environmental problems around the world. Many of these customers will make their purchases based on companies’ commitments to sustainability. Therefore, it will be important in 2023 to support sustainable practices — not only in product creation, but by supporting organizations that work to improve the environment.
The importance of sustainability isn’t new, but in 2023, companies will absolutely need to make environmental, social and governance (ESG) practices a priority.
5. An increase in demand for MVPs
In 2023, companies will need to find ways to launch products faster. One way to do this is by creating minimum viable products (MPVs), simple versions of a product that are introduced to the market. These products are then improved after release. Customers know that the MVPs they purchase will receive post-purchase updates.
Many customers prefer to purchase MVPs, since customer feedback helps companies determine how products should be improved after launch.
Prepare for tomorrow, today
Pace is an online education platform that specializes in equipping aspiring and seasoned Product Managers alike with the most essential skills and insights they need to build their dream career.
Our students are educated through a Product Management Bootcamp, a 14-week program that represents an accelerated alternative to an expensive, lengthy degree program.
Contact our Solutions team to get started today.
