Small businesses often benefit from the clever use of business trends, especially as economic and political forces shape markets unpredictably. Some of the best trends for your small business to follow involve the innovative use of technology and knowing your customer.
The Explosive Growth of Entrepreneurs and Freelancers
One of the most significant new business trends that small businesses can exploit is the explosive growth of entrepreneurs and freelancers. While the trend of quitting jobs in the service sector is likely to impact the availability of your workforce, the number of freelance accountants, IT specialists and logistics professionals can make it cheaper and easier to outsource tasks to individuals rather than large firms.
The Shifting of Focus to Sustainability
One of the longest-sustained business trends in recent years is the shifting of major corporations and small businesses to focus on sustainability and environmentally friendly programs. Not only is watching your company’s environmental impact suitable for marketing, but it can also help ease logistical issues in the future. For instance, investing in electric delivery vehicles can help lower your costs as gas prices fluctuate.
The Continued Success of E-Commerce
The pandemic brought spikes in the growth of E-Commerce which were predicted to crash once isolation was no longer necessary. However, the post-pandemic data shows continued growth in the sector, and many technological innovations in business have benefited from and led to this growth. For small businesses, establishing an online presence with a website, social media accounts and online purchase options is more critical than ever.
The Improvements 5G Brings to AI and Big Data
5G can bring faster data speeds and better reliability to consumers, companies and Big Data. This trend in business can allow for faster and more reliable data collection, analytics and machine learning. Since customers with 5G capability will want products and services at those speeds, keeping up with the tech will be essential in snagging the sale before your competitors.
The Dominance of Immersive Tech
Immersive tech, such as augmented, virtual or mixed reality, is becoming more dominant in nearly every sector of the economy. Retailers offer augmented reality displays of furniture in your home through smart devices, real estate agents provide virtual tours of properties, and mixed reality is used to train surgeons. Incorporating some of this tech into your trade show booths, websites, or mobile apps can set you apart from others in your sector.
The Shift to Remote and Hybrid Work
As more of the workforce look for remote or hybrid work, the number of freelancers and entrepreneurs is growing. Many are taking their talents and freelancing them to multiple companies from a home office instead of working for just one business in an office. This can mean more variety for your company to outsource, but you can also attract the best talent by offering hybrid or remote work where possible.
The Marketing Capabilities of Social Media
Social media marketing is not new, but some ways you can integrate your marketing channels are. You can link to your shop directly through your accounts or even have a shop set up on each platform fully integrated into your point of sale and keep one inventory. This was a vast improvement over the early days of E-Commerce when you had to manually track sales on different platforms or keep separate shops and lists for each one.
The Cost-Saving Last-Mile Innovations
The hardest part of logistics for retail companies is the “last mile,” or getting the item from your store or shipping hub to the individual customers who have ordered it. Some cost-saving innovations have included hiring freelancers to deliver packages and offering discounts for in-store pick-up of online orders. Companies are getting permission to use automated drones for package delivery for even cheaper solutions.
The best new trends for small businesses focus a lot on how modern technology is better utilized to integrate, augment and automate tasks for more convenience. Innovative ideas such as VR real estate tours, drone deliveries, and remote workforces will continue driving business for years to come.