Five emerging Small Business Trends to watch out for
Trends for small businesses are evolving due to changing customer needs and covid. They need to be on their toes to be at the helm of their genre.
Covid-19 has made us re-think the way we do business. The pandemic has accelerated human digital transformation.
Post Covid-19 era has opened our eyes towards the fact that having your own mobile app or website is absolutely essential today. Although many businesses have their own website, having the best mobile app developed by a top mobile app development company increases the convenience and engagement levels of the customer many times. Hence small businesses are approaching expert mobile app development companies to build their online presence.
As an entrepreneur, your near future business plans are likely to include unbeatable strategies of finding new clients, increasing profit, improving customer service, creating user-friendly products, and so on. And to achieve all this, you will be searching for innovative and effective ways of working.
In the post-Covid-19 era, one of the most promising ways to grow a small business is to follow the latest digital marketing trends. They will not only put you ahead in the competition but also build a road for long-term growth.
Tech-savvy enterprises understand the need for adopting technological trends and gaining stable ground, including better client acquisition and retention. If you are a small business owner and want to grow as an entrepreneur, here are the latest small business trends that will drive your business growth.
Top Trends to follow by Businesses for success
1) Big Data
Big Data has made its impression on every domain, including retail, healthcare, education, and marketing. Modern-day small businesses are using Big Data services to understand their customers' buying patterns, likes, and dislikes on a mass-scale basis. It helps the small business to collect data, analyze it in lesser time, and interpret data into useful information.
With in-depth details gained from big data, small businesses find their potential customers and design and create better products that suit their needs.
One of the major impact of Big Data on businesses is to improve their decision-making capabilities. With all the data in hand, management can make quick and sound decisions on developing marketing strategies, exploring new markets & managing inventories.
Various enterprises like Amazon, Star bucks, and Coca-Cola have used big data analytics in their early days to expand their business.
Entertainment streaming website Netflix uses a vast amount of data to understand the viewing habits of millions of international subscribers. Big Data Analytics helped them to know which type of movie or series will do well in a particular country, and which kind of audience will watch it.
For example, Even though actor Adam Sandler was unpopular among the US and UK viewers, Netflix green signaled his four new films in 2015, armed knowing that his previous work was a success in Latin America.
Similarly, American Express Company is using Big Data to predict and analyze customer spending behavior.
It’s not that Big Data Analytics is only for big businesses. Small business owners like grocery store owners can also apply the power of Data Analytics to their business. By having your own app or website, you can analyze the data at your convenience.
2) E-Commerce Domination
In the present Covid-19 scenario those businesses, that were already online, were able to mitigate the impact on business to a certain extent. Hence many small businesses have now started exploring the possibilities in e-commerce.
E-commerce sales will overtake in-store purchases by 2024 in the USA. Meaning owning an e-commerce website is no longer a luxury; it has become a necessity to stay in the competition. eCommerce is profitable, especially for small businesses that want to grow their businesses without paying a fortune in rent, employees, and utilities.
Developing E-commerce mobile apps and websites allows small businesses to reach locations where it is not possible for them to physically present. Using free tools like Google Analytics, small businesses can track their customers on the eCommerce website.
Knowing what product customers are searching for, where they are clicking, and how long they stay on the site, will allow small businesses to target audiences more effectively with advertisements. Also, your services are always available, as your website and mobile app are open 24/7.
E-commerce is a boon for product-based small businesses, and this is the right time to take your retail business online. A wondrous E-Commerce solution provided by a trusted eCommerce development agency will swing your startup to a new height in the coming few years.
3) Artificial Intelligence | Chatbot
As one of the fastest-growing technologies in the market, Artificial Intelligence (AI) provides endless benefits to small businesses and startups worldwide. It enhances business performance, boosts sales, lowers operating costs, automates customer service, saves time, eliminates flaws, and improves data collection & processing.
Let us see how small businesses can use AI technology in every department.
(i) Use of AI-based Chatbots in Customer Service
AI-powered Chatbots are the popups that appear on the bottom right of the website. They interact with customers by giving basic answers and even asking essential questions.
The planned Q&A by Chatbots reduces the need for the customer services staff, which otherwise requires a significant investment. It also improves customer service and customer retention rates.
AI-powered chatbots can perform various tasks such as:
- Proactively start a conversation with customers.Help understand actual customers' needs to identify complex problems.
- Help understand actual customers' needs to identify complex problems.Show the pictures and give details of products and services to the customers.
- Show the pictures and give details of products and services to the customers.Take the contact information like name, email, and phone number from the customers.
- Take the contact information like name, email, and phone number from the customers.
- Help a large number of customers 24x7 without needing a human presence.
(ii) Use of AI to Improve Sales and Marketing
AI-based CRM analyzes customer feedback then automatically adjusts sales and lead generation activities based on that information. Small businesses can collect relevant marketing and sales insights to optimize the whole customer acquisition process.
(iii) Use of AI in Human Resource
Artificial Intelligence (AI) based software automatically screen hundreds of applications to find those that exactly match the criteria the employer is looking for. Automatic screening by AI-based software increases the possibility that you find the best candidate available and save HR's valuable time and resources.
4) Cashless Transactions
As Customers would want to minimize touchpoints, Contactless Payments will become the norm in the post Covid-19 era.
Carrying printed notes has become a rare thing nowadays! Especially for smartphones addicted millennials who want everything online. As per a study, the use of digital payment app is to increase to 46% in 2022, surpassing cash payments.
Therefore, to woo younger generations and make the online payment process faster and more comfortable, many small businesses are adopting online payment methods such as Card payment, Google Pay, Paytm, & Amazon Pay.
The most notable benefit of the Cashless Transaction is that it boosts checkout efficiency. Customers can pay and checkout without bothering about tendering exact change. Cashless payment makes the accounting work more manageable. While dealing with cash purchases, you have to count and record every penny. That is quite a cumbersome job.
Online transactions are automatically tracked and recorded, which means you will be spending less time manually tallying and recording transactions. There are almost zero chances of error from your side.
Subscription-based small businesses can help customers set up a recurring payment mode from their bank account to get uninterrupted services for a longer time. They have the flexibility to charge weekly, monthly, annually, or at custom intervals as per their business requirements.
So, when cash is no longer king, jump on the cashless transaction bandwagon sooner to attract maximum clients and make them loyal.
Small businesses are a soft target for Cyberattacks because they often lack the expertise or resources to protect their business data and customer data from threats adequately.
As per the survey of Alert Logic, Cybercrime targets small businesses 58% of the time. And mostly these attacks are done by malware or phishing emails named as bills, invoices, email delivery failure notices, and package delivery notifications.
So, what small businesses can do to safeguard their data? We have noted down some initial steps that can make an enormous difference.
- Educating the employees about Cybersecurity
- Set up a Firewall
- Use reliable Antivirus/Antimalware software from a reputed company
- Limit Access to business data
- Protect the business Wi-Fi
- Adopt a strict Password Policy
- Use of Multi-factor Authentication (MFA)
As the trend of digitization picks up pace, you as a small business cannot afford to remain complacent regarding your online security.
By implementing the latest trends strategies, small businesses can outperform their goals in the post-pandemic era. These five small business trends will help not only to break success records but eventually take small businesses and startups ahead in the competition.
The bright side is that most of these small business trends are affordable and can be blended reasonably fast in the workspace. Take the time to research, contact development companies, and implement recent trends in your business. You will not only survive but grow in the post-pandemic era. May the force be with you.