Entrepreneurs know all too well that they constantly need to make improvements to their business and ideas to ensure its success. While as an entrepreneur, you canít control every single element that determines success. You can, however, adopt the latest business trends or pivot to set your business up for success.
One mistake many entrepreneurs make is sticking strictly to their idea and not budging one bit. Being able to adapt to the market and economic conditions is important for any business to survive. Which is why it is important for entrepreneurs to not be stubborn and keep an open mind if they truly want their business to flourish. Which brings us to the 5 business trends that are on the rise and entrepreneurs should consider.
Trend 1: AI is taking over
Okay, maybe artificial intelligence (AI) isnít completely taking over every element of business just yet, but it is surely becoming more mainstream in certain processes. For example, virtual assistants and chatbots are heavily employed by industries to improve customer experience.
Chatbots allow a business to handle customers more efficiently. In fact, they are active 24 hours and can handle hundreds of clients at a time, if your business happens to be lucky enough to get that much interest. They help improve a customerís journey on your website, answering simple questions to make the experience better. The technology is fairly advanced and with the help of machine learning, it learns ways to better respond to customers on its own.
This is just one example of how AI is improving the process. There are numerous others and the technology continues to improve which will make many business processes more efficient. Entrepreneurs need to understand that every bit of assistance they can get will help their business flourish. If you have a business that requires constant customer service then adopting technology like chatbots are the smart and cost-effective way to do it.
Trend 2: Shipping Matters in Retail
Consumers today are more aware due to the amount of competition there is online in every industry. If you have a business in retail then it is time you start thinking about your offers in terms of shipping. Customers are starting to give more importance to shipping than ever before. Meaning, free and fast shipping is actually valued above other aspects and if you want to compete with the giants like Walmart and Amazon in any way then it is a must.
A study shows that 60% of consumers actually browse product based on shipping options. Some are even willing to shell out a little more cash if free shipping is provided. This is something new and old E-commerce businesses should consider improving customer satisfaction and retention.
Trend 3: Subscription services are in-demand
Beauty, food, apparel, and numerous other industries have experienced the benefit from subscription services. While subscription growth itself might have slowed down, the industry, however, continues to grow by one percent every month.
The product or services at offer donít really matter as you can find subscription services from things like socks or toys to a software. The trend is on the rise and it allows consumers to pay a small amount for continued service or a new product each month. This also helps the business get continuous business from the same client, at least until the subscription is canceled.
Trend 4: Consumers are more concerned about their data
How you get your hands on consumer data is important now more than ever before. Getting access to consumer data or purchasing it without their consent can land businesses in trouble. In the EU, in the past year, there has been a shift to protect user data. The US then followed suit and passed laws that did the same. Basically, how businesses use and sell data is more closely monitored today.
While many businesses rely on consumer data to improve their marketing approach to attract more clients. Entrepreneurs can use other tactics to generate their own data which is more reliable than the ones they purchase. Hosting surveys and leveraging the seasons with holiday quiz and gift guides can be a great way to get a read into a consumerís mindset.
Trend 5: Grabbing consumerís attention is tougher and costlier than before
It isnít hard for a business to establish itself, especially in the digital space. Consumers searching for a product or service will come across hundreds of options to choose from in a single search. Which of course has impacted the cost associated with marketing in the digital space. Businesses focus on SEO to organically rank higher on searches but with the amount of competition out there, this takes some time and a lot of effort. Which is why Google AdWords is an option for entrepreneurs to get the attention they want immediately. But then again, the option is quite costly. Which is why Fortune 500 entrepreneur Sidd Pagidipati recommends that for business to be successful it needs to find the perfect balance between their AdWords and SEO campaigns. He recommends 60% of time and effort towards SEO while the remaining 40% can go towards AdWords. Due to the fact that in the long run, SEO will help drive your business.