Are you the owner of a small business?Need to look for the bold and innovative moves that lead companies around the world are making to drive success? Some of the previous years’ trends are in the beginning phase, while others have already taken root. Some businesses are preparing to enter 2020 with a bang. So what entrepreneurs are expecting, while heading into the new year? Check these 10 small business trends in 2019 for your business.
1. AI, ML and IoT will be the ongoing buzzwords of 2019
Artificial Intelligence (AI), Machine Learning (ML), and the
internet of things (IoT) were the buzzwords that Big Tech couldn't stop talking
about in 2019. Expect more of these technologies in 2019.
While the terms themselves have reached an almost parodistic
level, the ideas behind them have greater impacts every year. Small businesses
can now access many of the advantages of these technologies at no or low cost.
The IoT is fueling hyperlocal advertising while allowing
businesses to track customers and shipments like never before. AI lets you turn
a bunch of apparently random data into actual insight about the way customers
are associating with your business. All the while, ML is promoting your
products and services to the best customers on the internet like Facebook and
Amazon. IoT, AI, ML outlines a suite of tools and tech that can assist small
businesses to increase revenue while withdrawing rising costs.
It’s expected that your small business will never directly or
immediately implement any part of IoT, AI, ML, but it will surely use services
or software that taps into the tech. In 2018, you will touch this tech more
than ever before.
Get proven IoT, AI, ML software, and services. There will be
some risky projects to avoid, but there will also be some winners making the
lives of small business owners much better.
2. Financial
Banking models are all set to take a radical shift. Since
Millennials want to bank wherever and whenever they want, it does not regulate
with the traditional banking model. Digital banking is going to replace the
traditional brick-and-mortar banking solution with a technological
first-mindset. It will grow to more than 2 billion users by 2020. In short, you
will carry your bank or wallet on your phone.
With the pros come the cons, Mobile banking will bring cyber
attacks along its way. More than 60% of customers are managing their bank
accounts on the phone. With the increasing number of users, the chances for
cyber attacks will increase.
3. Millennials will rule the market
In 2019, the size of the millennial market is expected to grow and dominate. Millennials are a notoriously anxious and cautious group. They look at the world in a different way and are very active consumers of digital content. By 2019, they are expected to cause a shift in the social media, tools and tactics, video and mobile marketing thus engaging with the millennial audience. More and more businesses are provisioning to Millennials, it is expected to grow to an estimate of $1.4 trillion in 2020. This means more experiential sales and marketing, and a push for consumers to “connect” with brands. The next upcoming trend is value-based selling.
To market with Millennials, small businesses need to explore
ways, to be transparent and honest. Your business and marketing
strategy should come out clearly in front of them and should explain how
you are seeing your growth in upcoming years.
For instance, Just compare Netflix to Uber. Netflix is providing
a flexible environment to its employees and users, whereas Uber is just dogged
by internal and external complaints. Uber seems just to be talking while
Netflix is growing its customer base day by day.
4. Hyperlocal advertising will hit this year
These days our smartphones can access all our information, and
they can very well know about our location. It can take advertising to the next
level. Hyperlocal advertising utilizes your location to serve ads relevant to
where you are. Imagine yourself in the store looking for a gadget that you have
searched on the laptop, and you get an ad on your phone that they are offering
something better and genuine from their store. You will definitely love this
type of advertising rather than getting into lots of useless advertising on
your phone.
Small businesses are in an excellent position to interact with
their customers and market to them in a traditional, yet personal, way. Instead
of simply asking them or throwing a targeted ad at them, opt for a clever and
catchy sign that people will love and it will benefit your company too.
You can get the base traffic in the same old-fashioned way. It
will stand out from the digital noise. Also, it is easy to understand, and it
will not make anyone feel like their privacy has been infringed. But it is
always good to push against the tide and make your brand persist and stand out
in a unique way!
5. Blockchain, Bitcoin, and more cryptocurrencies
Blockchain and Bitcoins are the trends that will show immense growth in 2018. From offering upgraded security and authentication in agreements and supply chains to building real peer-to-peer business networks across retail, energy, and more, Blockchain will have a severe influence on the way business is administered this year.
This may prove to be beneficial to the early adopters of
technology. With the trending Blockchain, they can definitely develop a
competitive edge over their competitors.
Talking about Bitcoin, it is still a serious hurdle that needs
proper handling. It is not energy efficient, and people have already started
working on it. In the coming years, there will be solutions to make
cryptocurrencies a genuine alternative to traditional money.
6. Continued digitization
2017 has seen a lot of new trends already in the field of
digitization. But, with the development of new technologies such as Virtual
Reality, Augmented Reality, and Bitcoin, the digitization is expected to grow
to the next level. These technologies offer interesting potential avenues and
exciting business applications, thus making its users interact easily.
If we talk about VR, it is an amazing tool that works with a
very user-friendly interface, thus giving users a never seen before experience.
The same is the case with Augmented reality; it has a similar scope and
flexibility. There are various brands using these technologies in the form of
apps to give their customers a very pleasing experience.
If the small businesses realize the benefits of the next
big technologies coming their way, they can rule the market.
Hence, 2018 is your opportunity to start focusing and
future-gazing on those emerging trends.
7. Live Streaming Video Content Will be the Emerging Trends
In the past few years, we have seen that video itself has become a vital component of successful businesses. Customers want real connection; they are done with the impersonal and generic marketing. So, live video is the trend that can engage you with your audience.
With the growth of smartphones, the video is one of the easiest
forms of media way to build your brand. When your brand is able to make a real
connection with the audience, it will definitely have the power to rise in an
exponential form. Live video can give many businesses a face and a soul,
allowing businesses to stand themselves from their competitors.
Whether it’s running B2B free webinars (as there is free
Webinar service available), streaming a product launch and product
reviews, or offering Q&A sessions, live videos are becoming a fundamental
part of business marketing strategy.
Research has shown that 80% of readers find it convenient to
watch videos, rather than reading long blogs and articles. While it's still
useful to learn how to start a blog and create well-written content,
a video is becoming increasingly more important today.
In 2018, businesses who plan to devote resources to live
streaming videos will dominate their industries.
8. The Unfolding Truth of the Workplace
The physical workspace is going to change significantly by the
next year. Businesses are working smarter and hence targeting more
productivity in less space along with analyzing the employee's behavior
and technological tools.
As a startup, you can look to reduce your real estate
commitments and work to moving more to the flex desk options since most of the
employees work away from the office while being connected to the people and
resources and making use of useful tools that help them do their work more efficiently.
9. Customer’s Security for Personal Data
In 2018, the more focus will be on providing customers security on their personal data. It is always a bad decision to trust online businesses without proper research, and many people ignore the research part and hence lose their personal data.
Many businesses that have been hacked have improved and raised
consumer awareness. They make it a point to explain the consumer the risk of
exposing themselves on a daily basis.
Small businesses need to focus on reversing the data structure,
enabling you to keep all of your personal info on your smartphone and only
shaping it on your device. This implies that you hold onto your data, even
while it’s preparing the same processes and decisions it has always made.
10. Lead Management Ability
SMBs are firmly looking for innovative business opportunities
and using advanced platforms and various digital channels for getting the
customer leads. In search of getting the targeted customer leads, they may
spend a lot and still struggle to manage these leads and to keep a proper
record of it.
Small Businesses need to look out for lead generation
solutions that are inexpensive, mobile-friendly and easy to operate. It
will help them in managing their leads and customer-data effectively in 2018
and the coming years.
Conclusion:
That’s my list of the biggest small business trends in 2018 that
will lead your business to the success road. Every business has its
own list of trends that they keep in mind to follow in a particular year. Just
keep in mind to walk in hand with these latest trends and improve your
knowledge to upgrade your business to a new level.
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