What are 7 of the latest business trends you should follow?
As business owners are constantly looking for unique benefits, here are the 7 latest business trends for the new year
There are many moving parts that keep a business running smoothly, but what business trends could improve this? Every aspect of your business is unique and requires different methods and technologies to improve.
This post will discuss the most promising business trends for the New Year and how to prepare your business in time.
1. Emphasize digital transformation
Adapting to new technologies is no longer optional. Companies that stubbornly cling to outdated processes will quickly fall behind their competitors. Look no further than former market leaders like Sears or Blockbuster to find a classic case for it.
Additionally, technology is advancing faster than ever, with no sign of slowing down. So the gap between early and late adopters is bigger than ever.
Artificial intelligence can perform countless tasks in a fraction of the time that previously required human intervention. Other technologies accelerate production cycles or passively enhance the consumer experience.
Implementing these business trends and improvements frees resources for various tasks and can help companies respond quickly to extreme circumstances such as a global pandemic.
COVID-19 has severely disrupted supply chains and increased the value of the shipment. Back then, it was the companies that could flexibly pivot their existing processes through a digital transformation that thrived.
2. Entry into the digital transformation
The digital transformation process differs depending on the industry. However, the first step is always to identify the problem areas in an organization. Remember that problems can be unclear at first glance. A system might run smoothly, but that doesn’t mean it runs optimally.
Look for processes filled with tedious or repetitive tasks, e.g. For example, creating an attendee list for a meeting or analyzing email subscriber data. Discovering ways to automate or enhance these tasks through technology would save a lot of time.
One of the sectors that benefits most from digital transformation practices is cybersecurity.
3. Small businesses should focus more on cybersecurity
The notion that cybercriminals only target large companies is undoubtedly wrong. Targeting companies with multi-million dollar cybersecurity measures is implausible. So most decide for the small person.
Forbes reported that cybercriminals are three times more likely to attack a small business than a large one. With the average cost of a data breach in the US approaching $9.5 million, every organization should be committed to cyber security.
Most attacks on small businesses come from unsolicited email. Sophisticated phishing or spear phishing attacks can seem plausible. Many are persuasive enough to make an employee waste time confirming the message themselves.
This wasted time can be addressed through proper digital transformation. Artificial intelligence can analyze email content, behavior, and context to detect threats. Many antivirus programs use artificial intelligence and their introduction prevents cyber threats and attacks from draining an organization’s resources.
4. Sustainability
Every company wants to build a reputation for sustainability as it is now one of the top business trends around the world. After all, 80% of young adults in the US would pay more for a responsibly sourced product.
The challenge today is that sustainability encompasses much more than just the product itself. Aspects such as packaging materials are also being increasingly scrutinized.
Sustainable packaging
Sustainable packaging is similarly important to putting your logo on the box. The level of sustainable packaging you use should reflect your company’s identity, mission and values. This depends on the type and quantity of the material used in the packaging.
The impression you make can determine whether a one-time consumer continues to support your business. The most sustainable packaging meets these rules:
- Packaging should be easily recyclable or reusable. If recycling is too hassle, consumers probably won’t do it. In this case, the burden is placed on the company.
- The material should be non-toxic. Toxic packaging can penetrate the product, which is dangerous for skin treatments, food or clothing products. Avoid using materials such as PVC, PVDC and polystyrene.
- There should be no extra space. A tight fit indicates that you used the minimum amount of materials to pack and ship the product.
- Tell them how to dispose of the package. If the material is less well known, some people may need help knowing what to do with it. Materials such as starch packing peanuts and bubble wrap require additional instructions.
Business owners should keep records of the life cycle and footprint of their packaging materials. It’s best to have this information easily accessible to all curious buyers.
5. Individual Consumer Experiences
A trend that has been around for a while is the personalization of consumer experiences. In the past, personal recommendations or targeted ads were enough. However, new technologies are changing things in exciting ways.
Previous marketing strategies left no room for consumers to take an active role in home shopping. Prospects were guided through a sales funnel until they made the final purchase. You were limited to watching someone else model the product rather than testing it yourself.
The “Metaverse” eliminates this problem by merging reality and the internet for the consumer. The combination of augmented and virtual reality allows shoppers to engage with products while reaping the remote benefits of online shopping.
Virtual Dressing Rooms (AR)
Amazon launched its try-before-you-buy offer in 2018. It was a way to ease people’s reluctance to buy clothes they had never tried on. Retailers want to go one step further and offer virtual fittings. In these rooms, shoppers can see what clothing, jewelry, and other items will look like on their body.
A webcam or mobile phone scans the buyer’s body and creates a 360 degree model. Items are layered on this model to predict appearance and fit. Virtual fitting rooms, while not exact, instill much more confidence than traditional online shopping.
This idea is not limited to clothing either. IKEA’s The Place app allows shoppers to see how a piece of furniture would look in their home. L’Oréal created the Modiface application to allow people to see how certain shades of makeup would look on their skin.
Virtual Reality Stores (VR)
Clothing retailers saw sales fall 37% as the pandemic shuttered stores. Virtual reality addresses this problem by offering shoppers a shopping experience from the comfort of their own home. VR headsets recreate the interior of a storefront in the Metaverse. Shoppers can walk around and interact with products that resemble an actual location.
Your company may need more resources to offer these services. Even if you don’t have access to AR or VR, it’s still a good idea to provide consumers with a way to interact with your product. Investing in a spherical panorama camera allows you to create 3D renderings for buyers to see.
6. Employee business trends and relationships
People have always hoped to find fulfillment at work, but now they expect it. COVID-19 caused employees to re-evaluate what they want from a job. They want new perks like working from home or tuition reimbursements to improve their skills.
It’s up to employers to find ways to add value in the workplace. Otherwise, there could be another major resignation or increase in silent quitting.
These factors also apply to job seekers. Applicants who left a previous job due to lack of fulfillment are less likely to take on a similar job. Sometimes it’s more convenient to rely on a freelancer instead of hiring a new employee. It is important to check contractor or freelancer licenses to get the best quality for the business.
7. Growing “gig” economy
Freelancing is becoming more popular every day. Therefore, business owners need to understand how to take advantage of this growing resource.
Freelancers are an excellent source of talent when you need more hands on deck. Many work as temporary workers on temporary and concrete projects. This agreement allows companies to meet the demands of any job without creating an entire full-time position.
Make small changes while focusing on the least optimized parts of your business
There are many business trends to follow and prepare for before heading into the new year. Implementing these changes may sound daunting for small or even medium-sized businesses. However, you don’t have to overhaul your entire operation in one day.
It is enough to make small changes while focusing on the least optimized areas of your business. A good place to start is to explore AI solutions to tackle trivial tasks and improve your brand’s social standing through sustainable practices.
Ben Hartwig is a Web Operations Executive at InfoTracer who has a high level view of the entire system. He writes guides on the overall security posture, both physical and cyber.