The business landscape is changing fast. New trends pop up every day, dictating how small businesses operate, increase revenue, and stay ahead of their competitors. Small businesses that don’t embrace change risk losing customers to their rivals or even becoming extinct in the future.
Many business trends will emerge in the post-COVID world, including digital transformation and the evolution of traditional workplaces. There may be concerns about the control of personal data, which might threaten the relationship between businesses and consumers. Here are four key trends that’ll drive small business in 2023 and beyond.
1. Hybrid Workplaces
The hybrid workplace is here to stay. It’s a flexible model that allows employees to work remotely and still stay productive. According to one survey, 87% of employees want to work from home at least one day per week. A hybrid workplace helps create happy workers with a balanced life.
It also promotes productivity and reduces operational costs. It creates a safe working environment, especially in a world where health professionals are yet to lift the Covid-19 protocols. This trend is expected to gain momentum even further in coming years.
2. AI and Big Data
Artificial Intelligence and big data analytics are already transforming how businesses mine data and use machine learning to gain insight into various industry metrics. These two technologies help small businesses make quick and better data-driven decisions with less human input. They make lives easy, improve efficiency, and boost profits.
Many people are already using these technologies in their daily lives. Some knowingly, others unknowingly. For instance, conversational bots, smartphone facial recognition, and Google search functions are all products of artificial intelligence.
3. Ecommerce for Small Businesses
E-commerce is a popular trend for small businesses. A recent study shows 71% of small businesses have a website. E-commerce helps brands boost their visibility, drive more sales, and achieve success faster. Even seniors have embraced e-commerce. It’s more convenient and saves a lot of time than in-store visits.
More and more people are applying for car title loans online and other e-commerce services. Some are completing car purchases over the internet and getting cars delivered to their doorsteps. Businesses no longer need many employees to handle the paperwork and complete transactions. Projections show that the global e-commerce market will expand by $1 trillion by 2025.
Consumers are becoming more concerned about the environment and how they can make it habitable. They expect businesses to do the same. According to a recent study, more than a third of global consumers are willing to pay more for environmentally-friendly products. Eco-friendly products are more durable, less toxic, reusable, less resource-intensive, and safer for the planet.
Small businesses must be aware of these trends and act. They should be ready to do what it takes to reduce their carbon footprint and address environmental injustices. Forward-thinking companies are already looking for opportunities to reduce their energy consumption and become more sustainable. Some sustainable practices that have been adopted by small businesses include paperless work environments and giving donations to causes that advocate for sustainability.
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