Every business student, at least once muse about starting their own business. While starting a business might look like a plain-sailing affair, the whole process entails a lot more than what meets the eye. With rapid technological advancements revolutionising the current economy, we are currently witnessing a significant shift in the trends that transmute the landscape of business. Therefore, it is imperative to stay on top of these changing trends in order to optimise benefits, the growing business world has to offer.
Ergo, let us weigh in on what emerging trends we think, present the greatest opportunities for entrepreneurs.
Top 3 Business trends:
Becoming sustainable seems to be the only way forward
In the last decade, there has been quite a dramatic change in consumer behaviour and expectations. An increasing number of people now seek products that are long-lasting and sustainable.
Businesses who have adopted sustainability have planted a deep impression in the minds of the customers and stakeholders alike. Be it through an effective CSR, or incorporating “green” methods in their manufacturing processes, businesses are thriving as they have now enabled the path to reach a conscious consumer’s mind.
Tailoring your services to suit demands
Data driven personalization, or the artificial intelligence is a noteworthy business trend doing the rounds right now, and it is more like to stay. However, recommendations based on a customer’s location and previous purchases are more likely to hit the right spot. Today’s customer needs to be spoon-fed with unique offers and services, else the cut-throat competition might steal the only lead you have.
The power of reviews – quantified
A customer in today’s age is hard to deal with. In this competitive business landscape, differentiating your business from others is the key to attract new customers. Long gone are the days when word-of-mouth used to do wonders, now is the time for testimonials. According to a report by Experticity in 2015, almost 90% of online users consulted online reviews before transacting with any business.
Objective feedback about their experience with a company’s products or services, has given customers an advantageous right to help future customers make informed decisions. Thus, coercing a business to have strict quality control, and aftersales service in place.
However, for new businesses it might be a bottleneck. With no previous track records, and a puny customer base it becomes next to impossible to have genuine testimonials.
In addition, this relatively new scenario of online testimonials has given birth to a whole new job space of paid review writing. Interesting, isn’t it?
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