Latest Business Trends That Your Company Needs to Follow Now
In this overly competitive business environment, staying up to date with the latest market trends is paramount. Companies that can’t keep up with changing demographics, customer needs, or technology are at a disadvantage. Those that are aware of the latest business trends and adjust their plans and strategies for future growth are sure to generate impressive results and improve their bottom line.
With that in mind, here’s a small list of essential business trends you can use to your advantage.
eCommerce Is Still On the Rise
The traditional shopping mall is quickly losing its crown. In fact, experts estimate that one-third of malls in the U.S. will close in the next five years. And, that’s understandable. Consumers can and find everything they need online and have the products at their doorsteps with just a few clicks.
eCommerce is still going strong, and businesses that move their operations online enjoy a wide range of benefits. Not only that they can target prospects with personalized messages, but they can also reach a wider audience that isn’t limited to their local area.
If you do use eCommerce to expand your business to international markets, make sure to hire the right employees for the job. Providing customer service in the native tongue of the market you’re targeting, for example, could help you take your business to the next level.
Crowdfunding Validation
What’s the first thing that comes to mind when you hear the word “crowdfunding?” Most probably you think of artisanal products, right? Well, not anymore.
Recent reports estimate that the crowdfunding industry will account for more funding than venture capitals. Moreover, in addition to raising capital, crowdfunding can also help entrepreneurs validate their products before taking significant risks and investing money in their development. Whether it’s on Kickstarter, or on other platforms, businesses can raise the capital they need to go to the market and test-drive their products.
Video Is Now Essential
The numbers paint an accurate picture: the future of content marketing is video. A recent survey shows that 45% of internet users watch an hour or more of video content every week, and actually pay attention to it. And it’s not just a thing Millennials do – data confirms that people of all ages spend a significant amount of time watching videos. That is why more and more companies are starting to leverage this trend and use video content to engage with their audience.
Products are Going Green
Consumers are becoming more socially conscious, and want to spend their money on products that meet all their requirements. That pay close attention to the manufacturing process, where the products are made, and the materials used. They look for eco-friendly products that don’t hurt the environment but help it.
You shouldn’t jump on the eco-friendly bandwagon just for the benefits it can bring you, but because it’s the right thing to do. Companies that think long-term have realized the need for using less energy or water. And, not just for the sake of their brand image but the health of the planet too.
Whatever you do, keep it simple. Yes, trends are important, but you don’t have to follow every single one. Start by identifying the most important ones for your market and adjust your strategy to your customers’ needs. But, most importantly, trust your instincts because it’s very likely that they will give you the right pointers on what to do next.
