Small businesses are rapidly growing because of technology which has enabled several marketing options. Technology is changing how small businesses operate, leading to the advent of new trends in the marketplace.
The emerging trends can be in marketing, finance, tech or even public policy and thus entrepreneurs should be aware of how the trends are going to shape their business in the future.
The changes businesses are witnessing range from process automation to customer relationship management, to social media marketing, analytics, among others. Here are some of the trends currently disrupting small businesses:
Becoming accustomed to modern customers
Customers nowadays enjoy a range of choices and they have demonstrated that they will incline towards businesses that prioritize personalized service with seamless and fast delivery. This applies across the industry regardless of whether the customer is carrying a financial transaction or order food they want a better experience. As a result business not offering better customer experience is beginning to lag behind those that have adopted the modern customer trend.
Marketing is rapidly changing nowadays and with the emergence of social media and big data, businesses are personalizing marketing content. This trend will continue growing as we move into the future.
Things like stock images, general advertising, fawn brand marketing, and social network promotions will no longer be effective marketing tools. Customers want more personalized and high-quality content in every step of the marketing process. Businesses offering customized marketing will have an edge over those conducting generic marketing.
Embracing Blockchain tech
Blockchain technology is the latest tech innovation that is disrupting businesses and it is adoption is growing fast. In 2019 the industry has expanded and with that so does the applications of the technology.
Going into the future we will see mainstream adoption of blockchain tech with even the Fortune 500 companies and big multinationals will join in the trend. Blockchain is full of promise and potential and could revolutionize business efficiency and security. This is a shrewd business practice that will change how businesses operate and run.
The advent of IoT leading to the rise of edge computing
Technology is disrupting processes from all areas and the increasing IoT applications nowadays are an important aspect. Edge computing has a very significant impact on the reliability and performance of businesses. As businesses grow so does the infrastructure and the amount of data coming from users which thus requires having a system that can handle this huge data faster and more efficiently. Edge computing will be the solution that businesses will need because it will move computation near the device and offer an efficient and faster way of processing tasks.
AI is not replacing the human touch
Businesses are adopting technology nowadays and the advent of AI has changed operations. Most businesses have automated some process and this is possible through machine learning and predictive analytics. However, this does not necessarily mean that AI is replacing humans because businesses will still need the human touch in delivering customer experience. AI has a lot of potentials but that could only happen in the long term. It should not be seen as a replacement of humans because its “augmented intelligence” should only support humans is performing their roles by giving insight and ability to complete tasks efficiently.
Small businesses are taking advantage of the gig economy to access a large pool of experts that they don’t need to hire on a full-time basis. Telecommuting has become a natural phenomenon in business today and people can work from different locations. For business, the focus will be on how to enhance collaboration when your team members are working from remote locations.