Staying on top of changing business trends is the key to long-term success. Some trends will come and go, but others are making a massive impact and will change how business is done. Identifying these trends is a necessary part of scaling your operations. Here are six trends that entrepreneurs can leverage to keep their businesses growing.
1. Increasing Automation
One of the most popular recent business trends has been the increasing sophistication of automated tools. Artificial intelligence (AI) is getting a lot of buzz thanks to ChatGPT and similar software tools that utilize advanced machine learning. Chatbots similar to ChatGPT have been used for years to facilitate rapid customer service, though they’ve been hamstrung by a lack of sophistication. Chatbots aren’t the only automated tools out there. Customer relationship management (CRM) software has become especially widespread. As these tools become easier to deploy, their utility will increase drastically. Virtualizing your infrastructure has the added benefit of reducing overhead and property costs.
2. The Work-From-Home Revolution
Necessity is said to be the mother of invention. Remote work arose from a terrible need in 2020, but it’s here to stay. Finance company Mercer released a poll suggesting that 87% of employers will embrace workplace flexibility in the post-pandemic era. The big fear was that remote work would result in productivity losses, but more recent studies show this is far from the case. Home workers are, if anything, more productive than the office-bound. Project management software and Voice over Internet Protocol (VoIP) systems like Skype exist to facilitate this move. Consider making hybrid or remote work a permanent facet of your operations.
3. Cybercrime Threats
According to oft-cited statistics, the global cost of cybercrime is around $6 trillion…and growing. Given those numbers, future loss prevention efforts clearly must focus on preventing cyberattacks. Thankfully, this is often easier than it first appears. Simple steps like educating your workforce on threat awareness and scam recognition can stop the most common attacks in their tracks. Policy measures such as insisting on rigorous authentication and device security will help keep your organization safe from a costly worst-case scenario.
4. The Need for Customer Retention
Between inflation and vacillating consumer confidence, customers are becoming choosier about who they do business with. It should be no surprise that repeat buyers spend more with a company than newcomers. Do whatever you can to incentivize repeat business. Customer loyalty programs like shopping rewards and VIP perks can help keep consumers engaged. Consider adding the human element to your customer service platform as well. Chatbots have their place, but a friendly voice (or helpful email) lets a worried customer know they’re valued.
5. The Rise of Authenticity
It might seem ironic in a market so inundated with social media content, but authenticity is more in-demand than ever. According to recent research, 90% of customers mentioned authenticity as a vital factor in purchasing decisions. Brand authenticity means two things. First, authenticity is about honesty. Authentic companies don’t fabricate data or misrepresent their products. Second, authentic brands stick to the distinctive qualities that make them stand out in the market. In a world where so much feels transient and fake, you can be a force for integrity.
6. Sustainable Development
Sustainability is more than a trend. A few decades ago, that was far from obvious. Now, the cost of solar energy has dropped to the point that it’s competitive with traditional energy sources. As sustainable tech becomes more efficient, it becomes more profitable to employ. It also becomes more popular. According to a GreenPoint survey, nearly two-thirds of Americans will pay more for sustainable products. Sadly, 53% are intensely skeptical of corporate claims of sustainability. Make your commitment to a better world a visible part of your branding, and let your actions speak for themselves.
In challenging times, adaptability is one of the most powerful tools for business growth. Successful entrepreneurs can find ways to turn new trends into profitable ideas. These tips are only the beginning. Keep a sharp eye on the headlines and your bottom line.
