If you are an owner of a small business, you might want to know about the next significant trends. These are more than trends that are transforming small businesses all over the world. For a business to flourish and make a name for itself in the industry, keeping abreast with the marketing trends is paramount. According to the industry’s experts, the seven most notable trends that are impacting small businesses are:
Trend No.1 – Older traditions will take over the main street business
The heart of every business is a good relationship with clients. And no technology can replace it. Small businesses are beginning to understand that there is no algorithm or a business model that can take the place of human interaction.
This trend of building strong customer service and personalized service will see businesses taking to old traditional methods. There is no doubt that technology will continue playing its part, but the shift towards the traditional methods will take center stage.
Trend No 2 – Giant tech players will take a backseat
There is an increasing trend among small businesses that are focusing more on smaller partners rather than the large tech players. Tech partners who are of smaller capacities allow more personalized experience. Small business owners have more control over their branding as well as customer relationships.
One of the main reasons behind this trend is the government regulations that are put on tech giants such as Google and Amazon. This trend of inclination towards small tech partners is seen, particularly in e-commerce businesses.
Trend No 3 – Great storytelling will reign over data
In the last decade, marketers relied heavily on data to target their niche audience. But the fact that this has not been a possibility has slowly emerged. This has resulted in small businesses becoming cash strapped.
There is an emerging trend of small business marketers who are concentrating on developing a unique story that resonates with their clients. More and more businesses are putting their efforts, time, and resources to develop a distinct way to target their clients.
Trend No 4 – Side hustles will become legit businesses
As more and more young adults continue to give significance to side hustles over regular office jobs, side gigs will emerge as bonafide businesses. This is facilitated in part by technology and how it has helped youngsters to dabble into entrepreneurship.
Whether it is applying for working capital or filling up the paperwork, youngsters have it much easier to realize their dreams of turning passion into a thriving business. In this new trend, side hustles will no longer play a secondary role.
Trend No 5 – Sustainability will triumph over pure growth
In the next decade, sustainability and profitability will reign supreme over pure growth as opposed to the last decade. Pure growth and acquisitions will no longer be the ultimate goal of every business. This trend is hugely affected by government policies tightening around upstarts. A direct result of this is that more power is transferred to small business owners and entrepreneurs.
Trend No 6 – AI will automate mundane tasks
Mundane tasks, including scheduling calendars and meetings, will be automated by AI. This will allow business owners to have more time to develop ideas and innovation. As a result of this, more revenue will be generated, and the overall business landscape will change.
Trend No 7 – Digital transactions will take over cash payments
As digital ecosystems continue to expand, small business owners will go cashless. This will reduce the burden of physically maintaining finances. Additionally, it will also bring more convenience to clients and business owners. This trend will apply to both e-commerce stores as well as those with physical stores.