This year, 29% of businesses will fail due to a lack of capital and cash flow. That number may actually be even higher due to the Coronavirus pandemic and the continued economic fallout.
If you have a business, then you know there is a lot at stake to keep it afloat. When the odds are against you, you need to focus on how you can continue to grow your business.
Read on to learn about the top emerging business trends impacting industries and economies around the world.
1. User-Friendly POS Systems for E-Commerce
With stores closing and more people moving to online shopping, businesses are focusing on making e-commerce as easier as possible. Fast and frictionless payments are a top priority for most ecommerce companies to compete.
The COVID-19 pandemic will take a few more months to slow down, and many businesses have already started to focus on simplifying the online shopping process. But it’s a fine line between simplifying your payment processes and staying legally compliant with privacy and risk management.
2. Reaching Out to a Younger Demographic
As younger generations come of age, their spending power increases. More and more businesses are putting an effort to reach out to the younger demographic.
Companies are putting more effort into marketing campaigns in digital platforms such as Facebook, Pinterest, Snapchat, and even Tik Tok. It’s more profitable to reach out to young demographics where they spend their time.
Businesses are also focusing on launching more creative newsletters using MailChimp. The MailChimp Pipedrive integration allows businesses to get more creative with their email marketing campaigns.
3. Businesses Going Green
The eco-friendly and green movement is getting bigger every day. People have taken it upon themselves to learn about what they put in their bodies and how their products are made.
It has become a trend for businesses to inform their customers how their products get made and the steps they’re taking to make everything more eco-friendly.
Taking steps towards reducing the carbon footprint is something that resonates with modern-day customers.
4. Augmented Shopping
We mentioned in an earlier point that more businesses are making the online check out process easier for customers. However, they’re also taking the overall shopping experience to the next level.
Augmented shopping allows customers to interact with products. For example, some well-known furniture stores have interactive applications that allow customers to visualize the pieces in their living room.
Other businesses and retailers are taking note of this strategy and implementing it for their business.
5. Businesses Transitioning to E-Commerce
Businesses that have not made the transition to e-commerce will have no choice but to make a move this year.
In our new normal, stepping up the e-commerce strategy will become a matter of survival.
6. Artificial Intelligence Will Keep Growing
With more and more people distancing from one another, businesses will put more focus on AI and machine learning to drive the economy.
Rather than coming into contact with people, businesses will step up their contactless communication. Chatbots and other virtual assistants will enhance and facilitate the user experience.
These are the Emerging Business Trends of the New Economy
Now that you know about these emerging business trends of the new economy, it’s time you put them in motion. Some of the most successful emerging business trends include AI, e-commerce, augmented shopping, and user-friendly POS systems.
It’s going to be a challenging year for businesses in many ways. You must stay vigilant and educated to keep your company afloat, updated, and competitive.
If you enjoyed these emerging business trend tips and would like to learn more, check out the rest of our blog. Visit the Business section of the Everything Entrepreneur Blog right now!