Technology has enabled businesses of all sizes to innovate and thrive in the digital world. And because of technological advancements, customers nowadays have higher expectations.
For small businesses, adapting to these advancements can help you remain competitive online. There are tools, online marketing strategies, and business trends that can accelerate your business’s growth.
Let’s take a look at the top five business trends you should look out for this 2021.
5 Small Business Trends This 2021 (+ How You Can Leverage Them)
Remote work will be the new norm
The digital world has created endless opportunities for small businesses — and that includes shifting operations remotely.
Running your business from the comfort of your home creates flexibility in how you spend your time and make your money. Plus, you can scratch overhead expenses such as rent and electricity bills. You can use that money to invest in other business aspects instead.
Demand for flexible payment options
One factor customers consider before purchasing online is the payment method. Offer more payment options other than credit cards, such as PayPal, ZipPay, Google Pay, and more.
Providing more flexible and hassle-free payment options to your visitors can make them stay on your site and checkout their carts.
Ecommerce will boom
With consumers resorting to online shopping, entrepreneurs are slowly shifting their businesses online.
As a small business in NZ, you have to take note of two important eCommerce statistics:
- About 35% of Millenials and 35% of Gen Z lean towards online shopping.
- Around 88% of Kiwis are recently searching online for products and services.
But why do these customers prefer online shopping? Two words: convenience and safety.
And what’s in it for you?
Bringing your biz online is a great way to reach new customers and help your business recover from the pandemic aftermath.
Increase in technological use
Technology has brought tremendous growth for SMEs in trade and eCommerce, making it possible to reach a wider market. It has provided a new and more efficient approach to managing businesses by making transactions faster and more convenient.
As more customers shop online, the need for you, as a small business, to adapt is at its peak. Online shoppers will continuously grow and the only way for you to keep up is to go digital.
In fact, 84% of Gen Z buyers scout the internet first before purchasing. So, you have to make sure your website contains an About Us page, Product page, and even a Reviews section.
Technology also plays a major role in how small businesses interact with their customers.
For example, with a physical store, you’re only limited to 9-5. With a website, you can connect with your customers 24/7.
The sooner you adapt to the trend of going online, the sooner you’ll reach new customers and increase brand awareness.
Preparing a disaster plan
One thing is painfully clear — small businesses are facing a threat. The pandemic has caused huge turmoil globally and has devastated SMEs all around the world. Non-essential businesses have temporarily closed, which left them with ongoing expenses with no means of gaining revenue.
To prevent that from happening, it’s vital to pivot online and plan an effective marketing strategy to boost your online presence.
Why? Because your customers are online and are staying online.
Did you know that eCommerce sales are expected to reach 5.4 trillion dollars in 2022?
With such a huge number, it’s now more essential than ever to take advantage of how your customers are shopping.
In a gist, it’s important to understand the bigger picture. Create a well-thought-of contingency plan in case a roadblock like this happens again in the near future.
RECOMMENDED: How to Prepare Your Business for the New Normal
Prepare for the unexpected
Regardless of how your business fared in 2020, the best approach for the upcoming years is to be flexible and agile, Be ready to pivot and adapt to whatever challenges that’ll come your way.
To ensure your small business stays afloat, set aside time to plan, evaluate, and execute actions based on these insightful business trends.