What do business owners, professionals and experts need to expect in 2017 in order to maintain a hold on their business? Business News daily got in touch with some of the major entrepreneurs in order to find out what 2017 has for them, if it will be a year to ripe with opportunities and teeming with obstacles to overcome. Beginning from the public policies and regulations to the harnessing of newest technologies, entrepreneurs need to be aware of each and everything. Following are some of the major trends and ideas entrepreneurs need to take a note of such as ecommerce, and the palpable shift from the “me to we” continues to evolve.
Businesses will continue to focus on connecting with customers rather than just selling them: People are always tired of being sold, and millennials are the ones who continue to say that they have been sold from a mile away. This is an instant turn for all the buyers and once they begin to see this kind of selling they immediately shift to the other company. What is successfully working now is the apps and services that help them in connecting with people who can serve them what exactly they want. Organizations like Postmates for example don’t just sell products but also allow you to get things delivered, whatever you want and where ever you are.
Online Business Exchange Services: Unlike the past few decades, the ecommerce industry has continued to rise even today. It is the most adapted system that allows customers to purchase all the goods and services online without needing any physical touch. The ecommerce industry has successfully contributed to the entire process of globalization as a positive trend in the business community. Generally customers like exploring online sales services and settle with the best package and considerable account, especially in terms of shipping and transportation costs. For example, a customer for a US-based product located in Africa would go for the cheapest offer, saving their finances. This industry will offer them with a room for some smooth online ecommerce. And when given some really good discounts, the customer will definitely prefer to continue doing more shopping than ever.
Data exclusively becoming bulky: The year 2016 increased the number of companies generating a lot more data than ever before. Organizations continued to keep competing aggressively especially in terms of client search and traffic. They continued to collect more and more data as they continued to keep aiming high when it comes to clients search and traffic. The trend of collecting more and more data is expected to rise by the compound annual growth rate of 23% annually in 2016, 2017, 2018 and 2019. A research study report submitted by Forbes asserted that 15% of the fortune 500 companies are making use of the data management systems. Though the big data is considered to be inappropriate to the smaller business organizations, there is still a finding that is shared by one of the trade organizations indicating the rise of smaller business organizations pumping in the substantial quantities of assets into it.
Expanding their Business: Each and every customer will have different expectations from the smaller or bigger business organizations, and in fact it is a fact that the majority of the customers will continue to go with the smaller business organizations based on their conveniences. Unlike the bigger business organizations who have high standards, the smaller businesses ensure a closer interaction and efficient service delivery. Consumers always go for smaller business organizations as they believe that they will continue to gain some benefits from the lower-cost items, promising a faster and effective product delivery. Studies to this have shown that it is now become a norm for all businesses in 2016 and the upcoming years, to focus on what the customers are generally looking out for. Whereas the retail industries still continue to struggle to keep the customer’s demands within their means.
The Transport Industry: The transport industry is considered to be the most vital tool for every business today, especially in terms of customers’ goods and services. The increase in innovation and concerning transport sector gives a competitive advantage in the market. Organizations like Google, for example, have gone to the extent of creating a new concept of self-driven cars that are computer-aided. Their transport sector deals with many logistics of management. We have different sectors controlling the various sizes of fleets and the main thing that continues to remain consistent is that every business want to improve and stay ahead of their competitors. Every business wishes to stay ahead. And the competition in the transport industry forces organizations to mutate to favour the market player.
Medium of exchange: The way businesses are operating have led to a major change drastically. In regards to the change, the exchange of goods and services begins to take place today. A long time ago, one medium that was used more often were the postal letters, and today that has been over taken by others. This dynamic change has led to a major transfer of selling goods and services into a single click of button. Be it a computer or the phone. In a research study conducted by the comScore, it indicated that 11% of the population who log on to the internet use mobile devices. Applications like WhatsApp have a following of over 1 billion monthly active users in over 170 countries worldwide. Businesses with such global audiences is done just through a click button.
To Conclude:
Forward-thinking entrepreneurs should keep these things in mind while planning for their future business. Through labor market tightening, business organizations in sourcing and offices become more creative for employees and 2017 will be year of harder workers. So what business trends is your business going to follow in the upcoming years? What emerging technologies will continue to provide value to your small businesses? Do leave your thoughts in the comments section below.
