5 Business Trends to Keep Up with In Today's Time was written for Playlouder by a contributing author. Please note that contributing opinions are that of the author. They are not always in strict alignment with my own opinions. –Joe.
Today, businesses don’t operate in the same manner as they used to, maybe ten years back. Technological changes and the evolution of data are constantly affecting and altering business activities.
Studies prove that global data availability doubles every two years. It means that people come up with tons of new ideas every day and every hour, implement them and change processes.
Competition is becoming excessive in this fast-paced world. Hence, keeping up with the changing trends has become mandatory for business success. If you keep up with trends in your industry, you’ll witness a boost in your forecasting capabilities, improvements in decision-making, and higher credibility. Moreover, remaining up-to-date helps break new opportunities, yields better business and branding ideas, and expedites growth.
However, as a new business owner, you’ll likely have a lot on your plate and won’t get enough time for sufficient trend research. Therefore, we’ve outlined a few important business trends you must know of in today’s progressive era.
Business Intelligence (BI) refers to strategies and technologies used by enterprises for analyzing current and historical data. It uses several tools to drive data-driven and strategic decisions, including data mining, analytics, and visualization. BI in businesses results in faster analysis, intuitive dashboards, increased organizational efficiency, governed data, and improved customer experience. Furthermore, it gives your brand a competitive advantage, presents valuable insights, boosts ROI, and improves access to crucial information.
Implementing a business intelligence strategy can be tricky if you don’t understand the software. Firstly, it is crucial to accustom yourself to several BI tools. Some of these include SAP business objects, Datapine, and MicroStrategy.
To gain a better understanding, consider enrolling in an online program. As a working professional, opting for online DBA programs will prove worthwhile as they will give you crucial insight into analytics.
Analytics is slowly becoming the primary driver of business success. It is the most rising recent trend and rightfully so given the benefits it can bring your business. BI does more than conclude data analysis. It improves businesses’ operation visibility, gets actionable insights, and pushes for better marketing efforts.
Thanks to COVID-19, an increasing number of customers globally are realizing the cruciality and benefit of e-commerce platforms. E-commerce is a relatively new but speedily rising industry. It not only presents businesses with new opportunities but also gives brands a chance to increase profitability and significantly cut costs.
According to the most recent 2020 ARTS release, e-commerce sales increased by $244.2 billion or 43% in 2020, the first year of the pandemic, rising from $571.2 billion in 2019 to $815.4 billion in 2020. 86% of marketing leaders believe digital commerce will become the primary source of sales increments, and 88% of executives believe in keeping digital acceleration a priority.
These stats prove that the e-commerce industry is here to stay. E-commerce leads to cost reductions, faster buying processes, product list creation, etc. Moreover, it helps attain a speedier response to market demand, boosts affordable marketing, and enhances scalability.
The most crucial reason to prefer an e-business over a traditional business form is the access to a global customer base and increased flexibility. It is much easier for online businesses to cater successfully to outstation customers than online retailers conducting in-person interactions. A broader customer base can increase profitability and assist with expansions.
Social media has become a controlling platform for businesses these days. It is powerful, easily accessible, and yields tremendous results. Currently, more than 4.70 billion people use social media. 73% of experts claim that social media has been highly effective for businesses. Moreover, 68% of consumers believe social media makes it simpler to interact with brands. 78% of customers rely on social media reviews, and 43% increase their social media use to discover new brands.
Almost 80% of executives believe that social media is a sound investment because it increases market reach, attracts customers, and increases revenue. It develops your brand by building customer networks and advertising, building customer loyalty, reaching international markets, and reducing marketing costs.
Further, social media presence is imperative for increased brand awareness, website traffic, promoting content, and generating leads. Finally, social media can boost your SEO, make your brand more visible, and go viral.
Social media platforms include Facebook, Instagram, Twitter, Snapchat, and many others. You must consider creating business accounts on at least one of the platforms for faster growth. Most of these forums allow for paid advertisements in the form of sponsored content. Such a feature can significantly enhance your reach, make your page more visible to users, and increase sales.
Search Engine Optimization (SEO) refers to your website’s ranking on different search engines, including Google, Firefox, and others. SEO is one of the oldest marketing gimmicks but a crucial trend today. The better your brand’s SEO, the higher your sales.
SEO increases organic discovery, ensures high-quality website traffic, offers impressive ROI, improves credibility, and provides 24/7 promotion. Moreover, SEO enhances PPC success, optimizes user experience, targets the entire marketing funnel, and creates a trustworthy web experience.
Today, 49% of marketers report that organic search raises ROI remarkably, 70% believe SEO is more effective than PPC, and 75% state that SEO results are highly effective. Another study proves that SEO can cut customer acquisition costs by 87.41%.
SEO is highly advantageous, and there is no denying the fact. However, it is crucial to understand each element associated with SEO for the best results. Other essential factors include a secure and accessible website, keywords, page speed, optimized content, technical SEO, links, and User Experience.
Today, unsustainable environments have become a serious concern, and many businesses aim to introduce more sustainable practices within their processes.
Sustainability is a crucial matter. Customers have increasingly become aware of the topic, demanding brands reduce environmentally hazardous practices. Practicing sustainability can reduces costs, increases profits, improves the public image, results in higher employee satisfaction, and enhances social responsibility.
Furthermore, sustainability improves customer satisfaction rates, makes it easier for businesses to comply with regulations, and increases brands' competitive advantage.
Business trends are constantly altering, and it is highly pivotal to remain at the top of your game to succeed. You must understand that competition is skyrocketing. If you think you are good at something, you must realize that your competitor might be better at it than you. Hence, thoroughly plan and strategize your ideas, and stay aware of current happenings. The more involved you are in recent trends, the better your business will perform.