10 Dec Top 8 Trends for Small Business Trends in 2019
Top 8 Trends for Small Business Trends in 2019
As 2018 comes to a close, we are looking towards the New Year for opportunities and trends that we can expect to see. Business News Daily put together a list of business trends and predictions for 2019. Here are the top eight trends for small businesses.
Sales and Customer Service: consumers have more options today than ever before, and they will continue to gravitate towards faster delivery, easier and more personalized service. However, technology as cool as it continues to get with AI and predictive analytics, will never replace the human touch. As a small business owner, you must find a way to use technology to provide the experience the consumer wants, while building trust and connection through the human touch.
Blockchaining: as the new blockchaining technology continues matures and expand, Fortune 500 companies will be forced to recognize the potential of blockchaining as a smart business practice.
Big Data Continues: there is a growing trend of easy-to-use analytics to help us dissect big data and how to apply it to small businesses. In 2019 we will see more and more emphasis on building ethics into algorithms to improve on the flaws that data scientists have encountered in the recent past. Ethical algorithms will not only lead to happier consumers, but less risky business practices.
Voice Recognition Technology: voice searching has gained popularity because of it ease of use and faster speed. It is also safer for people on the go to search via a voice command rather than typing it out. In 2019 we will see continued improvement in voice recognition technology.
More Personalized Marketing: with an improvement in AI and ethical algorithms, we are going to see a shift in more personalized marketing. According to Harrison Doan, director of analytics at Saatva, he predicts you will no longer be able to rely on stock images for marketing. As a small business, in order to succeed, you will have to provide high-value, personalized content every step of the way.
Online Reviews: more than ninety-five percent of online shoppers base their decision to purchase (or not) from online reviews. More importantly is the fact that more than ninety percent of consumers step back from making an online purchase if there are no reviews at all. Consumer reviews will continue to be the greatest influencer of any business, big or small.
A Disruption in Banking Services: we have already seen a significant shift in banking, and that trend will continue in 2019 with big players such as Facebook, Amazon and Google offering their own payment services. Millennials want to bank where they want to bank, whenever they want to, and this demand does not currently align with the traditional banking services. It is predicted that digital banking will continue to grow by more than two billion users by 2020. Essentially, your wallet will be in your phone.
A Priority on Employee Happiness: unemployment is at a historic low, which means that small businesses will need to focus on employee engagement and happiness. Keeping your employees happier at work, boosts productivity by ten to twenty-five percent! In addition, we will see an increase in telecommunications (video meeting technology) as employees are demanding less commute times.
To read the full report from Business News Daily, please click here.
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