5 Trends that Small Businesses Should Accept
- BY Jaspreet Kaur
Feature Writer, BusinessEx
- Jun 26,2020
- 11 Mins Read
The current year has exhibited a series of tumultuous events. From rising investors’ confidence into the Indian business sphere to shrinking economy, the constant variations are led by the pandemic. The contagion has ruled out all things that were called to be important for human progress such as high technology, automobile, and opulent living style, etc. While several things have fallen out of order, meanwhile, some new trends have emerged that will continue till the next year.
By following these trends, small companies will be able to cope up with current changes and can probably end this year on a positive note. These trends can also ensure to move ahead of competitors.
1. Embrace Artificial Intelligence
There is a rise of artificial intelligence in the present year. This technology is efficient, as well as effective, and can uplift small business in the Indian economy. It can help small enterprises to get leads and acclimatize marketing strategy for better success by assessing customer data.
AI technology also plays a crucial role in keeping a tab on the competitors. Also, AI driven-chatbots help navigate online users on the virtual platforms and turn into a supporting hand for the business.
2. Use Pandemic as an Opportunity
Every business is fighting with the pandemic in its own way. Giant companies have surfaced with new brands launched during the epidemic and also, grabbing customers’ attention. At the same time, small companies have not lagged behind. They are pivoting their business model and creating products as per the customers’ demands. The companies that have slowed down in accepting the change have lost the game and in turn, transformed into relics.
3. Becoming Online Retailers
When offices and markets were shut across the country, online platforms and stores came up as a great help for people. The pandemic enabled the rise of online shopping and contactless delivery. Seeing this trend, many businesses adapted it and created their online retailing platform, thereby, offering services to the customers.
This trend is advantageous for both business owners, as well as customers, and restarted the business cycle anew. It has also given rise to the concept of hyperlocal market.
4. Outsource Services
At this stage, when business operations have resumed, organisations require staff to carry out business activities like marketing, sales and project management etc. Besides employing new staff, the companies can rather procure outsource services. By outsourcing, seasoned professionals will work on the assigned projects and complete them in a small period of time. Thus, companies would have to hire full-time employees. It is one of the cost-effective measures that companies should start following soon.
5. Diversify Portfolios
In this unprecedented time, small businesses have to focus on the fundamentals, meanwhile, offering core services. They need to expand their offerings by taking cash flow into consideration as both factors are intersected. New offerings will give rise to new revenue models like creating technology along with other services, rendering AI solutions and amalgamated revenue model for private as well as public sector.
The above mentioned trends are important. Small businesses should follow these trends and employ them into practice if they want to remain in the business. On the other hand, companies, which will react slowly, will soon go out of business and face difficulty in rising upright. Thus, it is advisable to go by changing times and thus, embrace these variations.
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