The year 2020 was a year of disruption and transition for small businesses. In the midst of 2021, business professionals are gearing up for continued evolution in this industry. To help you prepare, we talked with five small business experts about what to expect in 2022 and beyond. In this blog post, we’ll discuss five small business trends that will shape success in small businesses over the next few years.
Rise of Online Retailers
One of the most significant small business trends will be how to compete with online retailers. Online shopping is growing rapidly, meaning that consumers are less likely to come into physical stores or make in-person purchases.
Now, consumers want convenience and fast shipping. They’re not going to pay more for your products just because you have a physical store to visit (in fact, they may even find the prices cheaper online). Online retailers will need to focus on their shipping times and ensure that the customers can have their products delivered in just a few days.
Lack of Efficient Workforce
While big businesses have the budget to hire a flexible workforce, small businesses struggle to find enough qualified employees.
Maintaining current staff can be difficult when they’re not getting the expected outcome from them. If you want to make your small business a success, it is crucial to have a workforce that can do the job.
One way of attracting and retaining talent is by investing in their personal development. Offer training opportunities for them, so they’re always learning new skills to stay relevant with industry standards. Take care of your employees like you would your customers – keep them happy!
Ever-Increasing Implementation of Technology
One of the most significant effects that technology will have on small businesses in the coming years is an ever-increasing implementation into our daily lives. While this trend has been steadily growing over the last decade, it’s expected to continue accelerating, thanks to AI and cloud computing developments.
Some of these technologies, such as wearable and smart speakers, will become even more common in homes over the next few years. And with that increased usage comes an increase in data points that small businesses can use to tailor their offerings to consumers faster than ever before.
However, this also means small business owners must stay updated with the latest tech trends or risk falling behind.
Changing Workplace Culture
Covid-19 has changed the way that we work. The requirement to stay indoors and avoid contact with others has led to a rise in remote working, flexible hours, increased workloads, and pressure on small business owners.
But, it’s not all bad news. COVID-19 has given us more time and more freedom than before, so we can use that time for creative thinking and strategizing on how to improve our businesses in the future.
To cope with the changes, as a small business owner, you’ll have to be flexible enough. This may include hiring remote workers and scaling back on company perks like free lunches or in-office fitness centers.
Social Media and Customer Feedback Becomes More Important than Ever Before
Did you know, companies are expected to spend $105 Billion on social media advertising in 2022? Almost double the amount in 2017! The more that social media becomes pervasive, the more important customer feedback and reviews are becoming.
– Social Media Marketing
It’s worth mentioning that many small businesses have found success with a “social” approach to marketing their products or services. Many leveraged platforms like Facebook and Twitter to connect with customers on an individual level. This trend is expected only to rise in the coming years.
– Customer Feedback Marketing
In addition to utilizing social media platforms, a new approach that’s gaining popularity in small businesses is customer feedback marketing. This takes advantage of all of those reviews and comments on Facebook or the marketplace by creating incentives for customers to leave them! Small business owners should be sure to offer some rewards for customers in exchange for reviews. It’s recommended that they be as transparent about what the incentive will be.
We hope you’ve enjoyed this blog post and found it informative. Hopefully, these small business trends will help your business excel in the coming years!