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As an entrepreneur, you know how competitive and even cutthroat the business world can be. You know that those who fail to keep up—those who get too “comfortable” with the way things are and refuse to change, will go the way of Blockbuster and other enterprises once thought indestructible. Entrepreneurs must have their finger on the pulse at all times.
With that in mind, here are five unique business trends you should keep an eye on as they’re expected to drive business growth in the coming years.
#1 Capturing the Youth Demographic
These days, a teen with an iPhone can be more influential than an email campaign from a Fortune 500 company. When it comes to consumer marketing, the youth demographic is the one to please.
Sadly, businesses either fail to take this demographic seriously or don’t know how to effectively target them. They don’t realize that consumers are getting younger and that this younger demographic often has thousands, if not hundreds of thousands of followers on various social media platforms.
#2 Going Green
Once thought of as a fad for hippies in California, green living and sustainability are now a global initiative. People are so passionate about the environment, that 55% of consumers polled in a global survey said they’re willing to pay more for goods and services from companies that have environmentally friendly business practices.
Translation: Going green is not just good for the environment—it’s good for business. Because of this, and the growing concern for the planet’s well-being, companies are taking responsibility for their waste production.
#3 E-commerce rising
If the COVID-19 pandemic has taught us anything, it’s that e-commerce is a tour-de-force, and that businesses need to rethink how they do business. Spending habits are shifting so heavily in this direction that global e-commerce is expected to reach around $5 trillion in the coming four years, as reported by Statista.
So, if you’re operating a brick and mortar business, position it to be competitive in the e-commerce world. If you’re starting a business for the first time, don’t knock the idea of having your store be 100% online. There’s virtually no limit to what can be sold online, and you’ll save a ton on start-up costs.
#4 Artificial Intelligence and Machine Learning
It’s easy to be overwhelmed by the idea of incorporating AI into your business, if only think of drones, facial recognition software and humanoid robots. There are smaller uses of AI that can and have been integrated into businesses with great results.
For example, chatbots and virtual assistants are transforming the customer service experience because of the sheer volume of tasks they’re able to facilitate. And streaming companies like Spotify, Netflix and others, use AI and ML to create customized user experiences.
The sky’s the limit when it comes to AI and ML. So, take advantage of this amazing technology.
Adapting to change is a requirement if you want to be a successful business owner. If you don’t know what new things your customers are demanding and expecting, they’ll stop giving you their dollars. Take a hold of these trends and the ones that come after to keep you on top of your game.
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