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Small-business owners are always looking for an edge that will set their company apart or improve their chances of success. In general, smaller companies are flexible enough to adopt new strategies when necessary. The trends they focus on must be both cost-effective and show quick and tangible results since these businesses are also on a tight budget. Easy-to-implement strategies are always a plus.
There are many ways that small businesses serve as testing grounds for industry trends, and they often develop strategies that can benefit businesses of every size. Leadership teams across industries should be aware of the following trends.
Note: It is also crucial for small businesses to have a reliable and steady internet connection so that the marketing and technical trends can be followed without any delay. You can choose Spectrum Internet or some other big name that is great yet affordable in terms of deals and plans.
1. Augmented Reality (AR)
As Augmented Reality is primarily focused on product visualization, it will shape small businesses in several major ways, including entertainment, safety and rescue operations, shopping experiences, and urban exploration. The technology will make it possible for small businesses to showcase their virtual products in real time.
Every business owner will be watching this technological trend since product display is one of the main focuses when it comes to marketing. Pokemon Go is an example of how AR works. Pokemon Go can only get better as technology advances, just as Oculus Rift Glasses and Snapchat glasses do.
2. Payment flexibility
The desire for flexibility in how consumers pay for goods is greater than ever. According to the Synchrony Major Purchase Study 2021, more than one-third of shoppers are seeking alternative financing options now versus two years ago.
A simplified checkout experience and flexible payment options are what consumers expect. Offering customers more ways to pay is key to helping partners grow their customer bases and increase average order values (AOVs).
A Synchrony Market Insights research paper published in December 2021 found that more than a fifth of consumers would be interested in “Buy Now Pay Later (BNPL)” options. Synchrony SetPay meets this need for more options perfectly. In addition, the Buy Now Pay Later option is not one size fits all. The SetPay ‘pay in four’ option lets you buy what you want today and pay it off over a six-week period. As well as offering short-term payment options, SetPay also offers long-term payment options.
3. Virtual Reality
Those who know the power of virtual reality know that the next five years are going to be huge. By using VR to engage customers, small businesses can improve customer relations. The use of story-driven experiences will be a great way to educate and entertain customers. Additionally, brands and audiences will develop new relationships. Since the audience will become active participants in the process, instead of passive observers, the process will be more engaging.
Teleconferencing will also be a significant application of AR. Through virtual conferences, small businesses will be able to connect with their audiences much easier in the future. E-commerce and the education market will also undergo changes.
4. Cybersecurity
Cybersecurity is another concern that affects all businesses, especially those with a large customer base. The average small and medium business doesn’t reopen after a disaster strikes one in four times. Small businesses lose an average of $3000 per day if they close their doors, and 84 percent lack disaster insurance.
If all small businesses in Florida could access a solution like MozyPro, how different would the state be? A simple push of a button would have backed up all their data during the recent hurricane. Many entrepreneurs neglect securing their data when they are so busy with other pressing matters. Well, that clearly should not be the case. Security is crucial in today’s world.
Wrapping Up
While flexibility and adaptability are key to remaining successful in a dynamic environment, small business and startup owners can take several measures to prepare for and smooth out the inevitable waves.
We hope the trends mentioned above can help your small business stay ahead of the game. You can also share your recommendations and suggestions in the comments. We would love to learn from you. Also, drop down questions and queries you might have. Best of luck!
Article Submitted By Community Writer
