Sustainable business growth is something that requires an understanding of different factors that range from overhead expenses to market share. However, three interesting business trends should be kept in mind now that newer generations and more technology get involve in the market.
Business growth and development
The first business growth main characteristic is technology and web presence. The availability of the internet and internet-based technology has given small-business a higher level of autonomy.
Small business can directly control brand development, customer engagement, and even marketing in a more direct and targeted way. According to the IWS campaign, 97% of all customers conduct online research on products or services before making a purchase.
Furthermore, with the rise of mobile usage, businesses websites have also to be mobile friendly. LSA Insider reports that half of all small business sites are not mobile friendly, which is a terrible thing as most customers are dependent on internet research for their purchases.
If, by any chance, a young business cannot spare the time to create an online presence, then, there are companies, like 99 Dollar Social and Hootsuite that are willing to help to build the momentum needed to have relevance in this digital age.
All this online presence leads to the second hot business trend that helps growth, and that is e-commerce. Online commerce has driven consumer in mass. However, based on the US Bureau of Statistics, retail shopping has increased in the places like the United States. The main culprit behind this rise has been shipping cost.
Luckily, when presented with free shipping, 58% of consumers prefer to order online and take advantage of the comfort of receiving their orders at home or their workplace. Moreover, the same percentage of customers are willing to add extra items to their online carts if that guarantees online shipping.
This way, a great perk that has become quite trendy has been to add free shipping after a certain level of expenditure has been reached. It guarantees a higher standard of revenue in your pocket and an increase in your business growth. In case your business is running on a tight budget, companies like Shopify and Magento are willing to offer their services for relatively good prices.
The previous two points matter because of this last trend that has been affecting business growth, millennials. With the oldest members of this group in their mid-30’s, Millennials are now the driving force of the economy.
The US Chamber of Commerce recognizes the newly acquired purchasing power of the Millennials, along with their spending habits. If you want to grab their cash, your business will have to comply with the previous 2 points. Furthermore, your firm engagement will guarantee a steady stream of income.
Based on latest statistics 87% of millennials are willing to share insight on products through online surveys. This is done to guarantee that their favorite brands stick to their codes of morals, social responsibility, and transparency.
Considering these three hot trends will help any small business a steady growth, and secure revenue for years to come.