List of 3 Small Business Trends to Watch in 2018 – These 3 Small Business Trends to Watch in 2018 will give you an insight on how to stay on top of things. In the age of a highly competitive global free market, nothing is more important to independently operated businesses than survival. Small to medium business owners must constantly try to differentiate their brand from similar businesses in order to attract customers. While there is a wide range of growth resources and business tools, some are more effective than others.
Business owners must constantly adjust to changes – be it in terms of technology or in business approach. Now that we are on the first trimester of 2018, it is time to update our business approaches. Before we rush to stay relatable, we must first understand the evolving industry and its progress. To help you get started, we have compiled a list of 3 Small Business Trends to Watch in 2018.
The integration of Blockchain
Despite the fact that the blockchain technology has been introduced to the public since its introduction years ago. Only recently did the technology really take off and like a ripple across the pond, it change the game completely. The initial interest might be the attractive prospect of earning lucrative profits through cryptocurrency exchanges. But as the day went by, both the digital assets and technology have now been implemented to a lot of different fields and networks.
Moving to the direction of Generation Z
Referring to the generation born since the mid 1990s, Generation Z is characterized by their tendency to disrupt conventional financial markets. With their own unique preferences and tastes, they take up the segment by a storm. It has since grown quickly in power and influence. Generation Z is predicted to take up as much as 40-percent of online customers by 2020.
Businesses must realize and recognize the shift in customer segment. To benefit from the aforementioned segment shift, businesses must first understand the characteristic of Generation Z. One of the biggest hurdles faced by businesses is their inability to adjust their traditional market values to accommodate Gen Z.
The shift is not restricted to the customer segment. Compared to the Millennial generation, people of Generation Z possess not only a unique customer characteristic, but also their interest in entrepreneurialism. As much as 72-percent of Gen Z would like to start businesses. Not only that, almost all of them are digitally prepared and about 60-percent of them are more experience focused.
The age of experience economy
Last but not least is the latest trend in what we refer to as ‘experience economy’ where convenience is preferred. Online shopping is not a new phenomenon, but is this year be the year where it fully replaces traditional retail? Sales over the past few years have shown a spike in numbers where customers prefer the comfort and convenience over online shopping.
Running businesses in this particular economy age does not have to be difficult, find a way to incorporate experience. As an example Google has created digital home experiences to give customers the ability to experience the latest gadgets and convince them to buy it. Do you find these 3 Small Business Trends to Watch in 2018?