Small scale business undertakings are slowly but steadily gaining a strong hold over markets, riding on the forces of technologies, platforms, regulatory pushes, etc. 2017 is a good time for budding entrepreneurs and businessmen to start their own companies. Moreover, the constant advancements in technology and digital enablement of revolutionary marketing strategies have only widened the scope of small scale companies giving them the opportunity to expand.
The past decade has witnessed the proliferation of advanced technologies across geographies, markets, and businesses. This has brought small businesses on a level playing field with respect to the market incumbents. Today, business technology trends are transforming at a rapid pace, which means that entrepreneurs always have to keep an eye on the trends that are making the right news currently.
- 1 Small business trends that are driving this change for small businesses
- 2 The Bottom Line
Small business trends that are driving this change for small businesses
Small Businesses Leveraging Big Data
Big data is not something limited to large-scale enterprises; even start-ups can reap the benefits of the massive amounts of information collected and computed from both online and offline sources and tweak their strategies accordingly.
Small scale commercial holdings can access, analyze and monitor big data, reveal customer preferences, changing market trends and other patterns relating to human behavior.
This helps them in formulating smart marketing strategies, and take well-informed and insightful business decisions. Demand forecasting, production planning, pricing, product design, marketing and social media campaigns – your name, and there already are proven effective big data applications in the market for it.
Artificial Intelligence (AI) – The Next Big Thing?
Artificial Intelligence or AI is perhaps the most recent and most advanced of technologies that are driving positive outcomes for businesses of all sizes.
However, implementing AI is easier said than done, as many of its most potent applications are still maturing. Using chat bots or robotic replies for generic questions in the customer support is one example where artificial intelligence has enhanced the productivity of small scale e-stores.
These AI-powered bots are available 24*7 and spare you the trouble of hiring technicians and customer service reps for doing the job.
The Use of Advanced Ecommerce Solutions
With close to half the world population being active on the virtual platform, it is only natural that you would want to leverage the opportunity. However, simply creating a website doesn’t guarantee a large audience base and an increase in sales. You will have to adapt to the virtual platform and market your products and services accordingly.
E-commerce tools, sales automation widgets, and CRM extensions are an indispensable part of any web store. Magneto, Shopify, and BigCommerce are a few of the top companies offering top notch email marketing and social media tools for better expansion opportunities.
Automation, the Key to Success
Gone are the days when web developers would create complicated codes for executing the most basic of e-commerce functions. Today, you can get it all automatically done. Several SaaS (software as a service) based applications enable automation of hundreds of business processes. Automating the internal systems of the business not only saves time but is also a lot more economical to streamline the services.
Automating the internal systems of the business not only saves time but is also a lot more economical to streamline the services. Moreover, by automating the menial tasks you offer your employees a chance to focus their energies on creative projects. Right from your email marketing campaigns to your social media profile posts – everything can be automated.
The Perks of Cloud Computing
The cloud-based business applications have become a rage among entrepreneurs. No capital expenditure upfront, quick and scalable implementations and managed services are among the few benefits offered by cloud computing services. Cost efficient, time-saving and reliable, cloud-based applications can really boost the productivity and performance of your business.
For instance, Google Drive is the cloud-based email service that manages all your emails and accounts information in one place.
Moreover, the fact that cloud computing tools like DropBox can be accessed from any platform and device makes cloud-powered applications a hot favorite among budding entrepreneurs.
Smart Online Banking
In the age of e-banking and online money transfers, it is imperative that your business organization is compatible with the EVM security system. EVM or “Europay, Visa, and MasterCard” are among the three major payment transaction enablers that most of the customers use in E-banking.
Your business must live up to the state of the art digital security standards, i.e., start accepting debit and credit cards with microchips so as to enable better tracking and transaction security. With EVM enabled terminals, there is less chance of online fraud and data hacking.
The Bottom Line
Small businesses are equally competent and efficient when it comes to delivering top quality services. So, Note down these top trends in the market that any budding entrepreneur can greatly benefit from.
If you have something interesting going on in your mind then do let us know so that we can add it here. We would love to hear your feedback in the form of comments.