The Pandemic has dramatically changed every aspect of society, including business. What are emerging business trends following COVID-19?
Throughout history, pandemics have had a profound impact on economies and societies. The current Pandemic resulting from COVID-19, from which we are emerging, is certainly no exception. What are emerging business trends following COVID-19?
In addition to economic pressures and restrictions associated with the Pandemic, businesses are under enormous pressure to meet consumer needs and adapt to emerging technologies. Those businesses that don’t respond accordingly may be at risk.
What are emerging business trends following COVID-19 that can help you meet these problems and succeed in the coming years?
The Growth Of E-Commerce
E-commerce, unlike many other industries, expanded in 2020. Small businesses of all types must broaden their horizons and look for ways to profit from this increasing trend. Consider what you can sell online to enhance or even replace your in-store offers, even if you don’t generally sell physical products.
Sell things that are relevant to your industry and that your clients will enjoy. You can also sell e-books, white papers, and reports that include helpful information. Consider affiliate marketing chances if you don’t want to produce or stock material things. Affiliate marketing allows you to earn a portion of sales on other people’s products.
Because you have access to a far more extensive consumer base, having a robust online presence protects you from lockdowns and ups and downs in the local economy.
More Hybrid Online-Offline Shopping Options
Aside from e-commerce, where the entire selling process takes place online, hybrid shopping models are becoming increasingly popular. A classic example is a customer who places an order online at Walmart or Target and then picks it up at the store’s curbside. There is no reason why smaller firms can’t benefit from this strategy.
When in-house dining was forbidden in many areas, restaurants adapted by offering deliveries and pickups. Uber Eats and Grubhub, for example, are two online apps that facilitate this. Other types of companies can get inventive and provide similar services. Even when conventional shopping is permitted, many consumers choose to order their things online or over the phone and have them available for collection.
Such hybrid orders can be handled manually by tiny enterprises. When a consumer places an order online or over the phone, you set up a convenient pickup time for them. However, if you want to scale this approach, consider automation. Your employees need to provide an excellent customer experience while also learning to use the technology. If you choose to offer such a service, make sure it is mentioned on your checkout page. Additionally, promote the service on your website, social media pages, and in your physical location.
An increasing focus on customer retention
Customer retention is another essential aspect in uncertain times. Signing clients up for ongoing products and services is one method to do this. There are several ways to implement this, including:
- Rewards and loyalty programs
- Websites that provide services and digital items to members
- Offer your product or service on a subscription basis. Consumers can buy cosmetics, food, and razor blades on a subscription basis.
Another way to increase your customer retention is to provide excellent value with the product or service, exceeding their expectations. By doing so, they will think of your business when the need for your product or service arises.
Businesses will diversify their product lines and enter new markets.
Expanding your services is one strategy to enhance sales and attract more clients in a competitive climate. One way to do this is through e-commerce, which we’ve already mentioned. You might also consider expanding your brick-and-mortar store to reach new markets.
A coffee business, for example, could expand its menu to include baked goods, sandwiches, and wraps. A personal trainer could provide nutritional counseling and portion control. Landscapers can offer landscape lighting and mulching services.
Versatile Employee Policies
Shutdowns and limited hours of operation had a devastating impact on small businesses in 2020 and their employees. These occurrences coincided with longer-term trends, such as more businesses giving flextime and recruiting independent contractors and part-time employees rather than full-time employees. When your business is under pressure, it can be challenging to build strong ties with your employees. Here are a few things to remember.
- Communicate clearly and as early as possible about changes in working conditions, such as hours.
- Allow staff to work flexible hours. People are juggling more jobs and obligations than ever before.
- If possible, consider allowing your employees to work from home.
In the future, expect the unexpected.
Nobody knows how the year will play out. However, the events of the past 18 months have shown us to be prepared for anything. As a result, be prepared for everything. The best way is to be adaptable, ready to change course at a moment’s notice when events seem to be changing very quickly. If anything, what the events have taught this past year is that you have to reconsider your assumptions when you can’t anticipate the future and be willing to consider new options.
Having an understanding of the emerging business trends following COVID-19, you may require capital to fund your plans. If so, we can help with equipment financing, merchant cash advances, and more. Contact us or call us at (800) 795-3919 today.
