COVID-19 started a year back as a health threat, however, over time it has taken the shape of something much bigger that is impacting every aspect of our life. Tragically, small businesses and start-ups have been hit the hardest. The business owners were struggling before the pandemic due to limited resources, small groups of employees, and limited funds, however, the unleashed chaos and uncertainty has made them the major victims bearing the brunt of the pain.
This has set the tone to adapt rapidly to changing technology - making a virtual transition, inculcating efficient working models, short time shifts into remote landscapes while paying major stress into understanding consumer behavior. With everything available in digital mode, it is inevitable to mark your business presence online and streamline a strong strategy.
Catering to the unpredictability of the situation to develop a forward-looking vision while simultaneously building the skills to accommodate circumstances that may arise with time. So, without delay let’s take a close look at small business trends 2021 that might give you a kickstart.
Increased support for small - scale, local business
Embracing the new normal, consumers have made a transition into supporting small and local businesses in huge numbers. To improve the deteriorated economic state of countries, customers have shifted their buying preferences and priorities. To rip the benefits of this small business idea owners must immediately resort to local marketing, appealing campaigns, and rewriting the cause and vision behind their business.
The unprecedented mushrooming Of E-Commerce
Surprisingly unlike other industries that had a major downfall, e-commerce grew in 2020. Diverse small businesses today should leverage the benefits of this enormous scenario. You as an owner can grow your list of products and services, majorly those that serve the needs of the time. Unlike in-store sales, lockdown doesn’t affect your business once you establish a strong online presence and gather a huge, loyal customer base.
Artificial Intelligence has become mainstream
Today AI has become more practical than ever. With multiple players offering services, it is a feasible small business idea to incorporate AI into their setup at affordable prices. This can facilitate a smooth transition towards all-around automation that boosts robot-human interaction and project management. AI incorporation can allow small businesses to deliver a personalized customer experience based on their previous buying journey and foster intelligent customer service without a break, unlike their human counterparts.
More focus on retaining customers
The subscription model is one of the greatest small business trends to a safer side despite fluctuations in the market. This can be facilitated by signing customers for ongoing products and services every month instead of them having to pay a lump-sum amount and also gives consumers a chance to opt-out anytime if they face inconvenience. In today’s time rather than making a ‘sale’ building long-term relationships that can bear fruit and bring in predictable revenue. Hence, plan growth initiatives accordingly to make profits.
Regardless of how bad the situation has been in 2020, it is important to maintain a positive outlook. We at XERPA extend our helping hands to brainstorm long-term planning that can revive your business. Check out www.xerpa.cloud/features to know more.