Technology has been one of the essential elements that makes a business more effective and successful. It changes continuously, adapting to advancements and innovations in order to constantly improve. In business, the primary driving force is to be able to accommodate the needs and demands of society.
Here are eight business trends that you need to watch out for and will continue to grow this year:
1. Technological innovations to improve logistics.
Previously, managing a business entails a lot of processes. Tasks like product inventory, dispatching, delivery, and shipping are handled separately. The consolidation of files and data are done whenever reports need to be generated.
Technology has made logistics more manageable, allowing for the production of real-time updates and reports. Automation of inventory and adapting systems like POS Systems, and delivery and tracking systems, enable the business run more efficiently and effectively.
2. Digital technology in handling data and transactions.
In a workplace, you might encounter management policies aiming to digitize and store everything in a database. Although it’s not new, the trend will still gear towards the digitization of almost anything—data, transactions, and record management.
The trend will continue to shift to electronic files, reducing paperwork. Moreover, files and data will be condensed to databases that can be accessible by users within the network. The main difference in this trend compared to the previous years is the increased ability to store massive amounts of data in enormous storage capacities. Database storage will be similar to that of a smartphone, but it will be more significant compared to the previous ones.
Use of social media as a business platform.
Gone are the days when you need an actual market for you to be able to introduce and sell your product. Business has completely shifted online due to the rise of social media, and marketing strategies are more focused on using these platforms to generate more potential clients and customers.
Social media sites such as Facebook and Instagram have integrated an additional feature that lets business owners put up a virtual shop directly in their accounts. This year, the trend will continue to revolve around those features. Previously, a business owner will use social media as an avenue to advertise their products and services, with a separate website or client-customer communication platform that handles the transaction. Nowadays, you can shop through social media accounts and pay using online payment systems.
4. Face and fingerprint recognition for business transactions.
Whether you’re making a purchase for a product or making bank transactions, it’s imperative to keep your money and accounts secure. That’s why financial institutions like banks and online payment systems make it a point to provide its users accessibility while simultaneously practicing stringency for the protection of their clients’ valued assets.
To make the transaction more secure, especially when dealing with smartphone applications, integrated features on smartphones such as face recognition and touch ID are now adopted by web and app developers when performing logins and transactions. In 2019, more innovations involving these security features will be prominent in the world of business, especially in e-commerce.
5. Use of artificial intelligence (AI) for higher productivity.
The threat of technology and modernization is often associated with the idea of robots taking over the human workforce. However, you have to keep in mind that the human brain is a very complex organ and not even technology will be able to compete with the complexity of this network.
To achieve growth in a business, the increasing demand for products should always be fulfilled, which is why AI is implemented to make production more efficient, with the primary objective of generating a product in greater quantities within a short period.
6. Generating profits through subscriptions.
The rise of mobile apps and their services, whether they cater to fitness, health or leisure, will continue to soar this 2019. It’s a very promising strategy to increase profits. Let’s say you’re into fitness and you’re thinking of creating an app that offers daily workouts, and also updates new exercises each month or adds new features from time to time. For potential consumers, the appeal of this type of app lies in the fact that it costs much less than going to the gym and availing the actual services of a fitness instructor.
You have to be innovative in terms of what you’ll be offering. Business trends are also more focused on making people’s lifestyles a lot easier.
7. Vast knowledge expansion through online learning.
Another business trend that will continue to grow this 2019 is online learning. With the advent of technology, any internet user can easily and quickly access information. Moreover, they can even acquire certifications and diplomas in almost every field they are passionate about. It’s a great business trend, especially for those in the academe since it’s straightforward to do, and you earn from every student who wishes to enroll in your course.
Academic websites like Udemy and Coursera, along with online instructors, are soaring high in terms of profits. Their services are a lot cheaper and even faster compared to attending traditional universities and schools, where students need to complete years of study before obtaining a certificate.
8. Improvement in customer management relations (CRM).
Previously, customer service provided by businesses is very slow and weak in terms of quality. If you have concerns regarding your product, you might have experienced reaching out to them and receiving an automatic reply that they will get back to you in three to five working days. Thanks to technology, you don’t have to wait that long to receive a response from the customer service team regarding your concerns.
Therefore, another business trend to watch out for this 2019 is the improvement in CRM. Most businesses nowadays have multiple channels where their clients or customers can reach out to them, and customer service is continuously being improved to create a faster response. Real-time client-customer feedback can also generate reports that will enable the business to improve their strategies and system performance.
Business trends in 2019 are always geared towards improvement, which can be achieved by implementing the available technology and adapting to innovations. Businesses are expected to make more growth in major aspects in terms of production, security, and even customer relations. New approaches aiming to generate more profits, such as mobile app development and subscriptions, will also continue to make waves this year.