This article explores four upcoming business trends that business owner need to leverage to give their business a competitive advantage in the new year and enable them to get high returns. No matter what kind of business you do – polygraphy, selling cheap essays, or running a cafe – you should read this to find tips you can implement.
The year 2020 has been a challenging one for small businesses throughout the USA and the world. Notwithstanding the COVID-19 pandemic, the owners of small businesses have been adapting, pivoting, and resilient in managing business models so that they can navigate the changing business environment. As the New Year approaches, new tools and opportunities will help small business owners confront the challenges and use the new tools to better their business environment. In this article, we explore business trends that we believe will dominate the year 2021, together with guidelines that will help you position your business to withstand the shocks and register phenomenal growth.
- Businesses will prioritize and accelerate the adoption of e-commerce. Whereas the growth of e-commerce has been on the upward trend before the coronavirus pandemic, IBM’s research shows that there is a change from digital stores to physical stores for the last five years in a row. The research project that e-commerce will grow by at least 20% in the year 2020. To get ready for this change, owners of small businesses need to prepare for the business presence in digital form in the year 2021.
- The proliferation of alternative payment options: Alternative payment options should trend in the year 2021 and beyond, thanks to digital shopping platforms’ uptake. National retail federation commissioned a study that showed that no-touch payments platforms such as mobile payments or contactless debit and credit cards by retailers have grown by 69%. The retailers, who have adopted the contactless payments option, expect 94% growth in the next 18 months. Towards the end of 2020 and the start of 2021, explore touchless payment platforms for your small business.
- Persistence of remote work: On the onset of the COVID-19 pandemic, the smallest business changed to full-time or part-time remote work plans in response to local orders. Intermedia’s survey showed that 57% of medium-sized and small business owners are of the idea of offering remote work post-COVID-19 pandemic. Based on the kind of business, business owners need to consider providing remote work options to compete for gifted workers in the year 2021and beyond. It calls for substantial investment in new technologies and software solutions to ensure that employees can telework. GGV Capital conducted a survey that showed that 54% of small businesses invested in software solutions in 2020, more than in 2019.
- Businesses offering remote services will be in high demand. US chamber of commerce predicts a sharp increase in the demand for businesses that deal with virtual health & fitness and technology such as telemedicine, home improvement, gaming, food delivery, at-home fitness, and cybersecurity. Those who anticipate starting a new business or looking for strategies to expand or pivot their business should consider those business categories for encouragement.
For those who want to seek more information on trendy business ideas for their small business for the year 2021, consider joining a local SBA resource for specialist advice.