One thing’s for certain, things are pretty uncertain in the world: trade, interest rates, unemployment, stocks and markets. Not everything in business is volatile however, there are some solid trends that have been on the up in the business world and they don’t look like they’re going anywhere. Here are a few.
1. Consumers value their privacy
The European Union kicked it off with the General Data Privacy Regulation that came into effect in 2018, but the impact was felt everywhere, not least North America. The lesson is that consumers care about their data and their privacy – security breaches worry them. It might be something to bear in mind before purchasing third party lists or asking your customers for information.
2. Start-ups are going to other sources of lending
Getting a loan for a small business from the bank has a high enough fail-rate to put off even those with the savviest business plan but many are just looking elsewhere for their startup capital instead. Acceptance rates can be much higher through online platforms and peer-to-peer lending and the space in which these can grow is expanding.
Related Resource: Why Your Startup Needs An Office Space
3. Bespoke options are here to stay
Tailoring business solutions proved popular in 2018 and is looking like it will remain so in 2019 too. This includes coupons based on customers’ locations or communicating with your client base through their preferred method: email, phone, SMS or social media. Tailored solutions can also extend to recommendations based on their previous behavior, what they bought or enquired about.
4. People are going bananas for subscriptions If you’re looking for your next big idea or want an add-on service, then subscription services are the last big thing that will continue to grow, reportedly the industry is currently increasing by one percent per month. The subject of these are so diverse – books, beauty, food – there are so many different types of services to choose from or for you to promote or create through your business.
5. Corporate social responsibility
People are good and they want their companies that supply them with stuff to be good too. It’s an ever more conscious world where people are concerned about environmentally harmful products and forced labor. Those who do not prioritize social good over profits will struggle with their bottom line as corporate social responsibility has been on the rise for some time now.