How Today’s Business Trends Could Impact Your Business

Staying competitive in an evolving market takes a lot of hard work. Despite continual efforts to keep a business up and running, sustaining long-term success requires a keen understanding of current business trends and the influence they can have over a company. Even then, most companies need to translate that understanding into actionable steps within their own business strategy. 

There are industry-specific trends, which only affect companies within a certain industry, and then there are larger business trends that influence the economy as a whole. We’ll be looking at the latter, diving into how the extreme advancement of in certain areas of technology has lent a hand to some of today’s top business trends.

 Smartphone apps have changed the retail industry, especially the shopping experience.

Thanks to smartphone apps, long gone are the days of waiting in cashier lines to purchase groceries or goods. 

While Amazon used its widely popular online shopping experience to create the first Amazon Go store back in 2016, the shopping giant just opened its 12th checkout-free store and has inspired even more retails to jump on the cashier-less bandwagon. In March 2019, 7-Eleven even opened its own checkout-free store using scan-and-go technology that allows shoppers to simply grab the items they want and get charged for the purchase on their phone.

 Now, most business will not go to this extreme, but it is a great example of the future of retail – and how companies will need to incorporate mobile purchasing abilities to its business model. Our phones are our wallets, and today’s customers are accustomed to using their smartphone to shop and make purchases directly through a store’s mobile app.

Virtual reality is being used for more than just video games.

The virtual reality (VR) industry is growing at an accelerated rate, which the market projected to reach 19 billion U.S. dollars by 2020. This means hardware and software vendors are working furiously to bring new VR products to the marketplace.

Real estate marketing is benefitting from virtual walk-throughs, giving potential buyers an inside feel without having to set foot on the property. Construction companies are also using VR to help clients envision a remodel or addition. VR can impact every field of business, enabling companies to use VR to sell their product or service, whether that’s through a digital showroom, interactions with sales associates, virtually try out a product, data visualization.

AdvisoryCloud member and CEO of BlueFire Marketing Curtis Johnson explains,

“Companies today are using virtual technology tools to help them make it easier and more cost-effective to market and sell their products, as well as train their engineers or salesforce on key product components and selling points. Replacing or supplementing live meetings with virtual or augmented sessions can create new opportunities for products, services and agencies around the world. Imagine if a shopper can simply point his or her phone at a car tire or bottle of shampoo and learn more about this product. Or, if a machine operator in the production line can get new software updates in live time while on the job with his iPhone or Android device.”

 Social media has entered the Influencer Marketing Era.

Social media usage is now the third most popular online activity, and it has drastically changed the way consumers view products and the way companies market to their audiences. In the midst of an influencer era, companies are turning to influencers to get their product in front of a larger target – particularly when selling ‘lifestyle’ products. Users of all ages have taken to social media, so creating a presence that understands youth culture as well as caterers to a range of ages has become increasingly important.  

Social media is also making it harder for companies to hide during hard times. In lieu of call centers, customers are now taking their reviews to a company’s social media accounts for the world to see. Good reviews can give companies a nice (and free) PR boost, but bad reviews can be damaging. 

Unfortunately, many companies feel like they don’t understand social media enough to incorporate it into their business strategy. But investing in this can be extremely valuable for building a strong marketing program as well as warding off a negative online reputation.

AdvisoryCloud member and Co-Founder of Sensei Marketing Danny Brown explains,

“The ability to create extremely targeted campaigns, combined with platforms that measure which networks and content create the most return on investment, has made social media a key part of every smart business owner's toolset. This ability to measure business results is easily transferrable to measuring influence results - the difference is in what, and who, you measure.”

Artificial intelligence and automation are infiltrating every area of business.  

For years, everyone has feared that robots will one day take over our jobs – and at times it may seem like that time is coming soon. Over the last four years, Google has acquired 12 artificial intelligence (AI) companies, and the AI market is booming as the world’s tech giants continue to buy AI startups.

However, AI and automation are being used to simplify business processes and make operations easier – not replace the human workforce. So, while companies are investing heavily in AI and automation technologies, they are also making investments in teaching their existing workforces to fit within this new technological age.

Acknowledging that advances in technology are remaking jobs in nearly every industry, Amazon recently announced its plan to spend $700 million in retaining roughly a third of its American workers to do more high-tech tasks. In the end, workers will need to adapt or risk being left behind. 

AdvisoryCloud member and founder of The Weinheimer Group Timothy Weinheimer perfectly spells out how AI and the human workforce can work simultaneously.

 “Visual branding plays an important role in attracting the right audience, and AI can help develop “smart” logos, websites, color palettes, and other graphic design for businesses. AI also assists the graphic designer by performing menial tasks and providing useful tips and tools. For example, AI can manage resizing, cropping, and correcting images while the designer focuses on the creative.” 

For some companies, these trends might be top of mind right now. For others, this may seem a tad futuristic. The truth is these trends will have an effect on every business at some point, regardless of whether a company decides to adapt to these changes or ignore them and remain in the stone ages. Taking a business to the next level requires significant strategizing – so plan ahead and incorporate these trends into your business strategy to keep you on track for the future.

When the time is right to do this, consider getting outside help from experts who are ahead of the curve in technology trends. One way to do this is to use advisors that specialize in specific areas of expertise that could help direct and change the future of your business. You’d be surprised at the talent pool that is accessible to advise you on these topics. One way to reach advisors quickly and easily is through AdvisoryCloud. For more information about AdvisoryCloud, and our network of advisors, visit www.advisorycloud.com.