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10 Small Business Trends in 2022

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10 Small Business Trends in 2022

This year, including 2021 as well, has been a rollercoaster not only for individuals across the world but also for the economy.

That being said, businesses worldwide have been affected in different ways, enabling them to make changes resulting in trends for this year.

The overall consensus is that global shifts have forced businesses to adapt and hopefully overcome.

Issues that have appeared this year include wars, economic conflicts, health pandemics, crippling global warming side effects, social conflicts, and the list goes on.

Below you will find the trends we’ve been seeing regarding companies adapting to present-day hardships.

Not all is lost though, since some trends have come from positive growth rather than negative events, such as the popularity of the internet taking rise globally, shifting work trends towards a more online-based approach which we will be mentioning below.

eCommerce is on the rise

It is no secret that online shopping has been on the rise since the mid-2000s and it didn’t even slow down one bit, finally recently hitting 120% growth globally since 2014.

During the 2020 global pandemic, eCommerce saw a growth of around twenty percent in its popularity, resulting in a massive spike in economists’ graphs.

The potential of eCommerce is unlimited, as is the internet itself. Shifting your company online is the safest decision to make in today’s economic climate.

Even something as simple as a social media presence for your company can not only further validate it for consumers but also create a seemingly more personal connection with them, similar to how customer reviews work.

Social media use

As mentioned above, social media is a core element to maintaining a successful business today by marketing through these platforms.

Both social media and eCommerce live in perfect symbiosis with each other, boosting one another when used correctly.

Social media makes the consumer experience more personal and also allows for companies to express themselves more thoroughly regarding products, company morals, upcoming events or campaigns, and so on

. Statistically, social media marketing increased by 77% during the last five years.

With new social platforms being made constantly, it is also up to companies to be able to adapt to these internal changes within this industry as well.

Data is worth more than gold

When people talk about the age of technology, what they fail to mention is just how valuable data is now. When we say data, it isn’t just consumer data but rather big data that we’re talking about.

Big data tells businesses about recent trends and allows professionals to predict upcoming ones based on past ones. The simplest example of this is yearly Christmas trends worldwide.

Sustainability

With global warming showing its fangs prematurely thanks to our infrastructures not halting it well enough over the past few decades, companies are now rushing to make lasting changes to try and reverse the damage.

The environmental costs of running a business will only continue to rise if nothing is done against it, which means all operations must adapt now.

Resilience is the biggest factor for companies to take into account when transitioning to more sustainable practices and it is up to them to adapt as fast as possible.

Authenticity

Younger generations have grown up to become consumers like the rest of us, with one key difference some businesses have yet to consider:

they seek a more personal connection with companies. Authenticity is something companies so far haven’t needed to incorporate into their business models, with neatly-packaged standards being the norm until now.

Brands showing caring for issues and understanding consumers, as well as employee experiences, make them more attractive to present-day consumers.

This friendliness can easily be passed on through social media, thus the skyrocketing numbers regarding its trends. Having a purpose is also something a brand should be showing to consumers.

Employee treatment

Consumers and potential employees alike want to see companies pursuing sustainable business practices.

This means companies need to treat their employees better, so saying no to narcissistic bosses, and adapting to shifts in work trends.

Younger people are entering the workforce and are adamant about changing the traditional ways of employment for the better.

These trends predict full-time employment to disappear entirely and that flexibility in work times and places to become more popular, especially after the pandemic.

Innovative methods of funding for businesses

Recent trends also show new sources of funding coming to business. These sources count as investors and donors as well as special purpose acquisition companies.

With the rise of cryptocurrencies and alternative decentralized platforms for value exchange, financial services such as these offer great benefits for businesses to pursue peer-to-peer networking.

Entrepreneurship

Opening private businesses, big or small, has also been on the rise since people have come to realize it is an achievable feat and a sustainable one for themselves.

After tons of people were fired due to the pandemic, they chose to venture out into capitalism and into private business ownership, a feat that wasn’t so popular decades ago, nor as hard.

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