2018 Business Trends Every Entrepreneur should Know

Already three months of 2018 have passed. With time expectations of customers are increasing, they want better and faster services at lower prices. You are expected to perform better and achieve more than your predecessors.

Here are some Business world trends you need to know positively to survive this 2018.

➔   Disruptive Technology Trends

Artificial Intelligence + Machine Learning + Augmented Intelligence + IOT

Artificial Intelligence (AI) and Machine Learning (ML) were already popular in 2017 and they are going to become mainstream in the coming future. Big tech companies like Google, Facebook, IBM, Microsoft are already strengthening their ‘AI first’ game.

Like AI friendly platform was launched by Amazon for the developers to work on various frameworks and services. Woebot was launched exclusively on Facebook Messenger, which is an artificial intelligence therapeutic chatbot.  And Microsoft is already using AI in most of the applications and devices running on Windows 10.

The demand for AI, ML, and other related tools are increasing a lot among customers as they help to automate all the tasks, help collect and organize information more efficiently.

The growth of true Artificial Intelligence is also being considered as a cause of loss of a job, which is why is IBM is trying to change the focus from Artificial Intelligence to Augmented Intelligence. Augmented Intelligence-driven technologies will not replace employees with robots, instead, it will help employees to improve performance and productivity.

It is being implemented in all kinds of business to enhance data analytics system. Now, this new implementation will open new job opportunities in various sectors along with increased productivity and higher profit levels.

Businesses are using the Internet of Things (IoT) to collect substantial data in real-time which is helping them to make better decisions. In future IoT is expected to help companies to manage and track inventory as well.

Implementing in good management software can help you catch up with the current trends in the market. Like easy to use EMERGE App is a complete and perfect package for every kind of business, especially for entrepreneurs, who need extra assistance at the beginning.

Let’s go Live!

We all know watching videos has a better impact on mind that reading. And that is the reason live video streaming content is gaining more popularity as it helps to build a real connection and engage your customers. In the era of smartphones, people want to see the events and performance happening live. Streaming live product launches, Q&A sessions are being considered the best way to leave an impact on your customers. All this will help you to build a good brand name.

➔   Financial trends

Blockchain Technology & Cashless Economy

Bitcoin bitcoin bitcoin! It’s all over the internet, big or small every kind of business is implementing it. Other than bitcoin there are many more cryptocurrencies that have gained popularity in the recent years.

Soon the Traditional brick-and-mortar banking is going to be replaced by Digital banking because of the ease of transactions and simple finance and record keeping systems. The only thing blockchain technology needs to work on is security issues.

It is estimated that by 2020, more than 56% of the customers will opt for mobile payments. Google Pay, Apple Pay, Samsung Pay are some of the most popular person to person (P2P) payment platforms. But the rise in mobile banking will increase the chances of cyber attacks.

➔   Customer trends

Experience over Quality

Everybody is selling almost the same kind of products, why should the customer choose you? ‘Experience economy’ is the new trend. Customers are willing to spend more money to get better and better experiences. A better experience is not just related to good customer service but much more.

According to a research, emotion drives attention. Customers want to feel an emotional connection with your business. Which is why businesses need a good story to sell their connection like marketing using a captivating advertisement.

But that doesn’t mean the quality of products doesn’t matter. High quality is not an expectation, it is a mandatory need. Good experience will work like a cherry on a cupcake.

➔   Employee Trends

Care for your employees as well

Keeping your employees happy is equally important as keeping your customers happy. Listen to the ideas of your employees, show compassion if they are facing problems, motivate them to do better. After all, if your employees are fully satisfied only then they will work hard to keep their customers fully satisfied.

Working Remotely

Letting your employees work remotely not only makes them happy but also saves some money and increase employee productivity. Full-time remote employees or allowing a certain number of remote days to employees, both are good options.

➔   Who will rule the market?

Millennials will shape the business world

Millennials are the first generation to depend on social media and we all are aware of how much social media has an impact on business. They will move the business towards digitalization, like encourage mobile marketing, social media marketing, digital currency, etc.

This millennial generation wants a sense of purpose, a story behind their business. They want their customers to connect with their brand, which in turn will help them build a faithful customer base.

Demand for Freelancers will increase

The freelance workforce is going to replace most of the traditional employees. Working with freelancers helps to adjust workforce according to the need of business. If your business is not doing very well then you can cut down some people without disappointing anyone. Also, the overhead expenses are also lesser.

Get ready for unknown challenges

Most people will not accept these trends and would keep on working according to their regular routine. Growth comes only when you embrace the changes in the world.  Focus on the current and the right trends. But don’t implement the trends right away, because every business has its own trend to follow. Take time to understand and prepare, that will help you achieve more with lesser efforts.