6 Small Business Trends You Should Be Aware of in 2022
Starting and growing a business are two entirely different things, these 6 small business trends will help launch and grow yours.
Many people envision launching their own companies, but launching a new small business is just the first step. Around 5.4 million applications were filed for new businesses in the year 2021. As an entrepreneur, you need to pay attention to what makes a business successful. We’re going to cover 6 small business trends that will help you succeed.
Why? Because the the number of new small businesses launched is only going to rise exponentially in 2022. Having knowledge of the recent trends in the world of small businesses, whether it’s an eCommerce store or a brick-and-mortar shop helps you stay ahead of the competition. It empowers you to better manage your risks and possibilities.
Hence we are bringing forward the latest small business trends that will help you understand what’s new and what you should expect whether you already have a business or want to start one this year. These trends will help you comprehend what drives small businesses, how they operate, how they affect the economy.
Here are the top 6 small business trends that will rule 2022.
Top Small Business Trends to Know for 2022:
1. Shift Towards eCommerce
The COVID-19 pandemic has increased numerous types of uncertainty, but one pattern has emerged: digital use has accelerated dramatically. In most nations, the number of unique internet shoppers has increased.
For brick-and-mortar businesses, growing eCommerce sales through optimization is no longer an option, but a requirement. On the consumer side, the COVID-19 issue resulted in a structural change in demand toward digital commerce, which is expected to continue in the coming years.
2. Mobile Marketing
As we’ve seen with the transition from online to mobile traffic, the trend is now evolving to app traffic from mobile web; mobile marketing is here to stay. It’s becoming evident that mobile marketing results in the exponential growth of any small business. In fact, it’s outperforming all other forms of marketing in terms of impressions, reach, and results.
Small businesses can leverage data they never had access to previously. For example, track the places and brick-and-mortar sites a user has been to and which apps they have downloaded in the past, by targeting their phones.
Brands have spent $288.1 billion on mobile advertising. Data is making highly tailored ads more potent than ever before, thanks to the growth of AI and proximity marketing.
3. Customer-first approach
The customer experience is said to be the top priority for 72% of firms. A Customer-First strategy is one in which a company anticipates a customer’s needs and seeks to exceed their expectations at every touchpoint.
This contributes to raising the revenue standard and cultivating a culture of client loyalty. In addition, building a better customer service strategy assures that the services go above and beyond the nominal customer expectations, even exceeding them. The more customer-centric you are, the better your chances of developing pleasant interactions, increasing the brand’s value, and reducing churn rates.
4. Data privacy and security
Data privacy and security are some of the most discussed topics by businesses right now. There are new privacy laws that all companies, small or big, have to comply with. By 2023, 65% of the world’s population will have their personal data protected by modern privacy standards.
Small businesses have to adhere to such policies and keep their company data, be it employee’s or customer’s, extremely safe. A few ways to tackle this include using software for secure digital signatures, storing financial and personal information with encryption and so forth.
Today’s firms must include sustainability in their operations. Sustainable strategies prove to be beneficial for the business while simultaneously helping to create a greener future. An escalating climate problem, lightning-fast progress in cleantech, rising demand from various stakeholders, and more have all contributed to a rise in corporate sustainability.
Companies with high ESG (environmental, social, and governance) ratings beat the market in both medium and long-term earnings, according to a study. Young Millennials and Gen Z-ers who are just starting out in the workforce are speaking out. Alongside, these generations are also becoming conscious consumers.
6. Hiring remote/freelance talent
As businesses recover from the epidemic, hybrid teams, which are made up of part-time employees and part-time freelancers, are swiftly gaining traction. 2022 is truly going to be the golden age of hiring freelancers and remote workers.
To gain access to talent and save money, small businesses have been recruiting remote staff. There are numerous advantages to hiring remote workers. Regardless of your company’s location, you’ll have access to the top talent. Office and overhead expenditures can be reduced by up to 30%. If you hire remote staff in a less expensive city or country, you can save 20 to 50 % on pay.
Small and medium-sized firms have shown tremendous tenacity and the ability to adjust as needed amid extreme situations. Emerging small business trends that are likely to continue should be considered by businesses attempting to recover from the epidemic.
Small business owners may be able to outsource many of the tasks that need important time and resources, such as HR administration, payroll, and regulatory compliance support, to meet this necessity. With this kind of guidance, your company may be able to break out from survival mode and refocus on a bright, healthy, and profitable future.