The process of managing a small business is constantly changing, and time never stands still. Using tried-and-true techniques that you are confident have produced results in the past may not be as effective in the future.
So, it makes sense to think about fresh concepts to satisfy your current clients, win over new ones, outperform the competition, and increase revenue for your company. Ten small company trends for 2023 are listed below for you to consider as you develop your growth strategy this year:
1. Original Way to Buy Goods
These days, retro fashion is huge, and layaway is back. Customers are choosing more frequently to “lay it away”—that is, to purchase an item now with a deposit, pay the balance in full later, and then pick it up.
Layaways were first used in the 1930s, when people were still struggling with the Great Depression, and they were still widely used in the 1980s.
Giving clients the choice to purchase now and pay later might be advantageous for small businesses. Younger generations and those with bad credit, for instance, are more prone to use layaway.
Giving your clients the opportunity to pay in installments may persuade them to make larger than normal purchases of your products or services.
2. Increasing Your Online Sales
Although e-commerce is not brand-new and is used frequently by big organizations, some small businesses haven’t been as quick to adapt. There are several causes behind this, including the possibility that small firms lack the funding necessary to set up an internet sales system.
Government data indicates that only 18% of small businesses planned to use e-commerce as online sales became more crucial, despite the fact that the pandemic prompted many smaller businesses to add e-commerce to their websites or turn to third-party marketplaces to complement how they currently do business.
E-commerce is growing more and more important as time goes on. Making e-commerce a priority could help you meet client demand for online shopping and boost company earnings.
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3. Giving your clients free shipping
Most online shoppers have grown accustomed to expecting a free shipping option. The final stage in getting things to clients is shipping. Yet, you shouldn’t let it consume all of your thoughts. Your shipping costs and guidelines need to be reviewed.
73% of consumers, according to Google Canada research, believe they will shop at retailers that provide free shipping. For small enterprises, “free shipping” isn’t actually free. Nonetheless, there are other free shipping options that can be effective for your business.
4. Giving customer service top priority
Raise your hand if you like to interact with chatbots and long, seemingly unending automated phone trees when you have a query for a business.
It’s a fact that when a customer has a complaint about a good or service or a query about your business, particularly if they are irate, they want to speak with a live person.
It is an additional strategy for differentiating your tiny company from the competition. Personalizing your customer encounters, whether in-person, over the phone, or online, may encourage repeat business.
5. Leveraging marketing with short videos
Short-form video is on the rise, and viewers are starting to value it on par with text messaging. As users spend more time watching videos on social media platforms like Facebook and Twitter, TikTok, Instagram Reels, and YouTube Shorts, they are giving video content a higher priority in their feeds.
Social media platforms are essential for connecting with and retaining your target audience. Social media has been enthusiastically adopted by Canadians, with an 89% network penetration rate as of 2022.
In 2023, 92% is the projected increase, according to Statista. Also, the percentage of Canadians who watched digital video in 2019 was 67%, and this year it is anticipated to rise to almost 70%.
Short-form films can boost customer confidence and aid in increasing sales. Examples include product tutorials and how-to instructions, behind-the-scenes looks at your company, and movies that address frequently asked concerns.
6. Taking Sustainability Seriously
Customers are looking for businesses that are committed to sustainability more and more. Deloitte finds that consumers of all ages are embracing more sustainable consumer behaviors, whether they are motivated by economic realities or environmental concerns.
For instance, elder customers who are enthusiastic supporters of renewable energy tend to place a high importance on eliminating single-use plastics. Younger customers favor supporting businesses that uphold moral principles and ideals in their goods and services.
Customers are cautious of businesses that “greenwash,” or assert that their goods and services are ecologically benign or biodegradable without providing any evidence to support such claims.
Instead, consider strategies to lessen the trash your business produces, adopt sustainable methods, and make a commitment to moral behavior. By doing this, you may increase your revenue and guarantee that you’re meeting customer demands.
7. Increasing Cybersecurity
Cybersecurity must be an afterthought as technology develops. The Insurance Bureau of Canada says that the average overall cost of a data breach to Canadian firms in 2022 is expected to be US$4.35 million, citing an IBM Security research.
The inclusion of cyber liability insurance to your policy can reduce monetary losses and reputational harm caused by data breaches and other cyber risks in addition to fortifying your company’s cybersecurity defenses.
8. With modern technology
Digital transformation will continue to be a significant trend for small firms in 2023. The tricky part is deciding which business solutions to deploy to assist you reach your objectives.
A profitability driver can include keeping up with new technology to reach more customers and employing data analytics tools to acquire insights into customer behavior and preferences.
To enhance internal operations and customer experiences, business owners should also think about implementing point-of-sale (POS), artificial intelligence (AI), and automation.
Conclusion
After several challenging years for small enterprises, 2023 may be a chance to revitalize your enterprise. Consider ideas to improve and expand your business that will attract new clients and encourage repeat business.
Above all, make sure you have the specialized business insurance coverage you require to safeguard your company and your finances. We can quickly assist you in achieving that objective.
SOURCE: Zensurance Blog