2019 Business Trends You Need to Know About
Sure, businesses are always evolving, but with new workplace and consumer trends going in and out of style every few months, it’s hard to know what practices your business should adopt to stay relevant. Meeting employee and customer expectations is essential to take your business to the next level, so here are some of the most important trends you can expect to continue on in 2019:
2019 Business Trends You Need to Know About
- Remote Work is on the Rise
- The Customer Data Gold Mine Grows Larger
- Modern Consumers Demand Convenience
- Subscription Services Continue to Grow
- Businesses are Employing New Hiring Techniques to Nab Top Talent
Remote Work is on the Rise
As laptops, smartphones, and tablets make it easier to collaborate with coworkers from afar, more businesses are either preparing to hire remote workers or giving their current employees opportunities for remote work. Throughout 2019, expect to see more companies adopt an in-office and remote hybrid structure that gives workers more flexibility about how and where they work.
What will this look like? Stanford University professor Nicholas Bloom says some businesses are offering “remote days” as an incentive for hard workers or even as an alternative to taking the entire day off. This gives employees a chance to work from home if something comes up in their personal lives (like if their kids are off school and they can’t find a sitter).
Bloom conducted a study concerning how remote work affected businesses and employees. It turns out remote workers are a financial boon. Not only did the company in question save money by paying less for water, electricity, and other supplies that would have been used, but the employees were actually more productive and took less time off than they typically would. It looks like phasing in a remote work plan could be a win-win scenario!
The Customer Data Gold Mine Grows Larger
Data-driven marketing is becoming more and more feasible for smaller businesses. You don’t need a big-business budget to start advanced marketing campaigns anymore. The rise of marketing platforms like Facebook video ads and Google Remarketing are just a couple of examples of the growing tool set available on any budget that boast impressive analytics tools.
This is made possible by the growing amount of customer data available, which lets businesses tailor their websites, content, promotions, and services directly to their target audience. For instance, if you find out that college-educated women between the ages of 25 and 35 make up most of your customers, then you can further tailor your brand to them. You can even use demographic and interest data to guide the production of new services or products to make sure they’re hits.
Modern Consumers Demand Convenience
It’s clear that modern consumers are a picky bunch. Now that high-speed, seamless services abound in just about every industry imaginable, it’s getting harder for businesses to stay up-to-date. Over the past year, even big businesses that stuck to traditional methods fell behind startups that were more forward-thinking.
This goes to show how much the modern consumer has changed and how their new preferences continue to shape the market. One of the most pronounced trends is the domination of mobile shopping. Ibotta’s Mobile Commerce Report anticipates that mobile shopping will soon eclipse shopping done on desktop computers. This move affects retail more than any industry, and many companies have been creating mobile shopping environments that are as convenient as possible to leverage the new trend.
One key feature is personalization. If you’ve ever used Amazon, you’ve probably seen this in action. Maybe you made a search for suede shoes last week, and now you’re seeing similar recommendations everywhere. Bridging customer data and modern consumers’ demand for hassle-free shopping, and personalized storefronts are finding more sophisticated ways to tailor their offers to shoppers’ taste. Retailers who can offer these types of services will probably steal the show in 2019.
Subscription Services Continue to Grow
The subscription service model has become incredibly popular, and it’s only expected to grow in 2019. This versatile pricing platform has been successfully applied to the food, beauty, health, entertainment, and retail industry by companies like Dollar Shave Club, Grove, and Stitch Fix. The entertainment industry is also going strong with streaming services like Netflix, YouTube Premium, Spotify, and Amazon Prime Video, in addition to subscription games like Hunt a Killer.
Small to medium-sized businesses can definitely take advantage of the growing popularity of subscription services. Beyond giving these businesses the ability to sell their products in new ways, subscription payment plans provide a new level of financial stability through long-term monthly payments.
Businesses are Employing New Hiring Techniques to Nab Top Talent
As the economy continues to grow and the labor market shrinks in 2019, it will be harder to attract top talent. Much like in 2018, businesses will have to continue to find new ways to set themselves apart if they want to attract in-demand workers, like providing competitive health and wellness benefits, a modern work environment, and options for remote work.
Many companies are also prioritizing talent pools. These are constantly updated lists of great job candidates who have expressed an interest in working for a company. In a nutshell, they save companies time and money by letting them skip lengthy candidate search processes. This type of proactive recruiting will likely continue into 2019.
Business Trends for 2019 FAQ
How can you keep your business relevant?
Trends will come and go, and if you aren’t taking advantage of them, then you might lose some business. Keeping an open mind about the evolution of your products or services can go a long way. That might mean trying out a subscription payment method, creating a new product to leverage a consumer trend, or moving over to a more heavily data-driven marketing strategy to boost conversions. Regardless, there are countless opportunities for small and medium-sized business to succeed if they’re comfortable with some experimentation.
What business trends should you adopt in 2019?
Depending on how applicable some of these trends are to your business, adopting a few of these new strategies could have a significant impact on employee satisfaction, productivity, and even revenue. Though staying apace of new developments in the business world can be difficult, it’s important to keep tabs on those that directly impact your business, such as new standards for digital storefronts, popular payment models, or updated work practices and environments that attract top-talent. Acting on these trends will keep your business where it belongs: right at the cutting-edge.
Want to start a trend in your company? Try Team Building Kits to improve your team!