In the past decade, small businesses have adapted to changes in technology and shifts in customer preferences, and the next few years will bring even more new opportunities for them to grow. Therefore, it is important for entrepreneurs to understand how their businesses can evolve.
In 2022, the way that businesses interact with clients and customers will completely revolutionize, and businesses will have to adapt to these digital shifts in order to continue thriving. Furthermore, with AI assistants providing more support to small business owners, they will be able to focus on running the business instead of administrative tasks like copywriting or marketing. It is essential, then, that small businesses owners prioritize building their online presence on resourceful platforms such as Editor X.
And besides innovative website building, small businesses should also be attentive to other emerging business trends. Let’s look at 5 small business trends we should expect in 2022:
Trend 1: Connected Devices and Wearables
The wearable industry is growing and so is the normalization of wearables in our daily lives. It makes sense to start thinking of wearables as a serious marketing channel. A watch or smart bracelet could be a great extension of your brand, and can be much more than a messaging device.
Here’s how you can use them:
Trend 2: Artificial Intelligence
Artificial Intelligence (AI) is a concept that sparks imagination and wonder. AI is a term used to describe systems that perform tasks that normally require human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages.
Businesses are starting to make the shift towards artificial intelligence because it can automate certain manual processes, which frees up employees’ time to focus on more important jobs. In fact, one study found that AI can reduce the cost of doing business by 25%.
For example, instead of hiring employees to manually check thousands of daily emails for keywords and phrases, AI would do the work! The best part of all this is that it’s not limited to the big players. Small businesses can use AI to their advantage as well.
Trend 3: Big Data Analytics
Big data has been a buzzword for a while now, and the easiest way to think about it is that it consists of huge amounts of data. In fact, the term “big data” was first used in 1986, when trying to describe the enormous amount of unstructured data that was being collected at the time. Data analytics allows you to do three things: analyze your data in real time, gain insight into what drives your customers to purchase and develop a deeper understanding of your business. This has resulted in a huge increase in demand for data analytics.
Big Data Analytics is the process of collecting data from a variety of sources, analyzing it and extracting useful information to help make decisions. Big data analytics is being used more and more across a range of industries, including healthcare, financial services, retail and manufacturing. This is because the volume of data that businesses generate is growing exponentially and it’s very hard to keep track of this information manually.
Small businesses have been using big data analytics for years, largely as a means of gaining a competitive advantage over their larger counterparts. By analyzing existing data sets and choosing the most effective course of action, small businesses can use big data to outperform their larger competitors.
Trend 4: Internet of Things (IoT)
The Internet of Things (IoT) is a new technological revolution that will change the way people live, work, and play in the near future. It refers to everyday objects embedded with electronics, software, sensors, and network connectivity that enable these objects to send and receive data. It is expected that IoT will have its biggest impact on consumer life over the next few years.
The number of connected devices is growing exponentially as more companies are jumping on board the IoT bandwagon, particularly for marketing purposes. The main driver for this trend is the cost of production and technology which has become cheaper and easier than ever before.
According to a report by McKinsey and Company, the Internet of Things (IoT) is slated to be an industry worth more than $11 trillion by 2025, and IoT is set to be one of the biggest growth industries of the decade. Businesses from every industry are being impacted by this revolutionary technology. With new connected devices and sensors being created, IoT brings a huge potential for small businesses.
Trend 5: Collaborative Platforms and Business Models
Collaborative Platforms and Business Models is an emerging trend that essentially provides the tools to facilitate collaboration between businesses. Collaborative platforms are a good way for business owners to increase efficiency, make better use of resources, and still expand into new markets. Many small business owners are already using collaborative platforms to find other companies that can provide services or products in exchange for a small fee.
There are a lot of trends in business that will continue to remain important and relevant as we move towards 2022. Companies need to focus on making their products or services more concise so they can be easily consumed and understood by the customers they’re trying to reach.