This list represents innovative industry growth trends and moves that leading companies around the world are making to drive success.
Some of them are in the fledgling phase, while others have already taken root. Here are the current top business trends that are sure to bring your business to the next level.
What are Industry Trends?
Industry trends are patterns that occur within a specific industry. These trends may relate to cost, price, consumer purchasing, marketing, sales platforms etc.
Growth trends refer to where industries and their subsectors are moving towards.
Analysis of industry trends can be very valuable to manufacturers, retailers and entrepreneurs. It allows them to plan and restructure their organizations, processes and systems to give them an advantage in the market.
Consumer Trends – Focus On Personalized Experiences
Gone are the days of the standard black coloured Ford car or the homogeneous box TV in every home. AI and data-driven personalisation is a big trend right now and it’s is here to stay.
Consumers prefer to work with brands that offer personalized experiences.
Popular varieties of personalisation are coupons based on the customer’s locations, communications on the customer’s preferred channel, and recommendations based on past purchases or service history.
Businesses that offer personalised experiences and offers that are specific to their customers are going to thrive .
Another important type of personalisation is a “channel of choice” communication strategy.
Consumers are turning away from live conversations in favor of services that don’t require talking, such as SMS and social media.
Automated channels are also growing in popularity, with 49 percent using chatbots or automated assistants at least once per week. This is one of the upcoming industry trends.
While seemingly contradictory initially, customers tend to prefer personalized or impersonal channels depending on where they are along their sales process.
Consumers are open to any channel, as long as the service is effective at their present stage.
Alternative Lending Continues to Rise
Non-bank lending is another industry growth trends that has been growing for years and the pace at which it is growing has been increasing.
Given that around 70% of small business loan applications are rejected, startup founders are increasingly looking to nontraditional financiers for capital.
One of the fastest-growing varieties of alternative finance schemes is peer-to-peer lending.
With avenues like Kickstarter, up-and-coming startups shouldn’t have to struggle to find financing options.
Conversations with angel investors and investment funds are also increasingly common place for new business owners who are looking at scaling.
Business Trends Online – Subscription Services Continue to Skyrocket
We would assume that subscriptions would be obsolete now that consumers are constantly bombarded with information.
Although subscription growth has slowed from earlier years, the industry is still growing by an impressive 1 percent per month.
Food, beauty, apparel, and lifestyle subscription boxes remain the most popular.
Brands have had to learn to adapt.
Customers who receive relevant information that meets their needs place 3 times as many orders than do customers of non-subscription companies.
Appropriate content to the right traffic converts. It is no wonder that companies that focus on nurturing their list and customer base see business revenue growth 5 times quicker than companies that do not.
Technological Trends – Helping Customers Buy Convenience
The trend of convenience is an age old industry growth trends, if you will.
It’s a good idea for businesses because people want more services to make life easier.
Hence, businesses that are going mobile in order to make it more convenient for them will greatly benefit. For example, beauty services and champagne are being provided and delivered directly to customers’ homes.
Even specialized businesses like legal and accounting firms are collaborating with complementary partners to provide convenience to clients.
Community Interaction via Peer Groups
Peer groups have been gaining increased popularity and traction.
In this increasingly technology driven age, many entrepreneurs find that they are detached from human interaction and struggle to find meaning and connection with their communities.
There is a need for more “truly human interaction,” and peer groups are the place to find that connection.
We find more entrepreneurs clubs, both casual and formal setups, being formed.
SME incubators are bringing startups together.
They feed off each other’s energy and ideas.
Occasionally, they might “hunt in packs” and service the different needs of the same client.
Industry Growth Trends Summary
Genuine relationships trump technology.
Technology is pervasive and runs our lives more than ever, but it is relationships that drive business and commerce.
Good businesses will find more ways to connect in person; to build trust and strengthen connections.
Make sure you offer several ways to talk to customers and get to know them.
Algorithms will tell you about a customer but transactions are driven by relationships.
Use automated data to develop relationships. Use cold impersonal technology to understand and better develop a warm human touch.
The impact of these long-term trends will continue to shape markets and industries.
Observe and plan for how these industry growth trends may impact how you grow your profitable business.