Every year enhancement and improvement has become part of every business journey irrespective of whether the revenue or income is on the higher side or the lower side. The hard work put in by an individual person or a company will not be able to gauge the business trend and predict the future economic status in an overall manner.
Traditional Trend setters for a Growing Business
- Demand for Data Privacy
A General Data Privacy Regulation led to a wide spread customer interest in regards to business with their data being protected but after a breach on student data being sold, a tightened law came into effect. As a business owner, it is best not to buy consumer data without the consent from the consumers as firstly due to regulations and second, all chances of the data being completely incorrect.
- Growth in Loans
Loans lent by non-banking sectors seem to the presently growing factor and it has shown an instinctive growth in the past year. Banking sectors deny almost 80% of applications submitted by SMEs thus leading them to lookout for financiers to capital their business. The financiers are not only accepted easily nowadays by small time business owners but they have also made the processing and paperwork to be much simpler than the banking sectors when applying for the loan. It is to be noted that peer-to-peer lending has grown massively since the year 2006.
Lending a Personalised Experience
Giving consumers a personalised experience is preferred by most of the brands nowadays. Personalisation such as rendering offers through coupons, contacting customers through their preferred channel, providing suggestions depending on their search and purchase pattern. Consumers seem to prefer more of SMS or promotions rendered to them through means of social media.
Significance of Subscriptions and CSR
- Consumers still prefer Subscriptions
Being a subscription holder is a very old practise but it still has a good hold and growth when it comes to industries such as food, clothing, beauty, lifestyle, etc by remaining popular. It is still believed that subscription based revenue growth is 5.5 times more as consumers tend to purchase more when compared to non-subscribed Members and companies that do not support this trend.
- Following Corporate Social Responsibility as a Company
CSR has been gaining popularity for years by becoming a necessity as far as every business is concerned. Approaches such as voluntary involvement from employees, seeking some socially responsible aids from suppliers, aiding grants to develop the surrounding, etc.
Making the above smart and innovative moves can help in investing in a smarter way and setting growing business inclinations that the time and money spent either by the company or its employers become worthwhile.