4 Small Business Trends that Could Help Generate $55 Billion in Revenue

Small businesses are the backbone of the global economy, with over 30 million small businesses existing in the USA alone. They contribute to job creation, innovation, and economic growth. However, small businesses are often faced with the challenge of keeping up with the ever-changing business landscape. That’s why it’s essential to pay attention to emerging trends and adopt new strategies that can help generate revenue. Here are four small business trends that could help generate $55 billion in revenue.

1. Social Commerce

Social media platforms have become an integral part of our lives, with billions of people using them daily. That’s why businesses cannot afford to ignore social media when seeking to generate revenue. One of the emerging trends is social commerce, which involves selling products directly on social media platforms. Customers no longer need to leave their social media platforms to purchase products, making the buying process seamless.

According to eMarketer, social commerce is projected to reach $36.09 billion by 2021, up from $19.42 billion in 2019. Small businesses can leverage this trend by creating a social media strategy that focuses on social commerce. This could include optimizing their social media profiles for online sales, creating shoppable posts or stories, and working with influencers to promote their products.

2. Remote Workforce

The COVID-19 pandemic has accelerated the adoption of remote work, and it’s here to stay. Many businesses have realized that having a remote workforce can lead to reduced costs, increased productivity, and expanded talent pools. According to a report by Upwork, 41.8% of hiring managers expect to continue using remote work even after the pandemic.

Small businesses can leverage this trend by creating remote work policies that allow them to attract top talent from anywhere globally. They can also save on overhead costs by reducing the need for office space and utilities. Additionally, many cloud-based tools and software have made remote work more accessible than ever before.

3. Personalization

Personalization is another trend that small businesses can leverage to generate revenue. Customers expect a personalized experience when interacting with businesses, whether it’s through marketing messages or customer support. According to a report by Epsilon, personalized emails generated 29% higher open rates and 41% higher click-through rates than non-personalized emails.

Small businesses can leverage personalization by creating targeted advertising campaigns, personalized email marketing, and personalized product recommendations. They can use customer data to develop a better understanding of their customers’ needs and preferences, allowing them to tailor their products and services to meet those needs.

4. Sustainability

Customers today place a high value on sustainability, and small businesses can leverage this trend to generate revenue. According to Nielsen, 73% of consumers will pay more for sustainable products. Sustainability encompasses many aspects, including environmental sustainability, social sustainability, and economic sustainability.

Small businesses can adopt sustainable practices such as using eco-friendly packaging, supporting ethical sourcing, and engaging in fair trade practices. They can also leverage sustainability as a selling point, highlighting their sustainable practices and the benefits they provide.

Key Takeaways

Small businesses face many challenges when seeking to generate revenue. However, by adopting emerging trends and innovation, they can leverage these challenges and increase their revenue. Here are the four emerging trends that small businesses can leverage to generate $55 billion in revenue, social commerce, remote workforce, personalization, and sustainability. By adopting these trends, small businesses can attract new customers, retain existing customers, and increase their revenue.