As the world continues to navigate through the current pandemic, small businesses are still emerging, thriving, and changing the way we conduct commerce. In 2021, there are several new rising small business trends that entrepreneurs should take note of and embrace to remain competitive in their respective industries.
1. Increased Online Presence
With brick and mortar businesses suffering from lockdowns and limited capacity, small businesses must pivot towards digital platforms to stay relevant. In 2021, it has become increasingly important for small businesses to establish a strong online presence, including an updated website, active social media pages, and a functional e-commerce platform.
Incorporating search engine optimization techniques and social media marketing can significantly improve a small business’s reach and impact. Some examples of small businesses that have leveraged online presence include:
– Goodfair, an online thrift store that donates a proportion of its profits to environmental causes.
– The Sill, a plant and gardening company that uses social media to showcase its products’ beauty.
– Lola’s Cupcakes, which offers an online store with nationwide delivery options to boost sales during the pandemic.
2. Virtual Events and Services
Given the limitations of in-person gatherings in 2021, small businesses have had to reimagine how they offer services and engage with customers. Virtual events and services have become the new norm for businesses across different industries.
Event planners and venues have had to utilize platforms such as Zoom and Microsoft Teams to host virtual events, while gyms and fitness studios have had to pivot towards virtual classes. Virtual public relations services have also emerged to cater to small businesses’ needs, such as virtual media pitching and press release writing.
3. Innovative Payment Methods
Innovative payment methods have been around for some time, but it has become increasingly important for small businesses to incorporate these methods to stay competitive. Besides traditional payment options such as cash and card payments, businesses can now integrate mobile payment options like Apple Pay and Google Wallet. Cryptocurrency is another payment option that businesses are beginning to adopt.
Small businesses that have embraced innovative payment methods include:
– Square, which provides sellers with a point-of-sale device to accept card payments and mobile payment options.
– BitPay, which allows small businesses to incorporate cryptocurrency payments into their model.
– Paypal, which gives customers an easy and secure way of making payments online.
4. Sustainable Practices
Sustainability has become a central theme across different industries and is especially crucial for small businesses that are often heavily impacted by environmental issues. Small businesses can incorporate sustainable practices by utilizing green energy, implementing eco-friendly packaging, and incorporating green practices in their supply chain.
Examples of small businesses that have achieved sustainability include:
– The Wood Reserve, which uses reclaimed wood to manufacture unique furniture.
– Sustain Natural, which offers ethically made and sustainably sourced period products.
– Naked Wines, a sustainable wine-growing company that focuses on reducing its carbon footprint.
5. Personalization and Localization
Personalization and localization refer to the practice of tailoring specific products or services to meet individual customers’ needs and preferences. This practice helps businesses prioritize customer satisfaction and loyalty by focusing on the customer’s specific needs.
Small businesses can adopt this practice in different ways, such as creating customized products or services, offering personalized customer service, and incorporating customer feedback to enhance the customer’s overall buying experience. Some examples of small businesses that have successfully embraced personalization and localization include:
– Stitch Fix, an online styling service that offers customized fashion options based on personal preferences.
– In-N-Out Burger, a fast-food chain that offers personalized burger orders based on different preferences.
– Warby Parker, an online glasses company that offers personalized experiences such as virtual try-ons and personalized recommendations.
Conclusion
As small businesses continue to navigate the challenges of 2021, these five trends offer a starting point towards resilience, adaptability, and success. By embracing new trends and incorporating them into their operations, small businesses can improve their online presence, enhance sustainability, and prioritize customer satisfaction. The current times may be unprecedented, but small businesses’ potential for growth and success still remains bright.
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