This article is sponsored by PECO, an Exelon Company.
Over the course of the last two years, small businesses around the country have had to recalibrate their practices and protocols due to the ongoing challenges brought on by the COVID-19 pandemic.
As business owners and managers continue to stay flexible adapting to the volatility associated with global shortages and inflation, there are few industry patterns to keep in mind in order to move forward successfully.
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While it's impossible to predict what lies ahead, here are some business trends likely to continue into the near future.
Online shopping will dominate
Businesses that sell products and services online will continue to see success. E-commerce became extremely popular throughout the pandemic and appears to show no sign of slowing down even as people return to in-person shopping. If your organization has yet to give customers an online option, now is a great time to begin building the digital infrastructure to set up an e-commerce portal to your website.
Cashless payments to become the norm
With less and less people carrying dollar bills, customers will continue to pay for goods and services with cashless options. In addition to credit and debit cards, other ways include using digital wallets and apps such as Apple Pay and Venmo. As technology continues to evolve and the rise of cryptocurrency, making sure your business is outfitted with multiple payment options is paramount for retaining customer satisfaction.
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Remote work will continue to be attractive
As many businesses were forced to go remote to stay viable the last two years, many have returned to having staff back to in-person employment. There may be incentives for still offering staff the option to work from home on a permanent or hybrid schedule. Not only could there be financial savings involved with not having a full staff in your place of work, but it can also be a way of attracting the top talent in your recruitment efforts. Many employees have grown to prefer the option and will seek out businesses that continue to offer it even if for only a day or two a week.
Video marketing key to promoting your brand
With the rise in e-commerce, marketing your business online has become one of the easiest ways to expand your customer base. Creating a video marketing plan to share clips on social media platforms will continue to become more and more necessary. If your business has yet to have a presence on social media, create accounts on platforms such as Facebook, Instagram, Pinterest, and TikTok. If you are not sure of what type of videos to create, check out what other businesses in your industry have made to get ideas. Lean into the strengths of your business and test out videos on the different platforms to see what your customers respond to most. Be true to your core values and have fun with it.
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