5 Changing Trends in Business Industry
Business industry and markets are changing over the time. So, the business will need to change itself over the time. It can help an existing business or a startup. Business owners who keep up themselves with changing trends can make business more profitable or beat competitors to market with exciting new products. Business owners may learn how to cut costs through automation and outsourcing by changing business trends. Here we are sharing 5 top most changing trends in business industry:
- Artificial Intelligence Transform Business
AI (Artificial Intelligence) is not a new concept or not dehumanizing interactions. Artificial intelligence develops and becomes more commonplace in our daily lives. Many big companies implement AI to perform repeatable, redundant tasks, better understand their customers, generate new leads and provide enhanced customer experience, not to avoid human interaction, but to enrich it. Artificial Intelligence is becoming the standard for many practical consumer experiences.
- Impact of Live Streaming Video Content to Gain Momentum
Nowadays customers demand real connections, with real people. Customers are no longer satisfied with impersonal, generic marketing. Live Streaming Video introducing real people, in real time. It is the most effective way to engage with the audience. It has the supremacy to connect with consumers in a personal and loyal manner. Live video has the ability to take the business to the next level. It is stated that 80 percent of users watch a live stream from a brand than read a blog. Companies who plan for live streaming video will dominate their business industry.
- Serve Your Community Not Just Buyers
Today’s Customers have become more sophisticated and savvy consumers who do their research. They don’t buy anything just for the sake of it. They take anything only after scouring their websites, reading online reviews, brainstorming and visit their social networks. If a customer satisfied with your services and treated well, he will bring many more customers by free mouth publicity which will be in favor of the company. If the customer not treated well, it will go against you as negative mouth publicity spread more rapidly than the positive one.
Leading companies know customer’s expectations business communities have to evolve with the changing trends in business industry. Companies who want success, need to seek areas where the customer is having any question and should be ready to work on it as soon as possible. So in order to serve the buyers, they need to serve the community also.
- Communities Embrace Live Interactions over Social Media
People think the use of smartphones and social media decreases the in-person interactions but the fact is social media can actually make in-person interactions more valuable. When consumers are already connected in the virtual world, they feel as you know the other person since very long so the in-person relationships build rapidly. Leading companies realize that building great communities produce long-term brand loyalty. In-person and live interactions drive strong communities. Just like live video engages better than recorded video.
- Millennials will rule the market
According to survey millennials (people born from the mid-1990s to the early 2000s) are expected to have the most spending power of any generation. Millennials are not children anymore. Millennials are increasingly taking leadership roles in organizations. Smart companies and leading brands are working quickly to understand this next generation as an employee as well as the consumer. Because they look at the world differently and are very active consumers. The size of the millennial market will grow and start to dominate.