In 2019, everyone is still trying to figure out the best action plan that will make their business successful. Be it a startup or a veteran company seeking to acquire more space in the industry, the objective is the same for all – keep the customers happy so that you can survive in the market for a longer period. On that note, let’s take a look at some of the business trends that are expected to flourish in 2019.
1. Technology and cybersecurity
The Internet of Things is the next big thing that this decade is going to experience. It will empower the computing industry to a great extent and there will be a focus on the massive streams of data gathered from customers themselves. In fact, the combination of technology and cybersecurity is going to be crucial for numerous businesses because the security of the data shared by the customers proves crucial in making important decisions. Collecting insights allow companies to address the unique requirements of their target audience. Moreover, with the Internet of Things taking control of the majority of the computing, operational costs will also come down. This will allow companies to increase their profit margins in 2019 and in the years to come.
2. Customer service and sales
Prioritizing personalized service and fast delivery will be the trend in businesses in 2019. 2017 was the year when this idea was sown, in 2018 it developed, and in 2019, it is expected to flourish for good. Customer service has always been one of the priorities of every business, be it online or offline. It can be a banking institution or getting a car fixed or something as simple as ordering lunch, customer service will have an impact on the sales of the companies. Business owners have to understand that customers have a wide variety of options these days and if they are not happy with the customer service of one company, it will not take time to move on to its competitor. So, customer service is another aspect that is going to gain importance in 2019.
3. Personalized marketing
Advertising and marketing have become more personalized than ever. Gone are the days when people easily got convinced to get a credit card when someone from the bank called. Everything is more user-specific these days. That is why there is an increase in the number of companies that provide customized products and services. The recent trend in the UK shows that 95% of the customers who buy products or services online refer to the customer reviews before purchasing. This shows that even though there is a medium to promote the products, it is the user experience that matters more than anything else. In fact, 90% of the customers do not buy the brand of product they are interested in if they find negative reviews or comments. It also proves that in addition to personalized marketing, the influence of old customers to new target customers is another area that companies should think about.
4. Non-bank lending
It takes little time for online business ideas to become a new business sensation. What may be lacking is the required startup capital. According to recent stats in the UK, as much as 80% of the loan applications for small businesses get rejected every year. However, 2018 was a turnaround year for this trend. The growth of numerous non-bank lenders has helped hundreds of startups to reach out to millions of customers. It is believed that this business trend is going to be one of the most popular in 2019. There will be many more businesses starting up, most of which will be online but it will open the gates for so many aspiring business enthusiasts to start something on their own.
5. Public policies
Again, if you consider the fact that the consumer is the king, you will have to work on the public policies. This is another business trend that will change remarkably in 2019 because every company will be looking to provide customized products and services to their customers. In addition to the public policies of the companies, the policies that are set by the government will also affect various company decisions. One of the most important parts of public policies will be data privacy regulations. As mentioned earlier, sharing the data of the customers is a strict no-no but what the customer wants to share should be entirely on their hands. It will be a year to observe how the businesses operate by using as little customer information as possible yet reach out to them in the way the customers want.
2019 will be a revelation for many businesses, especially those who have already taken the necessary steps toward adopting these trends.