Staying ahead of the curve is imperative in any industry. Businesses need to be adaptable to an ever-changing marketplace, workforce and consumer demand. From the rise of the 24-hour economy to the entrepreneurial boom, business is changing and new trends are emerging, so what does the future have in store for us?
Meet the SMEs (Subject Matter Experts)
With a trend towards specialisation and customised client experiences, now a business must have the expertise to deliver exactly what a client is after and guide them through their purchase. Knowledge sells. Consumers have enough information at their fingertips to do their own research, so crave in-depth, educated analysis of products, strategies, or services in order to make their decision. Simply telling them ‘your company knows best’ doesn’t cut it anymore.
Make it personal
Consumers want an experience geared towards their requirements; technology and algorithms are making it easier to provide this. Asking clients the right questions then offering the right product, custom-picked for their needs, offers a positive experience. With SMEs in-house and technology advancing, now is the time to connect with clients using real people and innovate using the best possible technology.
Millennials are the bosses now
Millennials have grown up and are taking on leadership roles. With Gen X moving into the C-Suite as the Baby Boomers retire, the once-bemoaned Millennials are making the move up the company ladder. From making organisational decisions to starting their own ventures, Millennials are used to having technology integrated into every part of their lives, which brings innovation and creativity to the workplace. Add to this the gig-based marketplace, whereby freelancers are readily available on a per-project basis, businesses can find the best people at the most convenient time.
E-commerce keeps evolving
Businesses are moving online, and so are financial transactions. It’s never been easier to pay for something without getting your wallet out. Crowdfunding, advertising, investing; it’s all done with a few clicks or swipes. It’s now even simpler to target audiences online, to lure clients from social platforms onto your website, have them buy your products and add an extra item to meet complimentary shipping quotas.
Innovative income streams
Crowdfunding is no longer a novel idea for startups. It’s a legitimate way to acquire funds for new products and to propel new ideas. Crowdfunding gives your client and consumer insight into your product and service at the early stages of development.
The sharing economy also encourages ongoing small payments, instead of bigger one-off purchases. People are choosing to share cars rather than own them, stream services rather than buy DVDs, and so on. This changes revenue streams to be slow and steady.
Want to increase your skills and understanding of what’s happening in business’ changing face of commerce, locally and globally? RMIT’s Master of Commerce online program will bring expert lecturers with up-to-date knowledge to your computer or mobile device, and you can study when it suits you. Speak to one of our expert Student Enrolment Advisors today on 1300 701 171 to learn more.