2020 was a disaster. Pandemic has hit businesses and markets pretty hard. Business trends and opportunities in 2021 are about technology, consumer preferences, and behavior.
New trends will help small businesses to grow sales, offer better customer service, and effective operation.
Here are some small business trends and top opportunities to look out for in 2021.
- Work from Home and Remote Work
Many people are now choosing to work from home. Companies and employees have realized the benefits of remote work during the lockdown.
So, in 2021, this trend is expected to become the norm for many new entrepreneurs and online workers.
Remote work gives companies more options like hiring remote workers to handle digital jobs. Also, having remote workers mean more savings on electricity, office overheads, and equipment maintenance.
Working 9-to-5, five days a week, will no longer be the norm.
Communication technologies will encourage workplace collaboration when everyone is working from a different place. Employee communication apps will make it easy to video conference, chat, send messages to the team, fill out online forms, etc.
- Freelance Work and Gigs
With the rising trend of remote work, the gig economy will grow. Many people are also choosing to do several freelance jobs. Gig work is becoming more and more popular because people like flexibility and prefer to be their boss.
Gig work is very popular with new entrepreneurs. Many people who start working as freelancers, after some time, decide to create their consultancy or professional services business.
With the gig economy, small businesses will no more need to hire permanent employees. Gig work allows companies to hire someone temporarily who can work remotely instead of working at the office.
Gig jobs have many benefits to businesses, including paying lower compensation packages, no need to pay employee benefits, and less equipment maintenance.
With the popularity of online shopping increasing, global e-commerce is estimated to grow exponentially in the next years. So, new entrepreneurs and start-ups should know and use this trend.
These days more retailers are moving from brick-and-mortar stores to online stores and e-commerce portals. (Pandemic and Lockdown Effect).
e-Commerce businesses can generate more sales and increase profits, reaching a new target audience worldwide.
- Mobile Devices and Online Shopping
With the new mobile technology and the internet, mobile businesses (Mobile Commerce) are booming pretty fast! Many people are using their phones all day. Also, many consumers are choosing to access online shops through their mobile devices.
Reports show that by 2021, mobile commerce will get 54% of the total e-commerce sales.
- 5G Technology and Networks
These days businesses need better, faster, and smarter technology. In 2021, 5G networks will be all over the world and will open new avenues and opportunities for businesses and entrepreneurs.
5G offers higher bandwidth, lower latency, and high download speeds. So 5G makes interactions on the internet more instantaneous, allowing businesses to communicate and get things done much faster.
- Social Media Marketing
Many businesses are now using social media to engage with their existing and potential buyers and promote their products or services. With social media marketing, they generate more web traffic, more sales, and more revenue.
Many businesses are investing in social media marketing because they can reach more customers and generate more profits.
Social media are attracting many people, and people like to buy things. So, buying and selling on social media (social commerce) is increasing.
- Online Content and Marketing
Many young entrepreneurs like gamers, comedians, musicians, artists, and educators are creating online niche content. They use social networks to create and monetize content and create media outfits for their followers.
There are many sites and platforms to share, promote, media, and content. (gamers have Twitch, musicians have Spotify, and everybody else has YouTube).
Media and content seem to be a good fit for young entrepreneurs.
The great tip for their business success is making relatable, engaging, and shareable content for target audiences.
The new trends and opportunities are about technology development and use. So technology will play a significant role in small businesses’ and entrepreneurs’ success in the future.