By Lisa Maxwell on February 20, 2019
Can you believe that we are now into our second month of 2019? By this point you have your plan of action, but you may be curious if you are in tune with the trends. I always like to see if I am with trends and a benefit of being with the trends are the resources available to you. Being business consultants, it is imperative that we stay abreast of new technologies trending in the business worlds and we go a step further and narrow these trends by industry.
Here are 4 business trends that you should keep an eye on:
- Payment Options
In today’s business environment, it is extremely important to provide options for payment to your customer. Credit card payments are the main choice these days, where cash was once king. We now even hear of some businesses who don’t accept cash. What a major shift! The rise of Apple Pay, Google Pay, and Samsung Pay with mobile devices are on the rise with more and more retailers accepting them. And soon we will be able to wave a card at a terminal to process your transactions. You need to have a reliable and competitive processor who can take your payments via typed, swiped, scanned, or chip. We also have to consider the non-traditional method of payment and incorporating these such as Bitcoin and other cryptocurrencies.
- Artificial Intelligence (AI)
If you want to streamline your business operation, Artificial Intelligence (AI) is something you may want to consider. Artificial Intelligence (AI) will help improve customer service within any organization. With automating routines, you will be able to make quicker decisions and better insight. Predictive forecasting, smart assistants, voice recognition and chatbots are helping in boosting sales and achieving higher ROIs.
Personalization has become more prevalent in today’s arena. Keeping track and utilizing customer preferences and data will help with increasing sales and boost customer service. It is critical to have software in place that gathers these details. By providing personalized experiences a prospect will be more likely to do business with you. I know first-hand that when I am provided with a personalized shopping experience I tend to reorder from that company. Personalization is going to be a major player in 2019.
- Data and Analytics
Data is so important and it is only going to get more valuable in 2019. With data mining and through analysis, you can know who’s your most profitable clients are, what’s trending, who’s paying on time and more. Having a dashboard in place will help get you a visual within your ERP (Business Software System). Also, having the tools to get you easy access to creating the reports needs to extract the data makes life that much easier.
These are some of the hottest business trends out there. You may want to see what you can apply to your organization with ease at first and then jump into implementing the more difficult ones. Plan and take action!