The online business terrain is very competitive and intense. That is why it takes a lot of dedication and hard work to achieve corporate success. Entrepreneurs need to keep themselves updated with business trends. This will let them take advantage of different opportunities as they arrive.
There is something every entrepreneur can learn from successful online businesses. These businesses either set the trend or adapt themselves to it. Following the footsteps of such businesses is a great way to assure success.
Without further ado, let’s have a look at the seven online business trends that you can’t afford to avoid.
1. Artificial Intelligence
Artificial intelligence is a force to be reckoned with. After all, AI enables technology to function intelligently. Some of the best corporations of the world have already shown deep interest in the potential AI holds. For instance, take Google which made a massive investment of £400m to acquire an AI-based firm known as DeepMind.
A practical application of AI that can be seen growing in the online industry is the chatbot technology. An example of this includes how Domino’s delegated the ability to take orders to a chatbot. With the aid of AI, chatbots will be able to respond in a human-like manner. This clearly shows that the cutting-edge technology created by AI can be both entertaining and useful.
Companies that plan to achieve corporate success need to be high on their AI game.
2. Augmented Reality
Augmented reality is the amazing technology that Snapchat runs on. Through it, digital information can be integrated with a user’s environment in real-time. Due to the great potential of this technology, researchers have developed it to become more effective. Big makeup brands like L’Oreal have also identified the potential that this technology holds. Through AR technology consumers can be enabled to have a virtual experience of their products.
It is a matter of time before more firms take an interest in AR. This is because AR can revolutionize the field of marketing. Enhancing the consumer experience is important. Usually, consumers are concerned about how the product will actually look like once it gets delivered. Through this technology, they can get a digital preview of how it will look on their phones.
Online businesses should take AR technology seriously.
3. Utilizing Blockchain
The world is rapidly adopting blockchain technology. Not only is blockchain immensely popular but it is also innovative. After all, the great potential of this technology cannot be overlooked. When it comes to cryptocurrencies, blockchain allows the safe and instant transfer of funds. Before cryptocurrencies existed, sending funds across borders was both costly and time-consuming.
Bitcoin technology can be utilized across different industries. Firms have already realized how they can use this technology to their benefit. Small businesses can also consider innovative blockchain-based solutions to solve their problems and grow successful. Since this technology is highly secure and resistant to change, it will prove beneficial for online businesses.
To be successful your online business needs to be wise and utilize blockchain.
4. Emphasis on enhancing the customer experience
With the greater amount of competition between online businesses, consumers have emerged as the winners. Therefore, businesses that want to retain customer loyalty need to enhance the entire customer experience. This could be a reason why personalized marketing is growing so popular. The utilization of AI in marketing has given businesses the ability to significantly improve communication with their customers.
While there are many amazing online businesses on the block, some of them are exceptional at what they do. For instance, take We Buy Cars Today which is a genuine online car buying service. This business made the entire experience of selling a car easier for the customer. Their success can be attributed to the superior customer service they offer.
Online businesses need to enhance the customer experience if they want to remain competitive.
5. High-quality content marketing
Online businesses know the importance of content marketing. If the corporate blog is optimized for the search engine, the site will get more online traffic. Changes in the Google algorithm have given businesses an incentive to produce high-quality content. Therefore, businesses will be producing great content on their corporate blogs so that they can rank on search engines.
Any business that wants to effectively utilize content marketing will have to produce great content too. E-commerce sites that want to attract customers should especially pay attention to SEO. Since Google algorithms prefer high-quality content, businesses will have to produce and market it.
High-quality content marketing is here to stay.
6. Reliance on influencer marketing
Exposure is very important, and online businesses realize this. That is why online businesses are using different marketing channels to reach their customers. Influencer marketing is one strategy that marketers consider significant. In fact, businesses have reported that they plan to increase their influencer marketing budget by about 40% in 2018. This shows how the reliance on influencer marketing will continue to grow in 2019 as well.
Social media influencers with a significant following are usually willing to promote good and services. Businesses that make use of influencer marketing find great success. A business that avoids influencer marketing might find itself lacking sufficient exposure.
Online businesses should definitely consider influencer marketing.
7. Focusing on Mobile
People are spending more and more time on their mobile phones. To connect and communicate with the consumer effectively, online businesses need to focus on mobile. This is why online businesses are investing in the development of mobile sites and apps. Marketers rightly believe that a mobile presence will increase visibility and lead to higher customer satisfaction.
Ensuring proper presence on smartphones will be beneficial for businesses. Since people are spending a lot of their time on their smartphones, online businesses cannot afford to ignore this channel. The growth of mobile commerce is imminent, and businesses should prepare themselves to face it.
Mobile optimization and mobile app development are two trends that are coming your way.