What do the coming few years look like for small business services? The internet is full of the new and emerging technologies and their roles, from big data and AI to blockchain and the cloud. There are several new ways in which today’s small businesses can give themselves a new appearance and make their services competitive.
Customer preferences continue to rule the world, and the new needs hover around personalized services, prioritized deliveries and a fast and no-hassle service experience. Small businesses who adopt these as part of their core values will garner praise and flourish. This can be seen in the financial services sector, where small venture are outdoing bigger players.
Although AI and automation will transform the landscape of even small businesses, there is also a demand for the human factor. While personalized services can be offered with AI and data collection, the human factor will also play an important role, especially in sectors like food, beauty, fashion and apparel.
Blockchain technology is worth studying and knowing today, not merely for the waves that cryptocurrencies are making in the world. The public, distributed ledge technology has found applications in nearly all industries as a smart business practice.
In marketing, small ventures have adopted social media as the core of their strategy. This will continue to be the case in years to come. The Cloud too will continue to lure entrepreneurs. An important trend is that of live videos for greater marketing impact and outreach. Marketing will thus become personalized.
Mobile banking and other fintech trends are bringing new changes for lenders and investors. The mobile will be the new way to apply for loans. P2P lending has soared in popularity every year since 2006. Alternative lenders thus have a crucial role to play in the success of small ventures, as these have turned out to be the best way to get funding.