Whether they’re creating new opportunities or increasing risks, business trends can have significant impacts on companies. They may stem from consumer behavior changes, market demands, economic fluctuations, political events or regulatory changes. Understanding how to spot and harness these external factors can help solopreneurs make smarter business decisions.
One trend that’s gaining traction among small businesses is the circular economy. This approach involves reusing and repurposing products instead of discarding them after use. It’s expected to save businesses $12 trillion a year globally by 2030. One example of a business that’s using this model is UK-based print-on-demand fashion brand Teemill, which offers sustainable clothing.
Another industry trend that’s getting a lot of attention is the use of artificial intelligence in customer service. This includes chatbots and voice-enabled AI assistants like Amazon Alexa and Google Assistant. Businesses that have adopted this technology can provide faster and more personalized customer support. However, it’s important for solopreneurs to do their research before implementing a tech tool or strategy. Some tools might be overhyped and have no real value for their customers, while others might make the most impact on their bottom line.
Finally, there’s been a notable shift in the level of social technological and environmental activism by brands. Several major corporations have joined the movement to ban plastic straws and advocate for stricter product ingredient regulation. Some are driven by long-held convictions that align with their brand ethos, while others are impassioned by recent events or investigative and research reports.
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