Trends can be overwhelming, but they can also be the key to making your business known to the world.
Entrepreneurship is a dynamic field, with ever-changing trends due to technological advancements, economies, and socio-political scenarios. These trends can vary depending on where you look in the world. Today, we bring you a list of emerging trends that are rapidly gaining momentum globally.
1. Internet of Things
The Internet of Things (IoT) is an umbrella term for objects or “things” that are connected to the Internet. “Things” are provided with unique identifiers (UID) that integrate them into a network. Connected devices can interact and share information with other devices on the network. The information collected by these “things” is stored and analyzed on cloud servers.
You probably know very well smart home appliances, like fridges that tell you when to reorder groceries; water management systems that help you identify water discharge points; and monitoring systems that detect power surges and identify gas or water leaks. As technology continues to advance, IoT solutions go beyond home appliances. Now it can be anything from an Amazon Echo Dot (a smart speaker that can also turn on your house lights), an individual with a heart monitor implant, to a microchipped animal. (an animal on which a chip is installed to allow traceability or transmission of information, such as behavior).
IoT is influential in various industries because it revolutionize data collection to improve user experience. To understand user preferences and improve overall efficiency, it observes their behaviors and streamlines workflow through automation. In addition, network machines can be programmed to perform repetitive tasks remotely, thus reducing human strain.
IoT bridges the gap between hardware, software and artificial intelligence (AI), enabling interconnected devices to gain more accurate information optimally sifting through and making sense of large chunks of information.
2. Labor saving
The gig economy can be characterized by flexible, temporary or self-employed jobs. This often involves connecting customers with service providers in various fields through online platforms. The format allows individuals to work in a part-time setup, temporary position, or as an individual contractor with short-term contracts.
Work configurations allow for flexible hours as well as the ability to explore various work options and skill sets. Especially for budding entrepreneurs, who are too busy to get a good night’s sleep, can take advantage of the flexibility to supplement their income during lean times without having to devote their time to a traditional full-time office job. . Over the past two years, with the pandemic confining thousands of people to their homes, self-employment through gigs has provided a valuable supplement to many incomes.
3. Hybrid/work from home model
The Covid-19 pandemic has proven the belief that very few jobs can be done wrong from home. Nowadays, many entrepreneurs work exclusively or primarily from home, as many entrepreneurial businesses do with a small workforce. This is a benefit for many startups because it eliminates the major expense of paying for physical workspace.
In light of this, more companies are likely to adopt a hybrid working model. Employees can retain the flexibility of remote work while encouraging in-person collaboration for more exploratory or hands-on work. This would thus provide the benefits of working remotely and in person.
4. No-Code Web Apps
Gone are the days when entrepreneurs from non-technical backgrounds were held back from achieving their goals due to a lack of coding knowledge. No-code or low-code platforms disrupt the establishment and development of businesses and products. It levels the playing field by allowing non-technical entrepreneurs to create minimum viable products (MVPs) and improve them for early adopters without spending a huge amount of time and effort learning to code first.
It gives great independence to entrepreneurs who start on a small scale and low budget to build their business without having to wait for a co-founder with a technical background to come along or hire coding experts.
5. Increase in niche markets
In a world where every idea and every thing seems to already exist, novelty is a game changer. The desire for unique and customizable products has led to phenomenal market diversification, giving entrepreneurs the opportunity to explore and carve out a niche with their products.
New niches have the potential to become very profitable. Many small businesses, like Instagram Shops, are embracing this penchant for the unique and bespoke and creating custom clothing, accessories, appliances and more to cater to an ever-growing customer base. Often these niches are focused on specific communities and cater to the expression of their ideas, ideals and expression of their unique identity. From a geographic perspective, this presents an opportunity to create products that cater specifically to local communities, cultures, cuisines and climates, as they are likely to be well received.
Trends perfectly reflect the changing and ever-changing markets and tastes and preferences of potential customers around the world. Following trends is a chance for entrepreneurs to have their ears on the ground for the next big thing. We hope this knowledge can help you market your business along the way.
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