Business Trends – Bada Business

3 Small Business Trends that will Emerge in 2021!

India has a robust ecosystem of startups with around six crore MSMEs. According to a GoDaddy Global Entrepreneurship Survey 2019, entrepreneurs in India were optimistic about their business expanding globally by at least 50 percent in the next 3 to 5 years.

However, with the pandemic-induced chaos and breakdowns unleashed by the COVID 19, the future seems daunting. According to the State of Small Business report, ’51% of operational SMBs on Facebook India reported they were making at least a quarter of their sales digitally. The numbers mentioned here are substantial considering that there are around 60 million small businesses across India’.

As most of the small businesses are moving towards digitalization, we can expect a stronger, greater, and rapidly growing economy. However, some trends are likely to emerge in 2021. Here is a list of key small business trends that we are likely to see this year:

Small Business will move Online

The trend of online-purchasing is going to strengthen in this pandemic-stricken world. According to a joint report by Boston Consulting Group (BCG) and Facebook, the digitally influenced purchases had increased up to 15-20% for key categories in urban consumers within three months after the pandemic hit the world.

Businesses in Tier II & III cities will Embrace Digitalization

The digitalization process that became a rage especially during the pandemic has made small business owners from small towns and cities realize its importance. Small business owners have finally realized the power of digital acceleration.

From Instagram to Facebook, young entrepreneurs are now using these social media platforms to reach new and potential customers across India.

A Stronger Small Business Ecosystem

How White Hat Jr. became a $300 million company in just 10 months? Apart from their innovative approach and scalable ideas, a large part of their growth came from advertising on Facebook and Instagram.

India has a growing startup ecosystem, a large population of internet users, and a strong entrepreneurial zeal that is getting powered up by digitalization.

The year 2021 has not just taught us some invaluable business lessons but has also carved a pathway that will lead us to recovery. Want to know how you too can contribute to economic growth? Simply by bringing innovative concepts and creative solutions to your target market.

Join our Everything about Entrepreneurship course to know how exactly you can grow your business despite the pandemic with the help of massive digital acceleration. To know more about the course, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

5 Latest Business Development Trends of 2020

2020 is half passed, and still, if you have not noticed the new business development trends, then pull up your socks and start working on it. A lot of new trends like personalization to advances in AI trends are taking reshape these trends will help you in increasing the sales and growth of your business.

The digital introduction has helped to create personalized interaction to build a relationship with the customer better than before. For uplifting your business strategy, we mentioned new business trends that will impact your business growth.

Mobile Internet Advances

This year promises additional movement in making mobile connectivity more reliable and more durable by introducing the 5G arena. We are quite sure in the coming year; many cellular networks will introduce this service.

Introduction to this service will make it a lot easier to reach the customer in remote locations. There is the scope of a lot more services introduction, which you should keep an eye on.

Brand Collaborations

Today customers, are highly spoilt and confused with the choices between India and international brands. Now for reducing this confusion given by online and traditional platforms, business owners have started focusing on brand collaborations with brands locally and internationally. That will bring great business opportunities to brands for growth.

It is just not only helping brands, but it is helping consumers to get a structured services model, as a result of its winning situation to both.

Adoption of Data Centre

With the higher use of technology, the amount of data that passes through customer have also increased. Therefore, the need for the data centre has increased, whether its small or big company is using the data centre in a small or big way. Cloud-based computing is known by many but expected that the need for more storage is going to come very soon.

Therefore, all companies, from startups to the big players, will have their own personal data centre.

Machine Learning and AI Introduction

With time machines are getting smarter, which is leading opening for new jobs. A lot of employees are scared to lose to the job due to the high demand for machines, but smart companies will aim to retain their best employees and train them to be better at work.

For any business growth investing in the new technology will be a significant part of matching up the industry standard and gaining one step ahead over the competition.

Diversification:

In the coming time, expected that brand owners are going to focus on the newest trend of diversification, where owners will be opting for multiple businesses that will be different from the main business.

Aside from setting their business skills, this trend is supposed to bring and offer the greatest business opportunities to brand owners.

Our country has already demonstrated immense business growth potential in the past few years. With the change of technology is the business world ready to change and accept new trends. These trends are going to have a huge impact on growth. We have mentioned a few trends which can help you to grow your brand.