Small Business Trends You Should Be Following in 2022
As a small business owner, you know how tough it is to gain traction and a loyal customer following. You have to always be on top of the game and a few steps ahead of your competitors.
To say things have changed in the last couple of years would be an understatement. When it comes to the latest trends and technology, the corporate world has been drastically evolving.Therefore, to beat the competition and provide customers with exceptional services, you need to utilize the latest business trends.
In this article, we’ll be taking a look at some of the best trends small businesses should utilize in 2022.
With that in mind, let’s begin!
Buy Now, Pay Later Options
Buy Now, Pay Later (BNPL) has become popular in the last couple of years. It went from being a payment option that was offered by big corporations, to taking over the world of small retail stores and eCommerce businesses.
It was reported by Affirm, a US-based BNPL company that there were approximately 6,500–102,000 active merchants on its platform. The sales through BNPL increased two-fold.
According to eMarketer, 44% of Gen Z and 37% of millennials are expected to make a BNPL payment in 2022.
Prioritize Online Sales
How you conduct your business online is crucial for your company’s success.A study conducted by Shopify shows that 54% of businesses acknowledged that it’s important to focus on online revenue to achieve goals.
Going further, 49% of businesses stated they plan to invest more in their company-owned online store.
56% of small businesses that have acknowledged the importance of online marketplaces plan to increase their investment using such platforms. This can be highly beneficial from a sales point of view because 55% of consumers have confessed they buy products from online marketplaces on a weekly or monthly basis.
Embrace Live Commerce
Social media is a powerful tool that can help gain traction for your business. Using live streaming and interactions can help build a connection with your customers. Knowing that there is a real person or people behind the company that cares about their customers will help humanize your brand.
Use Dropshipping Services
Dropshipping is an order fulfillment method where a store doesn’t stock the products it sells. Instead, they purchase the inventory from a wholesaler. Another distinction is that in dropshipping, the seller acts as a middleman.
This is great for small businesses because they don’t have to spend thousands of dollars on inventory upfront. Since it can be run from anywhere around the world, businesses don’t need a physical location in one place.
Furthermore, businesses have more variety when it comes to selling products. If there’s a new product in the inventory, sellers can advertise something new to buyers.
USAdrop is the only American-made fulfillment center in China, set up by entrepreneurs Morgan, Sun, and Charles. The service has been working with Chinese suppliers, as well as worldwide suppliers for more than 10 years.
To learn more about their services, visit their website.
