It’s time to rethink your business strategies. If your techniques have worked well in the past couple of years that you’ve established your business, the same tricks may give over the upper hand to the competition. We’ve studied the top trends in business that are expected to be seen all over in the upcoming year. Top business brands and small businesses are expected to join the bandwagon. The best innovations can now be used for a wide variety of businesses. Every business from startups to established businesses like McIntyre Fencing and other local based small businesses can all learn from the upcoming secrets of the trade.
Unprecedented Artificial Intelligence
We’re seeing AI machines used to augment human performance and this is being implemented in a wide range of industries. We’ve seen it in the automotive industry with assembly line workers, robotics and AI-powered software working together to make state-of-the-art cars more affordable even to an average consumer. The airlines, specifically IBM has already launched Watson to let FA’s now which passengers are missing their connecting flights and gives instructions on what to do. It’s no wonder why Amazon has already used AI to augment their worker’s productivity specifically in regulating dynamic pricing, changing product descriptions and rankings, among others.
A BI intelligence report predicted that in two years, chatbots will be utilized by 80% of businesses. Even small businesses are already using AI with new capabilities including data collection, giving company insights and useful information on customizing products and services. AI now comes with natural language processing advancing making them useful in “conversational commerce. Chatfuel has already begun giving small businesses the capacity to build Facebook-ready chatbots in minutes. Their chatbots also engage with customers, asking the right questions about items and even allowing customers to make purchases through the chatbot via payment methods added into the bot.
With a deficit in drivers and the trucking industry hauling around 70% of freights in America, the automated truck delivery system spearheaded by Budweiser is a real game-changer. Other big companies are also automating traditional jobs in recent months. Pizza Hut is beginning to replace waiters with robots with a capacity to take orders and process payments. Walmart also used automated bots and replaced 7,000 invoicing and accounting employees. Wendy’s has also employed robots in replacement of their lowest paid employees and the biggest sacking went to iPhone maker Foxconn that now uses robots to replace 60,000 employees.
Experience Over Quality
For years we’ve believed that consistent quality of products and services will keep our customers in the long-term. However, with the rise of businesses like the Museum of Ice Cream, we’ve learned that consumers now go for new experiences, a connection of shared values, emotion to drive attention. Quality is a given but to get your business moving forward, your business needs to be more authentic and fit into the mold of the causes, ideals, and values that your customers support.
J.C. Penny, RadioShack, Sears and Macy’s, they’re all closing over 100 stores and Sports Authority has closed for good. Even Toys R Us has filed for bankruptcy. By 2023, it is predicted that half of 1,200 malls in the US will close. With a low unemployment rate and a growing economy, you may be puzzled why retailers are shutting down its doors. Well, Bloomberg has predicted the brick and mortar apocalypse will just get worse as massive retail debt and online shopping continue to rise.
Now that you know what the future has in store for businesses big and small, you need to be prepared. Businesses are going forward and nobody wants their business to close for good. So, rethink your strategies, go over your business plan once more and when you’re ready, move forward starting in 2018.