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The year 2016 isn’t even over yet and we are already busy making predictions for 2017. And at least we can say is that the coming year is going to be a promising one for small business owners and the entrepreneurs. Advancement in modern business practices and technology is going to give small businesses the chance to develop low-cost, enterprising products and services. Internet marketing, ecommerce and social media, all will empower your business to reach out to potential customers sitting in untapped markets all around the world. Staying informed of such trends is crucial for businesses to maintain relevance in the dynamic world of commerce.
Let us take a look at some of the emerging small business trends that highlight the growing prominence of EMV (Europay, MasterCard, Visa global standard for payment), ecommerce and role of millennials in the coming months.
1. Rise in Popularity of Virtual Offices among Millennials
With the oldest members entering their early 30s, the millennials are re-inventing the way businesses manage their workplace and employees. Apart from success at work, millennials demand comprehensive collaboration and opportunities for growth along with a seamless work-life balance for comfort. They effortlessly adapt to new technologies and practices. The millennials are more conscientious about their work ethics and value quality above all. In an effort to maintain a happy work-life balance, they actively look out for workers as well as workplaces that help meet their ideals. From online meetings to web conferencing services, this generation prefers to use technology to manage and coordinate work in the most convenient fashion. This smart generation believes in cost effectiveness and, thus, the rise in popularity of part time and virtual offices.
Virtual offices is going to be the buzz word in 2017 as a larger number of SMEs and entrepreneurs are likely to opt for this arrangement, thanks to its provision for a professional business address at prime locations, flexibility in renting, local phone number and phone answering services and a plethora of other amenities. If you too seek a virtual office in Markham, click here.
2. Increase in E-commerce Transactions to Raise More Players
Online stores that allow electronic commerce transactions draw Internet users to the virtual world in masses. Retail spending is on an upward incline, and shipping fees is a driving factor in the decision-making processe. For 2017, e-commerce via mobiles (or m-commerce) –and social ecommerce will drive the markets. As per a report by Forrester states the mobile payments in the US itself will generate $142 billion. So, a bevy of businesses will be buying online. And where there is huge demand, suppliers can’t afford to lag behind.
Since not all ecommerce websites and app owners will be well-established by then (some will be start-ups waking up to the trend), the not-so-early birds would need an official base to work from, without breaking the bank. They may then move into part-time offices for a temporary duration and when they grow (or downsize or shut down, depending on their business’ performance) they will enjoy the flexibility in the arrangement of such a short-term agreement.
3. EMV Payment Security for Businesses
Security for businesses and their customers will be a top priority in 2017. Europay, MasterCard and Visa (EMV) is critical to business security in 2017. National migration to the EMV payment standards (recognized by microchip credit and debit cards) will be here to safeguard small businesses and their customers against scams. If by next year your organization still agrees to face-to-face transactions minus EMV, you may lose credibility amongst your customers and face serious financial threats. The next time you accept payments or make them, on office space or meeting rooms, for instance, make sure you secure the transaction by using the new standard practice of EMV.
So which of these small business trends is your business following next year? Hope you can adopt at least one of them to give your business a boost in the near future. Rest assured, a part-time, full-time or virtual office space by Officescape can help your business grow while keeping the expenses in check and maximizing the benefits and other utilities.