3 Smart Business Trends Entrepreneurs need to keep an eye on in the year 2018

A latest survey shows that 80% of New Year resolutions plummet to the ground before they make it to the second week of February. So, a question arises. Should people even make New Year resolutions that they cannot stay true to? Of course. If you are a small business owner and reading this blog on the 15^th of January, you should make a New Year resolution for January 15^th. But if you are starting a business, you need to start following up on the right business trends instead of making big promises to yourself.

There is tens of millions of businesses, both small and large scale, that are operating independently in the United States at the moment, and surviving amongst the bigger fish in the sea is their top priority. Being a serial Entrepreneur and a digital strategist, I came across a couple of high-profile digital agencies that are operating in a well-organized manner.

The secret to the success of any digital agency is to keep an eye on the latest trends. This year is projected to call in new challenges for everyone. But new business owners can still grab what is in store for them. Here are the latest tech trends for the year 2018, that will help you deal with your competitors:

Moving towards Generation Z ventures

Generation Zis poised to disrupt the financial markets with their unique preferences and tastes. This consumer sector is growing in power and influence at an exponential rate and the experts predict that Generation Z will own 40% of the industry by the year 2020. This is why business owners need to keep an eye on the snappy changes that are happening in the industry.

For instance, Generation Z is labeled as more entrepreneurial (72% want to start a business), and are often digitally prepared (15.4 hours a week on their smartphones) to stay on the lookout for a smarter and more focused experience for the end-user.

Cameron Conrad, CEO of KonSocial, has shared his experience with diversity in the business.

“Since getting into drop shipping, I’ve had the ability to work from anywhere at any time and earned the freedom of turning my useless free time into unconditional profit. Over a short period of time, I’ve managed to build, scale and sell multiple 6-figure drop shipping stores and produce powerful results.”

The year 2018 will bring along more eCommerce-based entrepreneurial opportunities to the marketplace.

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The Growth of the blockchain technology

The blockchain is an incorruptible digital ledger of economic transactions that is bound to revolutionize the way consumers purchase products online. While all the hype is buzzing around getting rich quick through cryptocurrency exchanges, the way I see it, there is great opportunity hidden in the implementation of block-chain networks that have a propensity to bid adieu to friction in existing marketplaces and transform industries radically. This modern and secure database has great implications for both the enterprises and consumers.

If done right, cryptocurrency exchanges can bring an entirely new class of consumers in the market. It will open new doors for consumers to access modern financial services. The good news is that digital assets can give access to 2 billion people who are currently unable to avail fundamental financial resources.

There is also a new breed of businesses, for instance, Cointal, a peer-to-peer cryptocurrency exchange that is helping consumers purchase products in countries that currently don’t offer digital services. Consumers can buy and sell coins in a simple web interface. This gives an opportunity for engagement and helps business owners create a loyal community in exchange for some bounty and time.

You can expect more startups soon that will do crowdfunding with blockchain technology.

The experienced economy

Will 2018 see an end to Conventional retail? Ample reports have proven that customers are fast ditching brick and mortar shopping experiences in favor of online shopping. The acquisition of whole foods by Amazon displayed the importance of eCommerce and its role in the year 2018.

Consumers are now smart enough to judge the experience offered to them by a business. And every consumer is looking forward towards a memorable experience. The discount retail king Target is heavily investing in technology to create digital storefronts that are interacting with their consumers in unimaginable ways. For instance, their interactive displays let their clients engage with internet connected products that are controlled by phone apps.

Similarly, Uber has initiated the trend of pop-up concerts for their consumers to create memorable and differentiated experiences. Google came up with tons of digital-home experiences that are giving consumers a chance to get their feet wet with the greatest and latest tech gadgets, including Google home and virtual reality.

While it is still early to say what will happen in the coming year, but as a business owner, it is necessary to keep an eye on this ever-emerging trend of an experienced economy that is willing to get the experience of their lifetime.

To bottle it up

With the inception of businesses that are initiating each day, it is getting difficult to cope up with the competition. Especially the modern-day business owners and Entrepreneurs find it difficult to compete on such a large scale. To overcome the competition, these trends can help you to stay on top of the curve without giving as much thought and effort to other elements of the business.