Technology is the greatest impetus in today’s world. It enables people to get things done in lesser time, automate processes, work faster, do multitasking, and so much more – making it an indispensable tool in everyday life. Further, it also changes the way consumers are buying things and choosing brands. That’s why it is important for businesses to become responsive to trends that relate to consumer behavior and preferences.
Business Guide to Becoming Techpreneur
It is all the more important for entrepreneurs who want to start a business but are not sure on where to start. Here are the latest trends and tips that you can use:
Consumer Trends for Entrepreneurs
If you’re an entrepreneur, these are the things you should prepare to open up more opportunities for your business in this highly technological society:
1. Buyers’ Psyche
Today’s buyers enjoy a wide array of options—thanks to the active competition in the market, and consumers are bent on finding the one that can give them the most value for their purchases. Their search for quality, innovation, and affordability should be your top consideration as you create your business model.
2. Luxury of Time
The busy nature of life takes people away from so many activities that they would have otherwise enjoyed if only they had the time for them. You could tap on this group of consumers who would, by all means, skip going to the physical stores for mobile or e-commerce.
3. Genderless Market
Gender distinction as a touchy subject is not just about championing the cause of the so-called marginalized sector of society, as it also pertains to the way a new breed of consumers is evolving. Specifically, men can be as vain and as chic now—a stereotype that used to be reserved for women alone.
4. Quest for Well-Being
Filipino consumers are growing more concerned about having balance in life as they try not to be overwhelmed by what an active lifestyle demands. Similarly, you will need to rethink how you could help consumers make wise choices that improve their quality of life.
5. Travel Goals
Travel products and services are on top of the most in-demand commodities in the market today. It is very appealing to people because it’s a fun way to explore cultures, meet people, gain new perspectives, and experience the world.
Business Ideas for Today’s Tech Savvy Consumers
The following ideas can be useful as you try to put these business trends into action:
• Automate business operations.
This will give you a level playing field as you go head-to-head with other business players. Many airlines, for example, are now allowing online check-in in efforts to streamline the process for their customers. Drug stores have a similar concept wherein they encourage patrons to place their orders in advance and arrange for a scheduled pick up.
• Don’t forget the human touch.
Technology is great in making things easier, but nothing beats personalized customer service. More importantly, feedback is great in improving your product or service. Offer different accessible channels so that they’re not stuck on the phone waiting for a representative. If you’re using email, chat, and social media, limit the use of automated or templated responses.
• Establish online stores.
E-commerce is fast (it takes a few clicks to order something online), convenient (it does not require a whole bunch of business permits), time-saving (it can be done straight from your mobile or desktop devices), and cost-efficient (it does not charge you for on-site operational expenses). Many SMEs first went in this direction, testing the waters before retailing their products.
• Expand your target market to reach a wider demographic.
Gone are the days when industries were gender biased. Now, you could hire the services of women drivers or male speech therapists without causing your customers to walk away from your business.
• Invest in mobile app technologies.
Mobile apps are very suitable for almost any type of industry, whether it’s travel, education, or retail, you name it. More importantly, mobile users in the Philippines continue to increase, having a mobile friendly website and mobile app will enable you to keep in touch with your customers wherever they are.
Registering Your Business
Of course, these ideas will bear no fruit until they’re executed. Here are guides to point you in the right direction:
The shifting trends in consumerism are far from over. Many new ideas, tools, and technologies will emerge in the not-so-distant future, but staying on top of the game should not be that tough if you are resilient enough.