Businesses are changing rapidly with emerging new trends. The environment has turned competitive. Growth can accelerate with digitalization for refined client services in the coming times. Accordingly, organizations must pick up the pace by adopting the latest technologies.
Organizations have to adopt a creative and agile approach to thrive and compete. We have presented some significant business trends that an entrepreneur has to know. This list below will help you face the competitive market and optimize your strategy, products, and services.
Emerging business trends have entirely transformed the way businesses operate. Such models help businesses gain more customers. Also, they can minimize the expenses incurred using the traditional models.
Network marketing is a marketing medium that manufacturers use for their sales expansion. It is usually used when managing multiple distributors for their product distribution. At times these distributors can have sub-distributors. Thus, this results in a network of distributors that function at different levels of the distribution chain.
Manufacturers use this model for marketing their products to customers at different levels. As a result, services reach out to more customers. The distributors act as independent representatives of an organization to cause comprehensive marketing of the business goods economically relative to traditional advertising.
Business Process Outsourcing(BPO)
Business Process Outsourcing(BPO) is a strategy where one company employs another to execute a specific task. For instance, a manufacturing company hires an organization specialized in supply chain management.
It mainly comprises outsourcing one or more business activities to external service providers. Here we have two leading roles: 1. the client company(Outsourced) and the external service provider( the outsourcer).
Usually, non-core activities are outsourced. Organizations focus on critical activities such as manufacturing and marketing. The non-core activities such as customer relations, sales service, real-time accounting, and supply chain management are outsourced.
Flexibility, cost-effectiveness, speed, and a skilled workforce are the advantages of BPO.
Knowledge Process Outsourcing
Knowledge Process Outsourcing(KPO) comprises business tasks concerning information or knowledge, such as analysis, research, etc., performed by another company or the subsidiary of the same organization.
Such outsourcing is done to save resources and costs. These subsidiaries could locate in different countries. KPO act on behalf of the parent companies to make critical decisions. In KPO, the high-level tasks are outsourced by the company to a vendor.
Initiating KPO is not to lessen the work burden but to have highly skilled people with the subject expertise. Also, it is an opportunity to minimize costs as countries like India have cheaper labor costs. So, the activities involve high knowledge and technical expertise.
E-commerce or Electronic commerce is about buying or selling goods online. It is also known as internet commerce. Money, funds, or data transactions online are also regarded as e-commerce.
There are four ways of business transactions:
- Business to Business (B2B)
- Customer to Customer (C2C)
- Business to Customer (B2C)
- Customer to Business (C2B).
Amazon, Flipkart, eBay, and Shopify are examples of E-commerce platforms.
Mobile commerce(M-commerce) comprises e-commerce transactions executed with mobile phones. It refers to the usage of mobile phones for any business transaction. It operates with wireless application protocol(WAP) technology and e-commerce background.
The basis of mobile commerce is using WAP to perform sales of goods, render services, make payments, exchange information, and other financial transactions.
M-commerce includes new business models, services, technologies, and marketing plans. It differs from e-commerce due to mobile phones’ varied configurations relative to desktop computers.
Mobile banking, E-bills, and Auctions are the applications of M-commerce.
Franchising is the reputed marketing strategy for business growth. An agreement happens between the franchisor and the franchisee. Franchisor gives the right to franchisee to sell their products and services and even generates the right to use the brand name. In return, the franchisee provides the franchiser specific revenue share or commission. An advantage of being a franchisee is learning about business techniques without the extra cost of training the employees.
In the online world, there are many websites and information flow. An aggregator serves to collect and copy similar and significant information on a single website. This enables users easy and quick navigation to find the required information.
Uber and Ola are the on-call taxi aggregators which help connect taxi drivers and riders. Twine Social is an aggregator gaining popularity recently. It collects information from social media sites such as Facebook and Twitter to generate a live feed on their website.