It’s almost 2019! Time for change, right?! Fresh starts! New Year’s resolutions! Gyms packed with people eager to lose that holiday weight… It’s the same story every year: “New Year, New You.”
But, how much of that is true?
How many resolutions will be forgotten come February? It might be more accurate to say, “2019: New Year, Same BS.” Read on to learn about the business trends for 2019.
Each day we’re fed information about how quickly the world is changing while we attempt to keep up with technology that continues to develop at rapid speeds. Despite the perpetual advancement, in many ways, the more things change, the more they remain the same. Our core values and basic needs remain constant and, from those desires, we’re driven to invent. We build machines to solve a problem, but then relentlessly attempt to replace those machines with something even more efficient. We constantly want more and want it faster. We’re never satisfied and that’s what keeps us evolving (and buying and selling). The challenge, then, is to adapt to the inevitable change without disrupting our own focus. We must learn to incorporate the new and stay relevant without letting it derail the foundation we’ve built.
As we jump into 2019, let’s take a quick look at some specific areas in the business trends for 2019 that will experience change in order to help you prepare and adapt your business strategy accordingly:
It’s here to stay. So, if you haven’t already, you better get on board quickly.
Gradual shifts in E-commerce often result in long-term effects that are unclear to predict. Currently, E-commerce represents about 20% of retail sales and is growing at a rate of roughly 20% per year. In contrast, brick and mortar business growth has basically flat-lined. Based on these trends, E-commerce will make up 40-60% of retail sales in just a few years. Another crucial point of consideration is that Amazon represents 45-50% of all E-commerce sales—so it’s pretty safe to say that they know what they’re doing and are extremely good at it.
The takeaway: SELL ON AMAZON.
Over 50% of the population born in the U.S. is non-white. Millennials are starting to overpower baby boomers. The #metoo movement led to a cultural shift and started a much needed dialogue about consent. And the number of public offices held by women and minorities is ever growing. It’s the era of iPhone, Uber, Netflix, E-commerce, and New Media Entertainment.
The bottom line: The way we consume is rapidly changing and the number of people with access to content is growing exponentially. Not to mention, the prototype of the “consumer” is expanding and diversifying every day.
The takeaway: Know your target audience, but consider niches you may not currently be tapping into—whether that’s the type of person consuming your product/service or the outlet you’re utilizing to reach consumers.
The Rich Get Richer:
The economies of the U.S. and Europe are growing 2-3% per year, China’s growth is at 6-8%, and some underdeveloped countries in Africa are at 5-10% growth. It’s ironic when you think about it… The world is creating a significant amount of new wealth, yet income disparity is increasing instead of decreasing.
The takeaway: The noteworthy implication is not the U.S. tax consequences, but worldwide trends. For example, the biggest impact on our economy will come from world growth—especially China and Africa.
Acceleration of Education and Technology:
Everyone loves to talk about new jobs, training unskilled workers, and bringing back dead industries like coal mining. But the reality is that automation, artificial intelligence, and computer efficiency are dramatically reducing jobs and employment—and that trend is only going to accelerate in the future.
What we need is increased investment in technology, education programs like STEM, and corporate training. We should also be embracing openness, salary equality, and collaboration to create a business culture in which the most qualified people excel and, thus, develop the best solutions.
The takeaway: No matter where your company stands in regards to technology, creating a positive work environment and encouraging a welcoming business culture always go a long way when it comes to productivity. Naturally, employees and customers who feel appreciated are happier. The result: Employees are more likely to work harder and customers are more willing to return. A little goes a long way—simply checking in or asking people how they’re doing and saying please and thank you makes more of a difference than most members of management tend to realize.
In the end, technology will continue to advance and consumers will perpetually drive business trends. It’s your job to recognize what changes are worth adapting to and which ones are just soon-to-be forgotten New Year’s resolutions.
Contact us for your FREE business assessment. We’d love to help boost your business by identifying ways to adapt to current trends. No one has time for BS—so we’ll cut straight to the point and answer any questions you have. Contact us at: 914-632-6977 or BShlensky@startupconnection.net
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