The new year brings some uncertainty and change. This episode identifies several 2021 trends to be aware of that potentially could impact your business profitability.
This episode is Part 2 of 2 and talks about the changing customer’s buying preferences and the impacts on small business. Some ideas for action are presented.
2021 is looking like a transition year for most of us. There’s a lot of change going on. My goal here is to brings some things to be aware of, things that could potentially impact to your company’s profits in four areas.
Dealing with the trends:
- Be Aware we are still in a Covid World.
- Be Aware of new government taxes.
- Be Aware of shifting customer preferences.
- Be Aware that flexibility is needed in your company.
This episode covers the third trend above.
Be Aware of Shifting Customer Preferences
- Customers are ordering on-line order and expecting home delivery of products and services
- Expecting the same price or cheaper.
- Businesses may have extra process/hires to meet delivery expects.
- Businesses may have to eat the increased costs.
- Has your business adapted to cost-effective shipping?
- High demand for Chinese goods has created shipping container shortages.
- Container costs have increased 2-3 in the last few months.
- Slower delivery of goods and supplies.
- Do you have a plan to handle increase cost of materials and longer times?
- If you increase prices to cover supply chain cost increases? how many customers will you lose?
- Can you get local suppliers?
- Trends for customer located on-line.
- Mobile first websites. Cell phone uses up over 30% in the COVID era.
- Businesses more smarter on social media advertising.
- Positive on-lines reviews are important. A form a testimony. Don’t be afraid to ask for them.
- Using social media influencers is important. An influencer is a person who has a significant following in your customer’s interest area.
Gen-Z coming of age and spending more
- Can the younger generation be a new source of customers?
Customer expectations are higher for quality in products and services
- Customers experience
- Successfull companies using human-centered design (HCD) & user experience (UX) for all customer interactions.
- Older people know computers too. The home-computer been around since the 1980’s, 40 years now. Don’t be sloppy on webdesign and miss out on orders.
- Customers less patient for wrong orders, bad website interfaces, and bad service.
- Does your website make sense to most people, or built by techies for techies?
- It’s a COVID world. Are you focusing on repeat business?
- Read Yarro Article ‘Small Business outlook’
- Read Business Insider article on minimum wage
- SBA Article Top Business Trends for 2021