Industry Insights That Could Impact Your Business
We have already plunged well into 2018, but it’s never too late to take in a few industry insights. As an independent retailer or beauty company, if you want to build a good foundation for your business, it’s crucial that you learn the ropes of the industry. Oftentimes that means getting hold of some of the most impactful industry insights. They’ll help you implement strategies that’ll see your business grow by leaps and bounds.
That said, here are five industry insights worth checking out as they might impact your business in the coming years.
Artificial Intelligence is Now Smarter than Humans
In the wake of data science and machine learning, AI has taken over almost every industry by storm. Although it is still in its nascent years, AI will undoubtedly disrupt the independent retail sector. The last thing you want is for your competition to adopt AI before you did. After all, industry insights suggest that AI is now smarter than an average retail employee.
With artificial intelligence, you can gain more in-depth knowledge of your customers and their shopping behavior. And that isn’t all. AI will help make sense of customer data you’ve been racking up all those years.
Targeting Larger, More Robust Base
With the growth of data science and business analytics, it has become more critical than ever for independent retailers to focus on a broader customer base. Even if you are after a specific niche, you should definitely attempt to expand the number and variety of customers you are going to target. More importantly, you’ll position yourself to stay at the top of the game if you have a larger customer base than your competition.
The emergence and rise of purpose-oriented business model
If you look back over the last five years or so, it’s apparent that it has been ethical businesses that have fueled positive change in communities around the world. If everything goes well, we’ll see this trend of purposeful business model gain more and more traction. In other words, you should put more emphasis on experience and meaningful change than on making profits.
Get to know your competition
In today’s ever-competitive business environment, it’s always wise to stay ahead of the curve. And what better way to do that than to keep an eye on your competition? That’s right; competition analysis is on an upward trend across the industry spectrum. As such, make it a goal to follow your lead competitor and analyze each of their moves. Understand what works for them and what doesn’t. This way, you’ll be able stay a step ahead in the game.
The rise of brand evangelism
Brand evangelists are the future of making your business stand out in a sea of competition. It’s all about taking customer loyalty to a whole new and exciting level. In the face of heightened level of competition, it’s essential to have a base of customers who swear by your products.
Remember brand evangelists aren’t just happy customers, they are so excited about your brand that they are willing to toot your horn on your behalf.
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