Bank of Canada predicts 2% GDP growth for Canada for 2017. As a new year begins experts often write about popular trends we are likely to see. We read through these predictions to see what might be useful for small businesses in British Columbia. The following is a list of eight different trends that is food for thought for entrepreneurs.
According to an article on Fortune.com consumers pay attention to companies that are environmentally responsible and offer products, packaging and services that follow sustainable practices.
Companies that connect
There has been a rise in companies that connect people with services rather than sell products, Airbnb and Uber are a few examples.
In an increasingly connected world employees can pretty much work from anywhere to complete their tasks. This is an opportunity for freelance professionals as well as small business owners who might need help for specific projects. Such trends will also lead to increased business focus (and thus opportunity) in the realm of cloud migration and cybersecurity.
Big data and analytics
Businesses rely on data to understand customer need and interactions. Social media and websites are fundamental platforms for businesses to interact with customers. Analytics gained from such interactions help businesses decide how to improve marketing and customer service. Experts believe that how we gather and interpret analytics will become more accessible for business managers in order to aid marketing, customer service and business planning.
According to a report by Hubspot, video content became increasingly important as a marketing tool with more consumers watching videos. As of mid-2016 Facebook revealed its 1.65 billion active daily users watch 8 billion videos a day. The trend is expected to grow in 2017.
Increase in Chatbots
According to Appinventiv, use of chatbots for sales and customer service will be on the rise with improved interaction through artificial intelligence and messaging interface.
Virtual reality and augmented reality
Pokemon Go made virtual and augmented reality a technological success of 2016. It is likely the trend will continue with players in the markets bringing improvement in devices as well as software.
According to a Business News Daily article, crowdfunding has opened doors to financing opportunities for small businesses. With this in mind, crowdfunding is likely to grow in 2017.
Interesting articles not mentioned above
- Top 17 tech trends in 2017
- 6 Digital trends in 2017 that will redefine influence and interaction for marketers
- Gartner’s top ten strategic trends for 2017
- Where social media is headed in 2017: The biggest trends to watch for
- Ahmad, A. (2016, November 21). Rise in the trend of chatbots in 2017. Retrieved from https://appinventiv.com/blog/rise-trend-chatbots-2017/
- An, M. (2016, June 25). The future of content marketing: How people are changing the way they read, interact, and engage with content. Retrieved from https://research.hubspot.com/reports/the-future-of-content-marketing
- Bank of Canada. (2016, October). Monetary Policy Report. Retrieved from http://www.bankofcanada.ca/wp-content/uploads/2016/10/mpr-2016-10-19.pdf
- Kulkarni, C. (2017, January 3). 15 Trends every business leader should watch in 2017. Retrieved from http://fortune.com/2017/01/03/2017-tech-trends/
- Newman, D. (2017, January 3). 17 Top enterprise tech trends for 2017 and this year’s CES. Retrieved from http://www.forbes.com/sites/danielnewman/2017/01/03/17-top-enterprise-tech-trends-for-2017-and-this-years-ces/#3d8c7c2a1f10
- Uzialko, A. (2017, January 1). 40 Small business trends and predictions for 2017. Retrieved from http://www.businessnewsdaily.com/7605-business-trend-predictions.html