Business owners and those with an entrepreneurial mind must always be consistently looking at whats going on in the business world. Discovering trends and riding certain trends is very important to be successful. The rise of the internet and the rise of the internet fitting in our pocket has led to multiple other trends that are very helpful when starting an online business. Some quick statistics about Americans and internet usage show that roughly 90% of Americans are on the internet, over 3/4 of Americans own smartphones and 70% of Americans use social media. These statistics help show how useful the internet and social media can be to launch a business. A few trends I’ve noticed involved with internet and mobile usage are…
1) Video Content Creation
Consumers don’t like to read near as much lately. Millennial’s spend hours on their phones scrolling through Instagram, Facebook, Snapchat and YouTube videos. Consumers find watching videos more entertaining and worth their time. Multiple brands have really picked up on this trend and started creating their own YouTube channels or Snapchat accounts help them connect with their customers. People even build their own businesses around creating vlogs, educational, comedy or any other kind of genre of video for YouTube. Using video to help build your brand online is crucial. How can you help brand yourself or offer information crucial to consumers decision processes through the use of video?
2) Technology Reliance
The introduction of smart technology has led people to rely on it for everything they do. Amazon and Googles creation of devices that can control your home show how much this trend is occurring in our society today. We rely on Alexa and Siri for information, alarms, reminder setting and multiple other things. Creating an application or internet business that consumers will rely on will be successful. How can you make someones life easier through technology? Amazon and Google are both riding this trend and making it so consumers wont have to leave their homes and maybe soon wont have to leave their chairs.
3) Subscription Packages
Shopping can be a drag sometimes, especially when the store offers no experiential factor. Retail stores will never die out because of their key advantages over online retailers, but online retailers can offer one thing, which is convenience. Subscription services have been on the rise in the last few years because of this convenience aspect. Consumers don’t feel like shopping for clothes anymore so why not start a clothes subscription box that sends clothes right to their door with a lot of customization possibilities. Industry’s have also created subscription boxes that a lot of samples of products that people can try. Look for an untapped subscription market that you believe can be filled. What can you send people monthly thats worth $20 or $30 a month?
4) Small Niche E-Commerce Businesses
Multiple, specialty eCommerce stores start up because of ease and a special niche that they serve. Starting a business has never been easier because of the internet. Don’t be afraid to offer one product and one product only. People can go to Walmart and Amazon to find everything generic at a cheap price, but they don’t offer the creativity and specialty that a small online entrepreneur can. Multiple clothing brands have started through eCommerce because of a key differentiation factor that they offer. These differentiating factors can be a social cause, a convenience factor, unique style or some service that they offer. Find a product, brand it and remained focused. Losing focus and trying to offer too much at one time can destroy a business. These eCommerce businesses survive by serving a unique niche that nobody else does.
There are hundreds of trends that come and go in our market. Paying attention and finding a few will help lead to a successful business model. Can you start an application that leads to convenience and consumers to rely on it? Can you create some sort of subscription service that nobody else has thought of? Reading about the business world and paying attention to the market is key to starting a successful business and riding one of the many trends that are currently occurring.will help you thrive in the entrepreneurial field.
Internet Entrepreneurship is so heavily focused on keeping up with current trends. It’s always great to hear from current successful young entrepreneurs who had noticed a trend and capitalized on it. On the other hand, it’s incredibly frustrating when young entrepreneurs don’t notice trends, because usually that’s where the issues in their startup/idea are located.
Jeff, I couldn’t agree with you more! I think all entrepreneurs need to be on lookout for new innovation, technology and especially if it involves apps and internet. Make a five year plan, and change and improve the way the do business. Or Sell their business if the general trend is moving away from their line of work.
Absolutely love your input about marketing video content as an entrepreneur! Millennials and technology junkies are definitely geared toward video content as opposed to constant reading and scrolling on a smartphone. As a social media intern, I am constantly trying to find ways to catch the attention of people in order to “ride the trend” and promoting fresh video content is one way that I do this. GIFs and short videos really draw a person’s attention.