Small Business Trends to Prepare You For 2017

Small Company Trends to Prepare You For 2017

No local company owner can be prosperous if they're not up to date on current trends. Passing up on or simply ignoring emerging trends can leave an organization stagnant. Most trends, however, aren't difficult to come to grips with if they are known. The following are 2016 trends that you likely missed out on but you must prepare for prior to 2017.

Mobile Apps Are Smashing Through

Monster corporations have long been on the app bandwagon. Small businesses, however, have been nervous about making the leap. Considering that many business owners felt they had little to offer in the way of an app, this was no surprise. New studies, though, have shown that half of small businesses will have their own app by 2017. While this still does not mean an app is essential for your business, it may be time to start brainstorming ideas.

EMV Payments are the New Standard

EMV payments have been the talk of every industry since 2015. You have likely seen this category of payments with terminals that require debit cards with chips to be inserted. While only 25 percent of debit cards were equipped with this chip by February 2016, this number will continue to rise. By 2017, people will consider EMV the industry standard, and they will feel as if vendors who don't accept these payments are putting their financial information in jeopardy. Implement this change and then use it as a marketing point.

Generation Y Emerges on the Scene

For years, businesses have focused on Millennials due to the huge boost in the demographic. Those individuals, though, are not the youngest group you must cater to. Individuals in Generation Y are currently entering their 20's, so business people must begin to focus on this cohort. Not altering marketing to bring in these new consumers could hurt your small business in 2017.

Changes are not easy in the business world, but if your company has any hope of surviving, they have to take place. By keeping up with emerging business trends, specifically those that will affect 2017, you can stay on the forefront of advertising.