Having the ability to identify and incorporate new business trends into your ideas will help a lot when it comes to creating a viable business idea.
In fact, many new business ideas that are creating large disruptions in the industry by utilizing new trends in the marketplace.
I am going to review 10 trends that are ready to disrupt industries and possible ways you can use these trends in your business idea generation process.
Artificial Intelligence is taking the world by storm. Already, hundreds of new businesses have utilized this trend to create a competitive advantage. It is projected to be a $15.7 trillion dollar industry by 2030. To incorporate artificial intelligence into your business idea, ask yourself, is there a way we can teach a machine to do the same tasks that a human would perform? Check out this research by a global consulting firm about the different impacts AI will have on each industry.
Creating a sustainable business idea is imperative if you want to compete against anyone for the next 10 to 15 years. Sustainability-related to business trends is the ability to maintain, without depletion, the resources you need to drive your business to success. To use this trend, make sure you have enough resources to run your idea for the next decade or two. Maybe your business idea will be based around helping other businesses become sustainable.
With the recent shift of Google making the search experience based on mobile devices, and with many other countries around the world having a higher mobile adoption rate than compared to desktop computers, mobile is a driving trend. The mobile money services (transfers and payments) is expected to exceed $3 trillion USD globally within the next five to ten years, according to PwC. This can be incorporated into your idea by making sure you can reach your customer through the mobile device.
Personal data is a growing trend. With the Facebook scandal shedding light on the use and extent to how people's personal data is collected, people are becoming aware of how their data is used when access is requested. To incorporate this trend, you can make sure your potential user has control over the data they share, or have the ability to secure the data. Taking a strong stance on protecting customers personal data could be a great differentiator for already existing business ideas.
The generations that are coming into wealth right now are the millennials and generation X. They also have a strong preference for experiences over purchasing material things. For example, a trip to somewhere in their country or a day at a luxurious spa is more appealing at times than purchasing that new shirt or bag. To use this trend in your business ideas, think of how you can offer experiences to people instead of just products. This may involve a chance to win a trip somewhere with every purchase, get creative.
The gig economy is partially responsible for the large decline in youth employment. Many of the generation X and millennial populations are beginning to embrace the gig economy. Currently, 20% to 30% of the working population around the world participates in the gig economy in some form, with growth projected in the future. This is where they may do freelancing or other odd jobs for people, know as gigs. Incorporating this trend into current business ideas may involve setting up a special recruitment agency that deals with gig jobs and workers. Instead of the traditional recruitment agencies that do long-term employment placements.
Blockchain is taking the world by storm. Since the technology has such massive potential to change how current processes and things are done, this trend will be disrupting multiple industries over the next 10 years. Why not be a disruptor and incorporate the blockchain trend into your idea? For example, want to start a digital marketing agency? Why not use blockchain to track who you are advertising with so you can make sure you are reaching the exact audience? Eliminating the worry about advertising on sites that could potentially hurt your brand.
The growth of eCommerce is projected to grow quite significantly over the next few years, according to a global consulting firm, Boston Consulting Group. Specifically, the consumer electronics, appliances, and clothes industries are expected to be the drivers of this growth. This trend relates directly to how people purchase and go about their lives. No longer will big lines and crowded shopping centres be a thing. You’ll order it online and have it delivered to you in a matter of hours with the way things are progressing. To use this trend in with your ideas, make sure you can handle online orders and distribution for your products. Don’t depend on a brick and mortar store to drive a lot of foot traffic and sales these days.
Although there have been a few tragedies when it comes to self-driving cars, they are still growing in popularity. Companies are also starting to experiment more. For example, Tesla released their autonomous driving semi truck for the transportation industry. Thinking about starting a car fleet management business? Maybe look into building operational software that could manage a fleet of self-driving cars. Just one way you could use this trend.
The cashless society is a trend that has been taking off for the past 10 years now. And with the release of so many cryptocurrencies and digital money, the cashless society trend has increased exponentially. Make sure your business ideas are able to handle all the ways to accept payment. As this trend grows, customers will demand that the businesses they interact with accept their preferred method of payment, whether that is credit card or cryptocurrency.
These 10 trends are going to disrupt many industries whether you like it or not. Now that you have this knowledge, I want you to use it to prepare your business ideas or current venture so you can last for the next 20 to 30 years. Implementing just one of these trends could even help your business become more profitable.