How to future proof your business

It wasn’t so long ago that people had to shell out US$2,000 to US$3,000 for cameras that could take high-definition quality images. It only took a couple of years for GoPro to sell its kit — pocket-sized, HD and ready for action — for around US$300. Its a prime example of high demand from consumers, lots of investment and made, technology leaps forward.

If you’re alarmed by the speed of change, don’t be. Here are five things you can pack in your survival kit to make your business future-proof — at least for the next 10 years.

The change

Explosion of media and increase in commercial channels

What it will take to survive: A customer-centric sales and marketing strategy

There is a lot of talk among retailers about omnichannel marketing, which is a way of accounting for interaction and sales through all media, whether in-store, on the phone or online.

However, the focus on media is a distraction to the main game.

Rather than focusing on bricks or clicks, businesses need to be primarily customer-centric, not channel-focused.

There will always be many ways in which people will want to buy what you’re selling: some people want to call or email, some people want to visit the store, some people want to click and collect, and some people want to have it delivered.

Your job as a business is to have a strategy around capturing all those customers and converting those leads to sales. That may be as simple as having a coordinated approach to answering calls and emails so customers feel confident about purchasing.

Remember: customers just want to buy things. Businesses tend to segregate customers when really they’re just people who want to buy stuff and don’t understand why you’re making it so hard.

The change

Expectations of a tailored buying experience
What it will take to survive: An understanding of your market driven by data and supported by algorithms

The days of junk email and mass marketing are numbered.

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Businesses need to develop a better understanding of what triggers their customers to purchase, then tailor the buying experience to make the marketing process more relevant and maximise those sales chances.

It is not rocket science: make the buying environment more conducive to purchasing by serving up what the customer wants in a user-friendly manner, and quickly, and they’re likely to buy more.

Two things need to happen for this to work: the picture of the customer needs to be data-driven and then businesses need to build an algorithm that will then serve up the optimum experience.

The change

Disruption of delivery methods

What it will take to survive: Offer the fastest, most affordable delivery method possible

The postal service, and to some extent courier services, will change at a dramatic rate. Drone technology has begun to improve and I expect to see same-day delivery offered in major cities within a couple of years. Receiving a package will be a better, much cheaper user experience.

I recommend commerce startups get on board as early as feasibly possible because delivery times will become a major, if not the deciding, factor in many customers’ purchasing decisions.

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The change: Customers will buy IP, not things

What it will take to survive: Differentiate by design

The biggest revolution for retailers will be the uptake of 3D printing over the next decade. At the moment 3D printers are hardly domestic items but once they reach the tipping point, expect to see customers looking to purchase designs rather than items. Retailers will then be forced to differentiate by design rather than production and delivery.

Current models are restricted to plastic replicas, but as technology improves there will be other materials on hand such as fabric and even composites as hard as steel that will widen the scope of what can be bought and produced at home.

Who knows? With more organic materials on offer maybe one day you could buy a recipe and have a meal printed at home.

The future of selling is consumer-led and the ecommerce businesses that deliver the most relevant buying experience with the fastest delivery—whether that’s in a physical package or in a 3D printing pattern—will be the ones that will survive the next wave of changes.

Also Read: 10 must have online tools for small business owners

The business world is changing, but implementing these five ideas will allow you to ‘future proof’ your startup.

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Copyright: siberianart / 123RF Stock Photo

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