Looking for a way to boost your business’ overall performance and resilience? Understanding market trends will show you where the market is headed, what opportunities are available, and what risks you should avoid – allowing you to make smarter decisions. In this article, learn more about business ideas and market trends in BC, and find out how your business can adapt to survive in the long term.

Sustainability

More and more consumers are choosing brands and products that align with their values. According to a recent NielsenIQ study, 78 percent of consumers say that leading a sustainable lifestyle is important to them – with 30 percent being more likely to buy products with sustainable credentials. 

It’s safe to say that consumers are becoming more aware of their consumption habits. Small businesses should aim to offer sustainable options and make a point to share their commitment to helping the environment. Ideas include:

• Using sustainable or reusable product packaging
• Reducing waste and energy consumption
• Opting for eco-friendly suppliers

Check out our Sustainability landing page to find resources for small businesses to reduce their environmental impact without breaking the bank.

Experience Economy

Young consumers are demonstrating an increasing preference for purchasing experiences rather than owning things. To adapt, your small business could create engaging online and in-person experiences. For example, planning in-store events is a great way to draw customers to your business and get them excited about your products. 

Also, younger people are spending an increasing amount on access to goods and services rather than ownership. This trend reflects the growing environmental awareness that’s connected to the preference for eco-friendly and reusable products.

Website Accessibility

Here are some reasons why it’s important to have an accessible website and how it can benefit your business:

• Enhanced inclusivity – Accessible websites ensure that people with disabilities can access and interact with your content. This means more people can engage with your website.
• Increased reach – Having an accessible website opens it up to a wider audience. This could generate more site traffic, engagement, and even potential business opportunities.
• Improved user experience – Accessibility features, such as alt text on images and captions on videos, boost the overall user experience. These features benefit everyone since accessible websites are generally easier to navigate and more user-friendly. 
• Build trust – Showing your commitment to accessibility will build trust among your audience. Making a point to create an accessible website shows you care about all users and are committed to providing an equitable online experience.

Website accessibility also means mobile accessibility. Nowadays, more people access the Internet using cell phones rather than computers, so having a seamless, accessible experience across all devices is key. 

Discover more resources on our Website Accessibility page.

Technology and AI

New technology and AI offer many opportunities to improve efficiency, enhance customer experiences, and stay ahead of competition. Here are some ways to integrate new tech into your business:

• Keep up with customer preferences – You can use digital tools and data to stay up-to-date on customer wants and needs. For instance, use online reviews or surveys to gain insight into customer expectations so you can cater to them and gain a competitive advantage.
• Stay organized – There are tools that can help organize projects and tasks, social media content, meeting notes, hiring, and much more. This frees up time to spend on more important, engaging work.
• Improve customer service – New AI-powered chatbots allow you to provide around-the-clock customer assistance. They can respond to simple inquiries, prioritize issues based on severity, and route issues to human employees, keeping operations fast and efficient.
• Boost productivity – Using AI tools to speed up manual, repetitive tasks leaves more time for important work. Grammarly, the spell-check platform, is an example of a resource that can free up time you’d normally spend editing emails, social media posts, and so on.

Growing Population

A growing population means more demand for goods and services. Small businesses in retail, hospitality, healthcare, and more will have the chance to flourish. But, as the population becomes more diverse, keep an eye on how consumer preferences are changing.

In construction, there will be an ongoing need for services related to housing, transportation, and city planning. The demand for affordable housing will also rise, so businesses in construction, home improvement, and real estate may see a need for more affordable options.

A bigger population may also impact the labour market. While small businesses may have more workers to choose from, they may also face competition for talent. Businesses may have to offer increased wages and even competitive benefits to attract new employees.

High Borrowing Costs

In 2020, the Government of Canada announced the creation of the Canada Emergency Business Account (CEBA) program. While this was incredibly helpful for small businesses during the pandemic, many were unable to repay their loans. 

Now, small businesses are struggling in the face of unpaid CEBA loans, as well as high interest rates, inflation, and rising prices for supplies, labour, and rent. As a result, payment delinquencies, or the state of being past due on a debt, are rising both in BC and nationally.

All of these factors are forcing small businesses to tighten their belts and reevaluate their strategies. Whether this means cutting back on non-essential spending, negotiating with suppliers, raising prices, or seeking alternative financing, finding cost-saving opportunities and adapting are key for small businesses to stay afloat.

Need help? Take a look at some of our resources:

• Talk to an Accountant Advisory
• Cash Flow Planning for Small Business Video
• 3 Ways to Maximize Your Business’ Cash Flow Efficiency

Small Business BC is Here to Help

SBBC is a non-profit resource centre for BC-based small businesses. Whatever your idea of success is, we’re here to provide holistic support and resources at every step of the journey. Check out our range of business webinars, on-demand E-Learning Education, our Talk to an Expert Advisories, or browse our business articles.