Top 4 digital trends in the retail industry this year

It is expected that there will be some major trends in the online retail industry this year. It is expected to be a successful year for the e-commerce industry. Retailers will use various technologies and apps to drive their sales. Here are the biggest trends you can expect this year.

1. Mobile commerce

Mobile commerce is growing. People are shopping using their mobiles and tablets. Apple Pay and Android Pay have improved their check-out process. PayPal is earning huge money in mobile payments. People are now spending a lot of time on their mobile. More retailers will implement mobile wallets. This will make the rewards programs simple and give the retailers the chance to interact with their customers.

2. Chatbots

It is a more real-time and personalized approach to customer engagement. It feels very authentic and human. Chatbots provide a very convenient way of customer interaction. Chatbots will offer customers personalized recommendations based on their search history and preferences.

3. Personalized retargeting

The rate of cart abandonment is very high. As people are now using mobile phones to purchase, their attention span has become shorter and so the rate of cart abandonment is even higher. Retailers are using various tools to deal with this problem. Retargeting is one thing they are using. Marketers are sending triggered cart abandonment emails to customers and are seeing positive results.

4. Virtual retail

Virtual reality is giving a more enhanced shopping experience to customers. It is now possible to use virtual dressing rooms to try out gears. Retailers are now adopting virtual reality and it will provide a great customer experience.

If you are in the online retail business, then you should keep track of these trends and adopt these in your own business. Your competitors are doing it and so you should do it too.

4 risks every entrepreneur must take to succeed

Every entrepreneur must take some risks in order to be successful. If you want to support your own business, you should take financial and other risks. Here are some risks that an entrepreneur must take.

Leave your current job

The first risk you must take as an entrepreneur is to leave your present job. Some people keep their job, in case the business doesn’t go well. But you must devote a lot of time to your business which is not possible while doing another job. So, you should take this step even though it is very risky as there is no guarantee of your personal income.

Giving up your personal capital

Some entrepreneurs can start their business depending on external funding entirely. In such case, you will need to look for an angel investor, government loans, etc. Many entrepreneurs must use up their personal savings.

Relying on cash flow

Securing a regular cash flow can be difficult sometimes. You may have a profitable year, but the next year you may struggle to meet your everyday necessities. Your bills may add up and you may have to get money for your emergency fund. You should be prepared for this.

Trusting a key employee

At the beginning, you won’t have a large team of employees working for you. You will have a small group of people who will be working day and night to establish your business. You will have to trust them. You should especially trust those who have special skills and yet are willing to work at a lower salary.

If you want to succeed as an entrepreneur, you must take these risks.But the rewards you will get actually outweigh the personal risks. So, you need to be prepared to take the risks.

5 reasons why you should work for a startup

When you start your career, it’s wise to start somewhere small, like a startup. You will learn more and experience things that you won’t in an established company. Here are five reasons why you should work for a startup.

You can do real work

The works you do in a startup are real; they will have an impact on the business. There won’t be many senior people to help you with your work. Whatever work you do will contribute to the success or failure of the company. You will be able to see the results right away and will be able to share the rewards as well.

Learning and responsibility

When you work in a startup, you will learn a lot. You need to wear multiple hats in a startup. You will be forced to learn new skills and take up new responsibilities. You will be taking great challenges in your work. So, you get to improve your knowledge and as you will be given more responsibilities, you will get the chance to showcase your talent.

Shape the office culture

You can develop a culture of your own. You can have a workplace where people will have fun doing their work. The employees will feel excited to come to the office and do their work in full spirit. If you work in a large company, then you will have to adapt yourself to the existing work culture. You won’t get the chance to change it.

Get opportunity to develop innovative ideas

You will be working with a group of creative people. You will get inspired by every level of work to come up with innovative ideas that can help your business stand out from the competitors. You will learn how to work in a more efficient way.

Starting your own business

When you work in a startup you learn everything needed to start your own business. If you have a brilliant idea but didn’t have the knowledge or skill to implement it, you can get the courage to develop the idea into something realistic after working in a startup.

Working in startups will make you more efficient. You can expand your knowledge and learn how a business can take challenges and operate successfully in a very competitive environment.