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Preparing a Business Plan This Year? Monitor Last Year’s Spending Trends
As the new year begins, it is crucial for small and medium-sized businesses (SMBs) in retail to examine their past performance before charting a path forward. By reviewing last year’s spending trends and consumer behavior patterns, SMBs can position themselves for future success.
In the e-commerce space, 2025 is expected to see continued growth, presenting opportunities for both online-only businesses and brick-and-mortar stores to incorporate hybrid operations. This growth is accompanied by shifting consumer preferences and a requirement for SMBs to be prepared for hybrid retail environments. By studying last year’s data, including trends in seasonal sales fluctuations and inventory turnover rates, businesses can forecast future performance.
In the era of digital transformation, it is essential for SMBs to leverage historical data from cyclical industries, particularly those in retail. This involves a thorough examination of consumer preferences during peak holiday seasons, as well as assessing how they shifted over the course of the year. SMBs must also adapt their inventory strategies to ensure seamless availability across all sales channels.
The primary takeaway for SMBs is that maintaining an online storefront is no longer optional; rather it is a necessity for long-term survival and growth. In order to achieve scalability, businesses must have the ability to manage their online presence effectively.
In addition to having an online presence, consumers demand quick fulfillment and unique shopping experiences. These demands rely on cutting-edge technology that can connect all aspects of the business, from virtual storefronts to back-end systems like accounting software. For SMBs requiring optimization in specific areas rather than overhauling entire operations with enterprise resource management, integration-focused software solutions are often a more feasible choice.
For those businesses reliant on inventory management, starting with cloud-based inventory management systems can serve as an effective springboard for digital success. This foundation will allow companies to leverage the power of next-generation technologies like artificial intelligence (AI) and machine learning (ML), further streamlining operations and enhancing consumer experiences.
As SMBs embark on their new year’s journey, it is imperative they prioritize technological adoption.
