7 innovative business ideas to be followed in 2018

Doing business in 2017 wasn’t always a walk in the park. With competition so high, it’s always difficult to keep your head above water. On one end, large retailers threaten to snuff out your profits. On the other end, you have high costs and a high turnover eating away at your profits at every turn. It was difficult being a business owner in 2017, and there is no reason to believe that things will be remarkably easier in 2018. However, there is no reason for you to march into 2018 with 2017 problems. What you need is fresh ideas since this is what will help you stand out from the crowd. With a little bit of innovation and ingenuity you can help your business gain traction and avoid major pitfalls, propelling your company into profitability. Here are 7 innovative business ideas you should adopt in 2018.

Artificial Intelligence – Clearly 2018 won’t be the first year that artificial intelligence is harnessed for business, but this coming year marks what should be the breakout year for the technology. Common ideas about artificial intelligence portray the technology as dystopian and threatening. Many see the technology as machines designed to avoid human interaction and/or take over jobs, but applications of AI are far less sinister than those common media images. In 2018, AI will be used to perform redundant tasks and also to process large amounts of data while helping you to save money. The object of artificial intelligence is not to replace the human experience, but to enrich it. Therefore, increased artificial intelligence usage will allow businesses to offer richer, more personalized experiences. AI use will allow you to customize the user experience to a customer’s persona and preferences.

More Interaction – The intersection of technology and social media will lead many to believe that what people want is less human interaction. However, in actuality, the opposite may be true. What business owners have discovered in 2017 is that customers desire a connection to the business they patronize. They’ve also discovered that increased interaction is responsible for building a community around their brand and inspiring more closely-held loyalty. This is true even if that interaction comes through the use of technology such as in the form of the ever popular Facebook Live video. While social media helps to facilitate customer outreach, it cannot on its own substitute for person-to-person interactions. While only innovative for its era, in 2018 business should increase the number of interactions they have with customers so as to create firmer, lasting bonds.

Accepting Cryptocurrencies – Cryptocurrencies have undergone a peculiar process of acceptance. Back when Bitcoin was launched, very few took it seriously. Most thought it was a fad or simply didn’t understand it at all. Now, with Bitcoin and block chain technology perpetually in the news, and with Bitcoin’s value soaring to unimaginable levels, the time for using cryptocurrencies as a punch line is long over. Bitcoin along with the other iterations of cryptocurrencies are here to stay. That being said, more businesses will have to consider the possibility of accepting Bitcoin as a form of payment. While some indeed have accepted this new form of payment from customers, it is still underused as a retail payment method. However, with the spike in Bitcoin value, 2018 may indeed be the year where it makes its big retail splash.

Drone Usage – It was in 2017 that drones moved from fun toys to having real commercial application. A large portion of this validation come from internet behemoth Amazon itself who has repeatedly stated its desire to use drones for deliveries. Whether this application will actually come to fruition still remains to be seen. However, it does appear that commercial use of drones is upon us. Apart from package delivery, companies have considered drones from pizza delivery, surveying, agriculture and security, to name a few. Drone usage is all about having reach where it would normally be physically impossible, keeping costs down and making customers happy.

Personalized Marketing – In some aspects, companies have lost control of their marketing efforts. Robocalls, stock images and generic emails have long made the consumer feel as though they weren’t very important. This is all set to change in 2018 as marketing is set to become far more in tune with the customers themselves. The burden will fall on marketers to make their efforts more personalized and more meaningful to consumers. Consumers don’t want to be wrapped up in a one-size-fits-all marketing scheme. They want to feel as though they count. Thus, in 2018, consumers will demand that their particular wants and needs are attended to.

Augmented Reality – Hearing about Augmented/Virtual Reality usually conjures up images of video games. This is not surprising since entertainment has long lead adoption of these technologies. However the uses of Augmented Reality stretch far beyond what we’ve become accustomed to. In fact, in 2018 we are set to witness an explosion of augmented reality into the workplace. The technology possesses the unique ability to aid its users in visualizing and performing tasks thereby making them easier, safer and faster. Augmented reality has for many years been used for training purposes in applications such as flight simulators and for good reason. However, in 2018 more of these types of applications will be in use in training in heavy industry as well. In addition to this, augmented reality will even help cubicle workers focus better while organizing their workspaces.

With so many innovative ideas, 2018 appears to be a year filled with promise and new opportunities. Being open to new ideas and tactics gives business owners the chance to experiment and see what works best for them. While some of these trends are still in their nascent stages, others have been allowed to take firmer root. Whichever route you decide to go, it is important to remember that no one method will transform your business, but patience and a little hard work will take you a long way.