What are the latest business trends for female entrepreneurs in Africa? Continue reading this post to find out our top five.
When it came to losing their employment in 2020, several studies have found that women were the hardest hit. Some were laid off, while others needed to homeschool their children and care for the family. More women in corporate jobs also realized how badly corporate life was affecting their emotional, physical, and mental health. The result of all these is the launch of several businesses by women who are no longer neglecting their personal needs for the big companies. This surge of female entrepreneurs is expected to continue beyond 2022.
Every female entrepreneur should think about what they’re offering their customers and how they’ll run their company in 2022. In retrospect, 2020 was a year of development rather than revolution. This is because female entrepreneurs had to adjust to a new commercial reality. Many industries, particularly the hospitality and events industries, were drastically changed by the pandemic in 2020. Businesses that responded fast and adapted to change were the ones that survived.
Top Business Trends for Female Entrepreneurs in Africa
Female entrepreneurs have always had to consider the shifting business scene. This will be even more critical in 2022 as they must continue to grow and innovate. Let’s take a look at the five most important business trends for female entrepreneurs this year:
Technology To Help You Work More Effectively
In order to stay afloat in 2020, many female entrepreneurs were obliged to digitize their businesses and services. This trend continues to date and because of the work-from-anywhere tendency, women-owned enterprises will need to prioritize technology in their businesses. Female entrepreneurs must continue to hone their skills and preferences for productive remote work, as well as adopt new technology that will allow them to work smarter rather than harder.
According to the State of the Connected Customer report from Salesforce, 68% of customers want a seamless digital experience. The survey also found that the majority of Millennials and Gen-Zers value convenience over brand.
Since many women no longer work 9-to-5 at the office, technology will become the solution for remote employees in 2022. Apps allow them to securely access documents in the cloud and send team messages. They will also help to complete forms and checklists at any time of day or night, keeping employees productive. Their staff are kept connected by technology and video conferencing applications like Zoom or Google Meet. Female entrepreneurs can increase engagement, track time, and streamline onboarding with the right personnel management software. The benefits include lower costs, fewer manual errors, increased accuracy, and efficiency, all of which would lead to higher profits.
Making The Most Of Data And Automation
Forbes found that automation was a major business trend for female entrepreneurs last year and this has not changed. More automated procedures are resulting from the trend toward technology. This helps firms become more efficient, decreasing human error, especially where humans no longer provide value. Automation and online booking systems will become more prevalent, with chatbots taking over customer service inquiries. Warehouses, autonomous vehicles, and trucks that support the supply chain have all shifted in this direction.
This year, more female entrepreneurs would have to devise new strategies for providing service to their walk-in clients. Virtual avatars, for instance, could be used by these entrepreneurs to allow women to “try on” make-up and clothing. Women will become increasingly comfortable with buying online. As such, the trend of “trying before you buy” via virtual interfaces will continue beyond this year.
Think Community – Go Local
For the most part, consumers want to support small businesses and local economic growth. Even though this year, business trends for female entrepreneurs have to include prioritizing customer needs and experiences.
Consumers are far more likely to suggest or buy from a firm when they feel connected to their purpose, values, and business practices, according to the 2020 Zeno Strength of Purpose survey. Since the firms that did well in 2020 were those that empathized with communities by sharing human experiences, this trend is projected to continue into 2022. It addressed customer anxieties and demands by exhibiting empathy, which is something women excel at. Today’s consumers will find it difficult to connect with a brand that lacks empathy, purpose, and vision.
Social platforms, websites, and customer relationship management (CRM) systems are critical for keeping the community connected. They will also help in maintaining ties for female-led enterprises.
Participation In Social Activities
More than 50 million small businesses currently use Facebook for sales, marketing, and customer support. To be relevant in 2022, female entrepreneurs will need to communicate with their clients via social media channels. This year, there will be a major push toward an authentic social media presence that looks behind the scenes. It will match up with a feeling of purpose and community. We will see female entrepreneurs collaborating with industry influencers to generate dialogues and engage with customers on an authentic level.
Consumer behavior has changed since the pandemic and now, they want to be seen, heard, and understood. Female businesses that focus on client relationships and engage on a human level are most likely to succeed in 2022. Personalization is the key here; sending the identical message to all clients won’t cut it. With more targeted social media communications, female entrepreneurs will be able to build deeper, more meaningful relationships. They will also improve brand loyalty and generate referral and repeat business.
E-Commerce Will Continue To Rule
According to Statista, e-commerce will increase to $5 trillion globally in the next four years. COVID-19 accelerated the shift to digital shopping by about five years, according to IBM’s 2020 U.S. Retail Index. As a result, female entrepreneurs still operating from physical stores should consider relocating their operations online this year. This move would allow technology to be used in the workplace as a support and processing mechanism rather than the human touch of personalization and customer service. In an e-commerce business, using cutting-edge technology to gather sales, process orders, and dispatch them becomes important.
Because so many people had to rely on internet shopping during the epidemic, shops that used technology to merge the digital and physical worlds prospered. This tendency will continue beyond 2022 and well into the foreseeable future as more consumers become accustomed to purchasing online.
Conclusion
The year 2020 took the world by storm in more ways than one. Many women found themselves out of jobs and their desperation to survive led establishment of SMEs in various sectors. The pandemic sparked an estimated 25% of corporate women to think about leaving the workforce to take better care of themselves and their families. 2021 was the year that birthed many business trends for female entrepreneurs to gain firmer footings on their chosen business niches. 2022 is shaping up to be a year where female entrepreneurs will thrive beyond our collective expectations.
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