This past year for business owners has been a challenging one. Despite the COVID-19 pandemic, owners have had to adapt and overcome all sorts of challenges that have led to new trends in how business is done today. Here are 3 trends that have been growing in popularity and will continue to do so as the year progresses.
Alternative Payment Methods will Continue to Grow
For some time last year, the world went cashless and touchless. The swiping of credit and debit cards was the only form of in-store payment and other electronic forms, such as PayPal and Venmo jumped on for the ride. Since this time last year, the use of touchless payments has increased 69%. It just makes this easier in the grand scheme of things. It is advised that businesses switch to more digital options when it comes to accepting payment for the convenience/comfort of the customer and to possibly make bookkeeping on your side easier. Let AccountingDepartment.com help you make sense of electronic payments coming in, rather than just counting the cash drawer at the end of the day.
E-Commerce will remain a top priority
The lockdowns cause by COVID-19 forced many businesses to shift focus to online retail, however many businesses were already aiming to grow their online presence. Consumers took online ordering to a new level while being quarantined and fast-tracked the growth of the e-commerce world. Fine-tuning your e-commerce presence should be the main focus for any business in 2021. The goal is to create a streamlined and enjoyable digital experience for customers. Mobile-friendly sites are very important as most consumers are now resorting to shopping and buying on their cell phones, rather than desktop computers.
A Continued High Demand for Businesses that offer Virtual Services
If you are looking to start a new business, it may be beneficial to put your main focus on virtual service offerings. If you are an existing business, outsourcing certain job functions within your company to virtual service providers can help you cut down costs and more, while typically receiving more than what an in-house team of employees can provide.
For example, AccountingDepartment.com is a virtual provider of accounting, bookkeeping and controller services. Clients come to us in all kinds of situations. Sometimes money is missing, employees are slacking or the client is experiencing employee turnover or even just rapid growth they cannot keep up with. We can usually provide more comprehensive services than a traditional in-house accounting department at a competitive price - no matter where in the United States the client is located. Not being limited by your location is a major benefit to being a virtual service provider and opens up endless opportunities for acquiring new clients.
Request a demo from us to see if AccountingDepartment.com can assist your company with keeping up with 2021's trends and keep your accounting and bookkeeping in check - virtually!