2022 is the start of a new era. The gaps in the market left by businesses that lost their market shares during the pandemic make platinum opportunities for new companies to quickly establish themselves and become market leaders of the future.
But with opportunity comes competition. There are numerous other small businesses also trying to capture the market, not to say established companies trying to capture back their market share. If you’re thinking of starting a business in 2022, here are some things you need to know.
FBA and WFS
With an economy being so disruptive as it is now, the risk of failing as a business is considerably high. Indeed, most startups fail anyway due to a number of different internal and external reasons. Fulfillment by Amazon (FBA) and Walmart Fulfillment Services (WFS) are two of the most useful programs for new businesses against external risks. These programs offer companies access to storage and shipping at costs much lower than a business would spend storing and shipping goods on its own. This makes it easy for new companies to establish themselves by selling on Amazon and Walmart.
However, it might prove difficult for people with no experience in retail to compete on these platforms. One company, called Ascend Ecom, is helping businesses start and reach sustainability selling on Amazon and Walmart. They regularly post updates about FBA and WFS on their Instagram (@ascend_ecom). Besides automating Amazon and Walmart businesses, the company also helps companies become private labels for some of the highest-selling products on Amazon.
The Metaverse
Social media, as we know it at present, is soon going to become a thing of the past as the internet enters the future. In the next few years, when the Metaverse goes mainstream, 3D spaces and 3D objects will be used to market and advertise products. Cryptographically-secured assets and digital versions of physical products, such as outfits for avatars, will also be sold in the Metaverse. If you want your business to make it to 2030, you have to look forward to adapting to the Metaverse as soon as possible.
The Data Revolution
It is speculated that data is going to become one of the most valuable assets in the future. As Author and Historian Yuval Noah Harari puts it;
“Whoever owns the data owns the future.”
If you’re starting a business in 2022, it will prove immensely profitable in the future to collect data about your customers now. Data can be used to train AI algorithms to give all sorts of analytics about the market. The resulting analytics can allow a business to fine-tune its services, capture a larger market sector, and grow in the process.
