3 Trends in Women-Owned Businesses | Fora Financial Blog
3 Trends in Women-Owned Businesses
January 02, 2018
Trends in Women-Owned Businesses

3 Trends in Women-Owned Businesses

Based on a recent American Express OPEN report, it is estimated that in the United States alone there are about 11.3 million women-owned businesses. These businesses generate approximately $1.6 trillion dollars in revenues and account for over 9 million jobs. As you can see, women-owned businesses contribute so much to the U.S.’s business climate.

If you are a female entrepreneur, you should make it a priority to examine trends amongst woman-owned businesses, as it will allow you to stand out against competitors.

In this post, you’ll find three trends that women-owned businesses should pay attention to, and potentially incorporate into their businesses!

Trend #1: The Buying Experience

When shoppers visit your establishment or online store, they aren’t just assessing your products and services. A major part of their buying decision will depend on the buying experience that you provide. Due to this, women business owners benefit from creating an interactive and engaging environment for customers.

To capitalize on this trend, women-owned businesses should be thoughtful about every step of their buying process. From fonts and colors on a webpage, to lighting and music in a boutique. success is truly in the details. Ask yourself what would make the shopping experience more enjoyable for your target market and then commit to investing in these areas.

Women business owners can especially shine in this area, as fine detailing and reading emotional responses are both things that women generally are more adept at than their male counterparts.

Trend #2: Third Party Platforms

The growth of third party platforms, like Amazon, can be a controversial topic in the business world. Whether you love or hate them, there is little doubt that they are a popular trend. In fact, statistics from 2016 show that Amazon accounts for nearly 60 percent of all sales categorized as “eCommerce.” Additionally, more than 50 percent of all searches for products begin on Amazon.

While third party platforms are not for every business, those that fit the model can often benefit by embracing this venue option. If you are a women-owned business that is just getting started, Amazon or other similar third-party platforms can help as an entry point to get your products noticed without spending a lot of money on marketing. Consider creating a “discounted” or “sample” version to sell through a third-party platform, and then use these sales to market your other offerings that are kept exclusive to your main website. In many cases, a consumer will try it through Amazon and then buy it from your proprietary site going forward. Because women often view partnerships and collaborations as a positive, joining with a third-party platform is often a great fit for them.

Trend #3: Online & Offline Business Merging

In the past, many businesses either had an online store or a physical location, but not both. As market data began revealing consumers’ desire for both, businesses began offering more than one shopping option. Unfortunately, running an eCommerce store and physical location can be challenging, and research shows that merging the two into one seamless operation is a key goal.

In a way, this trend is all about a business’s ability to multitask, a skill that most women business owners excel at in comparison to men. To achieve fluidity between online and offline stores, women-owned businesses and their employees need to know how to balance the roles. This can be achieved by investing in strong technology that can connect the two in real time. Training and communication is also crucial, so you should take time to consider whether an online feature can be practically meshed with your brick and mortar store or not before offering it to customers.

Following Women-Owned Business Trends

Regardless of your business’s industry, you should always be seeking trends that you can adopt into your women owned business. If you know of other trends that women entrepreneurs should consider, let us know in the comment section below.

Fora Financial

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

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Fora Financial is a working capital provider to small business owners nationwide. In addition, the Fora Financial team provides educational information to the small business community through their blog, which covers topics such as business financing, marketing, technology, and much more. If you’d like to see a topic covered on the Fora Financial blog, or want to submit a guest post, please email us at [email protected].