From digital adoptions to cultural shifts - Top ten SME trends to watch out for

The businesses across the world have been hit hard by the Covid-19 pandemic, forcing them to quickly adapt to the ‘new normal’ to lessen the economic impact and remain sustainable. In the United Arab Emirates (UAE), the focus is on small and medium-sized businesses (SMEs) which comprise 94% of all companies operating in the country and employ 90% of the private sector’s workforce. 

From digital adoptions to cultural shifts, more and more companies are now looking at novel ways of getting back to work. With 30 per cent, and gradually 100 per cent, workforce likely to get jump back to working, new protocols are being framed for smooth functioning, and better management of human resource. Here are top ten trends SMEs need to watch out for, especially SMEs operating or planning to operate in the UAE.

1. Most SMEs have been quick to embrace digital transformation to not only adhere to new social distancing guidelines, but also to remain afloat. The trend is expected to only evolve further. 
2. Video meetings will remain an essential part of everyday working. Zoom, Slack, Microsoft Teams, Google Meet, and Hangouts and various other digital platforms for virtual meetings and conferences will remain famous with employers ushering in the ‘work from home’ (WFH) culture in a big way.
3. For businesses, cloud-based apps have already become crucial in enabling real-time document collaboration and co-authoring with remote working being the new norm in the pandemic, and will remain so. 
4. More companies will focus on creating robust technological infrastructures and end-to-end digital processes to function optimally without compromising on critical data security. 
5. Regarding markets, SMEs are looking to connect with their clients and expand their business digitally. Many realtors are offering virtual tours of properties to prospective buyers. The prop-tech company Urban has witnessed a 60 per cent surge in visitors looking to rent and buy property online as the Government of Abu Dhabi has waived real estate registration fee of 2 per cent. 
6. Another trend is use of technology to increase sales revenues. The UAE, for example, has launched a new eCommerce platform — DubaiStore to help home businesses and SMEs involved in electronics, beauty and fragrance, fashion accessories, home and kitchen, and baby products to reach out to more customers online and further increase their profits. Launch of online stores too to tap into the ever-expanding virtual market will remain an accepted trend moving forward. 
7. As more and more people turn to digital payments, FinTech companies will continue to accelerate the digitization of financial services for making transactions faster and cheaper with QR code integration, prepaid cards and utility payments among others. 
8. Artificial intelligence (AI) will also continue to make rapid strides across various industries in the UAE and beyond. Adoption of AI solutions and low-cost AI like chatbots and machine learning is already picking up.
9. Going forward, it is bound to become imperative for SMEs to deploy visual storytelling in their marketing narrative and for the social media marketing success.
10. Remote working has grown by leaps and bounds during the Coronavirus outbreak across the world making it more of a necessity than just a luxury. Post Covid, remote working will keep rising and SMEs will have to adjust to this new normal.

The aforementioned trends and the fast strategy evaluation along with technology adoption will provide quick digital solutions to small businesses to adjust to the new reality. Export Portal is here to help SMEs to further adapt to the growing digital world.