Business Trends in France Every Startup Should Take Note Of
In 2021, France has already produced 15 unicorns, according to Statista. Vestiaire Collective (March 2021), health insurer Alan (April 2021), and more recently Shift Technology and Back Market are among the newest members of this exclusive society. Back Market currently ranks first as the most valuable company in France, with a market capitalization of 3.2 billion dollars.
In order for companies to reach the level of success as Vestiaire Collective and Back Market, they need to constantly do research on how business is changing and what the current trends are.
Below is a list of 5 business trends every startup should take note of:
1. Subscription-based businesses
Subscription-based services appear to be performing fairly effectively for both businesses and customers. Furthermore, most businesses, including entertainment, education, and even retail, are already using this approach.
According to certain polls, over 30% of consumers expect their membership payments to rise in the coming year. Consumers are clearly becoming more reliant on subscription services for education, news, nutrition, and other services. This increase is due primarily to COVID-19, which prompted consumers to sign up for the service due to safety concerns.
Subscriptions provide a convenient way to acquire goods and services without having to go through the checkout line. Consumers demand simple and hassle-free purchasing experiences, and subscription model companies meet this need, so consumers buy-in.
2. Environmental Awareness and Authenticity
For a business to operate in a sustainable matter means that it does not do any harm to the environment whilst conducting business. Businesses have realized the importance of being authentic and truthful. Consumers are becoming more environmentally conscious, and many are ready to support activities that help reach a goal that serves a good cause.
Being genuine, on the other hand, isn't always easy. Consumers like to see consistency, therefore businesses should avoid establishing their brand solely to attract clients based on their appearance. Consumers will remember a corporation that pulls a trick only to get attention and make money. If the company states that it fights against environmental issues, it should be a genuine statement.
3. Surging demand for bio-chemical protection products
Masks and hand sanitizers will undoubtedly continue to be the new normal for the coming years. Vaccines are being distributed, but until the pandemic is declared finished, we'll be wearing masks and using hand sanitizers. A variety of enterprises will fill this void and meet the rising demand.
From February to March this year, demand for hand sanitizer increased by roughly 1420 %, while demand for face masks increased by around 410%, according to multiple sources. Hand sanitizers are widely believed to be the most effective approach for reducing the risk of infection transmission between people.
Face masks are also required in many countries across the world, and this need must be met with adequate supplies. Some countries even make it mandatory for citizens to wear masks in public. As a result, it is critical for entrepreneurs to understand this long-term demand and respond appropriately by supplying it.
4. Sustainable products
Consumers are becoming more ecologically conscious, which is leading to an increase in sustainability. Because of growing environmental concerns, sustainability has already become a huge trend in the packaged goods and fashion industries. Consumers are becoming increasingly aware of the problem.
Demand for environmentally friendly products is already increasing in the food and fashion industries. People, on the other hand, aren't just looking for organic food anymore; they're also looking for beauty and clothing products that support the same cause.
Consumers prefer to see organic and sustainably grown labels on many of the products they purchase. Even if being environmentally conscious is not a top priority for you, the idea of purchasing a product that does good is highly appealing nowadays. And it will only grow in popularity in the coming years.
5. Convenient shopping
Consumers are gradually beginning to appreciate mobile businesses, door-to-door services, and the overall convenience that many companies provide. Unfortunately, the COVID-19 outbreak that we've been experiencing this year has fueled this trend. People have learned how convenient it is to sit at home and have all of their needs met at the touch of a button as a result.
Consumers no longer just purchase food to be delivered to their door; they now order beauty services in the same way. Rather than going out and waiting for a manicure, the manicurist comes to the client's home to do the service.
As an entrepreneur, you should be aware that being up to date with business trends is critical to staying ahead of the competition. Apart from staying on-trend, make sure the business model you have chosen to form is the best fit for your product or service. Services like LLC University offers advice on starting a business. Knowing what customers want and how they want it is crucial to making a business and its products and services as appealing as possible. Keep an eye on these trends and make sure you implement them as soon as you see them coming in order to be successful in the future and achieve your company goals.