By staying up to date with the market trends in Pakistan, you as an entrepreneur can help plan and grow your business to meet the demands of the people.
To provide you some insight into how the market is changing and how the changes affect your long-term business strategy, we have put together a list of the top market trends in Pakistan.
Over the past few years, entrepreneurship has seen amazing changes.
The trends in entrepreneurship are constantly changing due to the Pandemic, shifting customer expectations, and technology advancements.
Let's get started and look at the top market trends in Pakistan that you need to be aware of.
The 5 Most Important Trends to Keep Track of
1. Reemergence of Email Marketing
Okay, so email marketing is still around, but other digital marketing tactics have received a lot of attention recently. Email marketing is a dependable, economical method of expanding your reach, nevertheless.
Hubspot reports that millennials prefer email over all other forms of communication for getting updates from their favourite companies—73 percent of them.
But why is email marketing returning at this time?
Well, a lot of it has to do with how search engine results pages (SERPs) are changing and how the distinction between paid and organic search results is becoming more hazy.
The golden grail of long-term, sustainable traffic, search engine optimization (SEO), is no longer what it once was.
Paid results and highlighted snippets have significantly clogged up the Search Engine Results Pages (SERPs). It's more difficult than ever before to get visitors from organic results because there is more room set aside for sponsored advertisements in Google search results.
Additionally, it is more difficult to distinguish between paid and organic listings, which may confuse and irritate users.
The next issue is social media. Why? Since you frequently have to pay to boost or promote your posts, it is more difficult to reach an organic following in this manner (at least cost-effectively).
Instead of relying so heavily on social media or SERPs, think about developing a strong subscriber list because email marketing isn't a new trend and it's not going away.
Furthermore, email marketing has demonstrated outstanding ROIs in the past. According to the Data and Marketing Association, email marketing can have a return on investment (ROI) of up to 42 times the initial cost.
Moreover, your email subscribers have given you the go-ahead to deliver your message directly to their inboxes.
And perhaps most significantly, emails are read.
This provides you the chance to educate them first, add value, and earn their trust. When they're prepared, transition into a soft sale. Your email newsletter and announcements can still be a vital point of contact for clients even if you don't sell digital goods.
2. Connecting Through Entrepreneur Communities
Communities of new entrepreneurs are forming everywhere. Members of these groups publicly exchange company plans and marketing techniques, even figures for sales!
Entrepreneurial communities assemble inventive, creative people to support their growth. There is someone willing to celebrate with you when you are doing well and commiserate if you aren’t.
Within the same community, you'll discover
- members at every level, from aspiring business owners to those who have achieved great success.
- Investors seeking to interact with promising startups and their founders frequent communities.
They offer excellent networking and educational opportunities.
You can find such communities at the following:
- Slack channels
- Reddit Communities
- LinkedIn groups
- Facebook groups
We may benefit from other entrepreneurs' experiences and faults because of the times we live in. These days, social media is a boon, and sites like Facebook and LinkedIn enable us to interact with entrepreneurial communities and gain perspective on a variety of issues.
The communities support networking, successful company concept discussion, and providing a window into the success stories of companies. They also help you learn about a variety of initiatives for entrepreneurial growth.
Communities are good places to learn, and joining one extremely simple.
3. Social Commerce
Social media platforms, in particular, have grown in importance as mobile phones have as a channel for e-commerce.
Social media use has naturally led to the growth of social commerce.
As social media grows in popularity, many people just began doing something that seemed fairly normal - they began purchasing and selling online on social media platforms.
Social media does, after all, have users who may like and purchase something. So why not advertise your products on social media?
In fact, eBay acknowledged this and created an integration as a result to add social functionality to their eCommerce platform.
As social networking and eCommerce both gain in popularity, social commerce is a logical next step. According to Mashable, there are numerous types of social commerce, including user-curated shopping, group buying, peer recommendations, and sales that are influenced by social networks.
Speaking about Facebook, the social media behemoth reopened Facebook Marketplace in 2016.
Executives became aware of this endeavour when they saw how customers were making organic purchases and sales on their platform.
In fact, 30% of internet buyers frequently use social media sites like Facebook to make purchases.
Facebook took advantage of this use, improving social commerce. Users can advertise their goods using the Facebook Marketplace feature.
We anticipate more social platforms to follow suit over the coming few years based on current social media trends.
Additionally, a lot of people are not only getting into social selling but also excelling at it. As a result, we shouldn't just anticipate a rise in social commerce participation. In the upcoming years, social selling could likewise be expected to advance in sophistication. This includes sets of cutting-edge digital tools and best practices for every platform.
The Markaz app uses this market trend in Pakistan to help individuals create their own online businesses.
The social commerce revolution is being introduced to Pakistan through Markaz. We are an online store where you may acquire some of the top goods that your clients require. Start your own online business, sell these items there or to friends, and work from home.
The Markaz App uses data and technology to give its users the best possible experience and to enable them to do more.
At Markaz, we are putting a lot of effort into accelerating Pakistan's eCommerce journey. As we coordinate Pakistan's top suppliers and reseller community, our resellers can earn up to Rs. 45,000 every month.
Our resellers are content to work hard for a living. To launch their firm, they don't need to make any investments.
To efficiently sell, resellers use their network by sharing on Facebook, Instagram, Whatsapp, and other platforms.
We oversee the processes for delivery and cash on delivery and ensure quality-related returns and reimbursements.
Becoming part of the growing community by downloading the Markaz app today!
4. Niche Markets
A growing percentage of consumers need products that are very particular and occasionally adjustable. To put it another way, this is where a customer-centric approach will end up. Additionally, niche markets thrive in environments with great customer centricity.
These days, a lot of businesses cater to specific customer interests. Fast food restaurants now pay attention to vegan and vegetarian customers.
Fashion collaborations are also commonplace. These supply specialized goods to niche markets, such as the footwear industry. Some individuals could even dislike the shoe company itself but since they have an admiration for the co-designer of the shoes they purchase as a result.
Many new niches are expected to become quite lucrative in the upcoming years, according to analysts.
The following niche markets are emerging and gaining strength right now:
- earth-conscious individuals,
- remote employees,
- and locals.
Through their choice of clothing, accessories, and cuisine, customers seek to express who they are and where they come from. Some people have greater passion than others. So, in some niche markets, highly specialised products are popular.
Changing societal tastes combined with social and mobile commerce result in the emergence of more digital business niches. In addition, the pandemic has brought attention to previously unnoticed procedures and services, which are now regarded as a convenience.
Entrepreneurs must therefore monitor these niche trends. There might be chances there. Threats could also exist. Your market share may be being devoured by some specialised companies.
5. Personalization Through AI and Big Data
Data analytics and artificial intelligence (AI) are other technologies that organisations cannot avoid.
These two innovations are a perfect fit that enables organisations to gather enormous amounts of data and apply machine learning to interpret that data.
Businesses can identify new efficiencies in internal operations or improve the targeting of marketing efforts by using the knowledge they obtain from doing this.
Big data today allows for a great level of customisation, according to Apfelbaum. Because you can foresee what your customers desire, you can use it to create a unique user experience.
According to Apfelbaum, AI is capable of more than just contextualising commercial data.
It's less expensive to get started than you might imagine, whether small firms want to use machine learning and data analytics for marketing or finding new efficiencies at work.
You may use AI and automation in a very cost-effective manner, according to Apfelbaum, depending on the nature of your organisation and your goals. For many of the tools available, you only need a single personal business licence.
You must consider how your consumers are evolving and how you may adapt in order to meet your objectives.
As a small business owner, keeping tabs on market trends in Pakistan can help you give customers exactly what they want.
We may anticipate more fascinating business trends in the upcoming years as the pandemic starts to wane. Until then we hope this list had your mind racing to reach new heights.