Despite the lingering impact of the pandemic, franchising is still alive and well, but a little different. The franchise business model is rapidly evolving as brick-and-mortar retail operations fade in popularity and more and more products and services not only move to the online space, but prioritize offering digital services. What’s in store for franchises?
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1. Viable Supply Lines
One of the most prominent franchise trends is a focus on making supply chains more environmentally friendly. Expect to see many franchise brands begin to use proven strategies to make their operations more environmentally friendly, as consumers hold companies accountable for their impact on the planet.
These strategies typically involve using green energy and products that are both eco-friendly and make supply lines more efficient. This social responsibility will attract more consumers while also making supply chains more sustainable for franchises.
2. Community Accountability
Corporate ethics, morality and social consciousness are becoming increasingly important for consumers, especially those aged 20-30. Franchises can attempt to improve their market perception by, for example, using social media to share company values and examples of community accountability. Transparency has been one of the top franchise trends for a while now, and it continues to be a priority for franchises as consumers care more about it.
3. Embracing Digital Technological Changes
Franchise trends are still being influenced by the era of remote work and digital transformation, key trends that accelerated through the 2020 pandemic. Franchises that deliver products or services virtually (such as via apps) have seen consistent growth in sales that are likely to continue.
Virtual “seats” to traditionally in-person events like conferences or entertainment will still be offered. Furthermore, franchises will still be innovating to meet consumers’ needs better even after the world continues to return to a post-pandemic sense of “normal”.
Perhaps prompted by the increased focus on health and well-being in during the pandemic, franchises that focus on mental health and self-care should thrive. Franchises that focus on spa, yoga, and exercise experiences will also do well.
If you’re ready to start your dream business or already have one but need cash to capitalize on one of these franchise trends, Unsecured Funding Source (UFS) is here to help along every step of the way. We have over 15 years of business franchise start-up and acquisition lending experience, and our experts will give you the advice you need to get the best rates and terms on unsecured loans. Apply for an unsecured loan with UFS today!