2020 has been a topsy-turvy year for businesses across the globe. While the COVID-19 pandemic halted all businesses for a short time, only some have regained their momentum and been able to flourish since. Business trends have shifted, pivoted, and emerged anew, while seasoned leaders have steered their companies through the lockdown and renewed operations under radically modified settings.
Given below are some of the top business trends to keep in mind for the coming year.
Transforming Business Models
Industries, whether local or global, have been rapidly evolving with technological advances and emerging trends. These shifts have become more frequent post-COVID-19, as entrepreneurs are rethinking and remodeling their products/services as well as their operational efficacy.
In view of the temporary economic halt in 2020, adaptability to new trends and operational flexibility have become essential for the survival of enterprises. As some overnight industry transformations in 2020 indicate, business leaders geared up for 2021 must make innovation a central business goal along with profit and growth.
Remote work
Although the options to work from home or work remotely have been around for a long time, the pandemic has pushed them into the mainstream. To comply with quarantining protocols, most of the big and reputed organizations have mandated that their employees work remotely until the pandemic passes.
While the sudden rise in remote work has been inevitable, it has exuded mixed responses from employers. While some businesses have witnessed excellent leaps in productivity, others have lamented a poor remote work performance by their workforce due to the lack of preparation.
To overcome the latter situation, in the coming year, companies must offer the necessary logistical support, training, and mentorship to their remote workers. Considering the demoralizing effect of the pandemic, they must also ensure their employees are working in the right frame of mind and happily dedicated to their companies.
Information-driven future
Over the years, businesses have collected, analyzed, and used operational data, product/service data, and feedback to improve themselves and their marketing/sales. Moreover, data analysis has enabled companies to cater to their customers’ interests and come up with innovative solutions as well as outstanding business ideas. Comparing various business outcomes, it becomes evident that data-driven businesses have swept away their competitors and stayed at the helm of affairs.
Striding into 2021, businesses need to invest in using data to streamline their businesses and reap the rewards they are missing out on. Plus, they must ensure that their data is safe and not vulnerable to cyber-attacks and/or leaks.
The rise of robots
Automation is one of the most exciting trends of this decade. As companies look to cut costs in terms of salaries and investment, they are realizing that automation is more valuable and cost-effective than some of their employees!
Over the past few years, automation has become a favorite alternative for businesses involved in assembly operations, supply chains, and customer support (via chatbots). Experts predict that in 2021, plenty of white-collar jobs will become fully automated. Watch out for the machine reign!
Online business
Businesses from all industries going virtual has perhaps been the greatest effect of COVID-19. With markets and stores shutting down worldwide, companies have seen virtual platforms as a boon to business.
From showcasing products, cataloging services, to online transactions and doorstep delivery based on GPS tracking, virtual operations have enabled businesses to stay afloat. In 2021, working with virtual, augmented, and mixed realities will give companies a fresh lease of life.
Digital marketing
Virtual marketing has kept customers hooked to their brands for a long time now. Enabling consumers to browse through an inexhaustible range of brand products, virtual businesses have exponentially expanded their local and global market.
2021 will bring amazing profits and open new marketing horizons for companies that utilize digital marketing strategies. They will be aided by digital marketing agencies that offer state-of-the-art marketing tactics.
In summary, 2020 has been a great learning curve for big and small businesses. Companies who have modified themselves as per the demands of the year and adapted to the top trends have stayed relevant. Facing 2021, the greatest lesson is to keep abreast of the real-time shifts and leaps in business trends pertinent to one’s domain. In 2021, it is time to be smart, tech-savvy, and successful.
