“When looking at trends, I always ask myself basic and timeless questions about business, and the one I seem to always come back to us, ‘How is this different than anything else in the marketplace.”
– Daymond John
The year 2020 was a game-changer for everyone, especially in the world of business. The pandemic spread so fast that it slowed down the business economy all around the world. Every individual went through some form of hardship. The pandemic gave birth to a new world, but unfortunately, nobody had any guidelines to survive in the new world. Thus, companies started developing different and innovative tactics to save their businesses and cope with the new lifestyle. Working from home became a new norm, and therefore businesses realized that their business models should go well with this new norm. From increased tech use to hybrid working styles and social media marketing, the pandemic accelerated many business trends that existed before COVID-19.
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This blog post will share some of the unique business trends that everyone should be ready for. You can also find more emerging business trends by looking at forums where business assignment help providers share ideas.
- Innovative business model
Even in the pandemic, companies are adapting rapidly to the changes happening around the world. Therefore, companies need to be prepared for market changes and understand the most relevant business model in 2021. For example, restaurants in 2020 focused more on delivery systems since not many people were visiting restaurants to control the pandemic. Take, for instance, sectors like the hospitality industry and event industries have entirely transformed in 2021.
- Social media marketing
The pandemic has also exponentially increased the time and energy we spend on social media. During the first lockdown, an immense number of people spent extra hours of their day online watching Tiktok videos or binge-watching on Netflix. So, it is no surprise sites and apps have been a growing target.
Social media is blowing up due to the pandemic. It has become a trend that will continue to grow in the future. The insurance firm Finaria backed this with an estimation of social media ads increasing by 15% in 2021. In addition, there is immense growth in influencer marketing, and the trend is expected to rise throughout 2021 and beyond. Like celebrity endorsements, even social media marketing needs support for large social media platforms to bring awareness of products, brands, or services. Finally, there is an effective way to reach potential customers.
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Even micro-influencers with 1,000-100,000 followers can improve the visibility of the brand. As influencers have higher levels of engagement and active channels, messages from influencers are most likely to resonate with followers.
- Contactless delivery
The highly infectious disease COVID-19 is the reason behind most businesses starting delivery service options. They are maintaining all protocols for contactless deliveries. Now, it has become a standard practice for major companies.
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As per Carlos Castelan, Managing Director of The Navio Group, contactless delivery is predicted to continue even after restrictions are lifted. This is because many local and small businesses believe contactless delivery will prove to be a helpful method. And since it deals with online payment modes, it eliminates misuse of money and even lowers the cost of converting physical cash into digital currencies.
It is predicted that 2021 will see increasing use of automatic delivery services like autonomous vehicles and drones shortly.
- Expansion of videoconferencing and remote working
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Both areas had seen rapid growth during the COVID-19, and it’s more likely to grow in 2021. For example, zoom started as a startup in 2011, but it became a common household name during the pandemic. Other corporate tools facilitating video conferencing systems and remote work across the globe include Microsoft’s Teams, Cisco’s Webex, GoToMeeting, Google Hangouts, and Verizon’s BlueJeans. In addition, startups like Figma Bluescape, Slab, and Eloops have a visual collaboration platform that enables teams to share and create content, track projects, interact, train employees, run virtual team-building activities, and more.
- E-learning as part of the educational system
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There was a nationwide school closure among 190 countries during the pandemic, which affected almost 1.6 billion people globally. The online education system has become a major opportunity for colleges, schools, and coaching classes since they can easily arrange and conduct classes via videoconferencing. Institutions are pursued to complete their curriculum online till everything returns to normal. Online learning software is witnessing a growth never like before.
- Increased development of new applicants, 5G infrastructure, and utilities
Since the demand for online education is increasing, so is the need for higher-speed internet. In addition, the shift toward smart cities, well-connected homes, and autonomous mobility has pushed the advancement of 5G-6G internet technology. In October 2020, Verizon announced a vast expansion of its 5G network, which will reach more than 200 million people. There had been a rapid growth of 5G deployment in China.
Over 38 operators are currently investing in 5G. Startups such as Movandi are working hard to help 5G transfer data at greater distances. Seadronix from South Korea uses 5G to power autonomous ships. Drones use 5G networks for better navigation and use IoT for better communication with devices on board.
- Growing awareness
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Amidst the COVID-19 pandemic, the world was shaken by other events like the Beirut explosion, the burning of the Amazon rainforest, The USA political happenings, Australian bushfires, the Black Lives Matter movement, the Amphan storm, and more. It was a rough year for everybody. Thus, there is an emerging need for guidance, emotional connections, and positivity. Consumers expect to see ethnicity, inclusivity, and sustainability in the brand message. Since the generation is most likely to face serious consequences of climate change, thus companies must advocate for sustainability and take steps for a better future. There is a high expectation among customers for packages and marketing materials to be environmentally friendly and modern. Both advertising and marketing efforts must be mindful of the current customer needs, sentiments, and political climate. You can check out these ads that could gain virality, support, and even brand awareness.
- Growth in micro-mobility
At the beginning of COVID-19, there might have been a slowdown in the micro-mobility market. But they are currently viewed as convenient transportation alternatives since they meet social distancing norms. For private micro-mobility, the micro-mobility market is expected to grow by 9% and 12% for shared micro-mobility. Moreover, as per the U.K. government, petrol and diesel-fuelled car sales are expected to be banned after 2030, resulting in driven interest in micro-mobility. Some of the key startups leading the global micro-mobility industry are Skip, lime bird, and Voi.
- Telemedicine and telehealth
Health care institutions are working hard to lower the exposure of COVID-19 to workers and patients as much as possible. They have started providing facilities like A.I. avatar-based diagnostics, no-contact-based medication delivery, and doctor-patient video chats. Some popular public companies offering healthcare services are Livongo Health, Humana, teladoc health, and one medical. In 2021, we expect to find health care advancements in A.I. and biotech and machine learning opportunities to support admin work, robotic health care, and diagnosis.
- Remote working is here to stay
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Think again if you expect your employees to rush to the company once the vaccination is done or the pandemic subsides! Many businesses find remote working to be a better option. Online video conferencing made it easier. CEO of Facebook, Mark Zuckerberg, even said that he plans to let half of his workers work remotely permanently. Slack, Twitter, Spotify, and many other companies have expressed their desire to continue this work mode for the long term. This might not be the case for any company, but they will stay open to flexible remote policy. Due to this companies are willing to invest in infrastructure and virtual tool that helps the productivity of employees.
The above business trends for 2021 will leave a significant impact and will boost the business organization. Soon the business will adapt to these trends and changes and will earn tremendous growth. Business must take a look at these trends and be ready to implement these to achieve success. They must create a new business model that includes all the business trends.