If only you could foresee what's shaping business trends or what customers need, you could plan and develop your business. Fortunately, it's very possible to gain a bit of insight into how the market is changing and how the changes affect you.
In fact, industries, and markets have been experiencing colossal and vibrant changes. Currently, key business trends circle around consumer behavior and technology. These include the incorporation of analytics, omnichannel marketing comms, and support.
Markets are competitive, and fast real-time consumer behaviors and preferences will shape future business trends. Clients can now shop without worrying about the language barrier because the company's integrated translation service will come into effect.
This landmark makes it necessary to resort to translation and linguistic services in order to get closer to its target audience. That said let us look at five things to keep in mind with regard to business trends, including what's likely to come next.
This way, you'll have a better outlook on what's happening currently in the market and navigate your business through the various challenges in order to stay afloat.
The app economy, or on-demand economy as some call it, began in 2008, and it's one of the biggest trends to intensify since then. Currently, people want to shop and get their products and services almost immediately, especially if the business has operations in their country.
Currently, about 49% of consumers avoid leaving their houses. In addition, about 50% of them work from home fully or part-time. Hence, they opt to shop online most of the time.
Online purchases with home delivery have increased, and so have online purchases for in-store pickups. For instance, they have been a 17% increase in online spending for groceries.
5G offers three spectrum bands as opposed to one, allowing this network to offer more bandwidth and lower latency. As a result, it opens up more possibilities for AI (artificial intelligence) deployment across various sectors.
This 5G and AI combination launch new avenues when it comes to IoT. A lot of people believe in the potential of AIoT (artificial intelligence of things), where devices are smart enough to categorize, recognize and suggest solutions to situations they see. This can decrease occurrences of false negatives and positives among many people.
Overall, E-commerce has been nothing short of impressive. US retailers have experienced revenue growths of up to 68%, which is more than the previous peak of 49%.
What's more, Americans have increased their social media activity in sites such as FaceBook, Instagram, and TikTok, making these sites more powerful avenues for social marketing.
It has been revealed that 87% of online shoppers believe that they can acquire purchasing insights from social media. Actually, it appears that the younger the shopper is, the more likely they are to get inspiration from these online platforms.
Mobile payments have increased by 40%, according to MasterCard. However, to put this in perspective, mobile payments in the US were increasingly below worldwide adoption rates.
The figures reported indicated only a 10% adoption across all states. This might be because credit and debit cards are incorporated legacy systems. In addition, reward cards and similar promotions have been Omnipresent in American culture.
This is a massive contrast to China, where 80% of people paid for goods and services using contactless options. In 2019 the global market for mobile payment points was valued at over $13 billion, which is expected to increase exponentially.
It's not only the external aspect of enterprises that are changing; internal configurations are also entering an age of transformation. One of the biggest changes in business being witnessed in internal arrangements is the work setup, which is leaning towards remote working.
The advancement of remote working in the last decade was 91%. Now businesses and their staff members have tasted the fruits of that, and it will most likely be the norm in years to come; momentum is on the side of this trend.
As you can see, the future of business circles around the shedding and adoption of new technologies. Legacy thinking and systems need to be dropped, welcoming newer concepts and technologies. This does not pertain to the operation's needs alone but also human capital.