The future of business – 5 trends look forward to
The world post-pandemic has seen many new trends when it comes to business and start-ups. The unprecedented events of 2020 changed the world. As economies around the world rebuild and regrow, here are a few trends that will change the face of business this year.
- Accelerated Tech Adoption – digital transformation and adoption have become key for businesses to make their mark. Businesses around the world will maximise their digital presence. Websites such as Shopify saw 10 years’ worth of growth in just 3 months during the pandemic. In 2023, E-commerce is forecasted to be responsible for 22% of all retail sales. Global e-commerce sales totalled $5.2 trillion in 2021 and this is expected to grow 56% over the next four years, reaching $8.1 trillion by 2026. Most people prefer shopping online from the comfort of their couches. Besides E-commerce, the growth of Q-commerce and convenient same-day delivery and rapid delivery options add to the digital growth.
With growing online commerce, tech advancements such as CRM, logistics and automation, AI Bots, telematics etc are finding accelerated growth.
- AI and Automation – Improved data collection with 5G has propelled automation. AI today is more than just robotics. Facilities such as Speech recognition, Natural Language Generation, Virtual Agents, Biometrics, Decision Management tools, Biometrics, Machine Learning, Deep Learning and AI-optimised hardware will be at the centre of business growth this year. Advanced analytics and insights garnered through diverse sources will help businesses put this intelligence to work in real-time and utilise AI and automation for augmented growth.
- Sustainability – The world is more aware of the deteriorating plant health and climate change. Therefore, sustainability has taken center-stage for both businesses and consumers. The conscious consumer base of today is looking to invest in businesses with the right environmental and social credentials.
- Hybrid working environment – The pandemic brought the world to a standstill and forced companies to look at their working modules. As the pandemic receded, many workplaces continued to work in a hybrid work module. Employees continue to prefer a mix of both work-from-home centre stage and work-from-office sets up. The same trend will witness further growth in 2023 as well. Rethinking and re-strategizing, employers will be taking into account employee wellness to retain talent. This shift towards Hybrid Flexibility with creative work environments with remote work options, flexible hours and a work-life balance is one of the top business trends of 2023.
- Social Media presence – In the past few years, social media has become a place of infotainment for the majority of the world. As more people spend their time online, businesses are now meeting them there- online. Businesses will be further expanding communities, ads and commerce on Social Media. Social Commerce is also witnessing increased growth. Estimates show that 4.74 billion users are currently on social media. Therefore, businesses will be increasing investment and marketing on social media along with a physical presence for an omni-channel presence.
2024 will be about all things digital. Tech companies have continued to grow 2.3x since the pandemic. Businesses in 2024 will witness massive tech adoption, immersive experiences and hyper-convenience.