By: Christina Nguyen
The ongoing pandemic has undoubtedly toppled businesses all over the world, with many suffering while others thrived more than ever. 2020 was a year of dramatic innovation in order to keep up with a world that had to go virtual nearly overnight. Every event converted to Zoom and retailers depended on e-commerce platforms more than ever.
The tragic and catastrophic events are not only influencing the past and present, but also the future trajectory of business in general. Here are some trends we’re likely to see this year:
Entrepreneurship will increase.
You’ve probably heard the quote “necessity is the mother of invention.” It wasn’t surprising that many businesses turned to innovation to better connect to their customers virtually. 2020 saw a 40% rise in new business applications from 2019! Many people also tuned into their entrepreneurial side to create apps to better help socially distanced folks digitally link up. This was and continues to be a common prompt in hackathons, giving many participants the opportunity to ideate such apps even if the prototype doesn’t reach fruition.
Overall productivity will increase due to digital advances.
2020’s digital advances moved several times faster than usual, giving us new perspective into the true reaches of human ability. Many of these advances involved improved supply chain management, stronger cybersecurity, and refining artificial intelligence. For example, a chatbot powered by perceptive artificial intelligence can help your business communicate with more customers than ever before.
We’ll keep working and learning from home.
While many businesses are starting to reunite in the office again, many will stay virtual. After all, working from home actually increases productivity for many people. It’s now much easier than before due to digital innovation particularly in communication platforms. In fact, 57% of small-to-medium-sized business owners reported that working from home is most likely here to stay post-pandemic.
It’s not just the workforce that’s been digitized, healthcare and education followed too. The usage of e-learning platforms and telehealth dramatically increased as crowded classrooms and hospital waiting rooms became less appealing and downright risky.
If you’ve ever dreamed of being a digital nomad, the time will safely come soon!
Automation means we’ll need to learn more skills.
One impactful digital transformation has been the automation of several jobs. Unfortunately, this has cost many human beings their jobs, forcing them to learn new skills to remain marketable and future-proof.
One way for businesses to enjoy these gains without parting ways with its human talent is to reskill current employees rather than going through the hassle of replacing them. This leads to more business loyalty down the road and also brand perception if the system were to become publicly known.
E-commerce will continue stepping up.
It’s not surprising to hear that receiving packages was the highlight of someone’s day while stuck inside. Knowing this, many companies stepped up their online shopping platforms to further engage window shoppers such as shoppable social media ads. Artificial intelligence also helped suggest recommended products to shoppers based on their past behavior and powered chatbots to serve as virtual assistants.
All this has further personalized our online shopping experience, helping to boost customer retention, loyalty, and conversions.
Augmented reality and virtual reality will further visually connect us.
Businesses knew their customers couldn’t venture out to their shops in person, so they used augmented reality to bring the shops to the customers. Going beyond just well-designed e-commerce platforms, many companies turned to augmented reality to digitally show customers what their product would look like on their bodies or in their homes.
How do you see the business world transforming in 2021 and how are you changing to keep up? We’d like to hear your predictions!
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About Stingray Advisory Group LLC: Stingray Advisory Group LLC is based in Grand Rapids, Michigan and is a proud member of Local First and the West Michigan Hispanic Chamber of Commerce. We help small businesses grow by providing guidance in financial planning, website development, marketing, and more.
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