On one side the world is facing a pandemic, communities are experiencing health, social and financial strain, governments are framing smart policies; and on the other side, the business world is going through some disruptive changes. Every day, a new trend is coming in and firms are expected to keep a tab on it. While you are reading this, some company in the Philippines is undergoing a digitization overhaul.
Here are the top 5 business trends of 2020 –
The realization that it would take a long time for things to get normal has made corporations embrace work from home (or) remote work. A CFO survey by Gartner reveals that 74% of them intend to shift some people to remote work entirely. Remote work provides a clear advantage of cost-cutting. Other benefits include higher productivity & lower environmental impact. Moreover, it has annulled the physical constraints concern during the recruitment process. So greater employee retention for employers and amazing convenience for employees. Win-win. No more 9-5 cubicle jobs!
‘Going Green’ Sells
Companies are seeking to promote eco-friendly practices by going green. It has become one of the most relevant aspects of corporate social responsibility. From eco-friendly cars to eco-clothing lines, from efficient recycling programs to using renewable energy sources, every company is doing its bit to support environmental sustainability. Consumers now care a lot about the environmental impact of the products they use. According to a report by Nielsen, Sustainability Sells! Consumers are attracted to sustainable advertising. Thus, eco-friendly measures provide an opportunity in gaining the customers’ trust, reducing risks, and progressing returns. Nike’s Space Hippie Sustainable Footwear
Personalization, Personalization & Personalization
The days of advertising everything to every person out there are over. Personalization and Customization now rule the marketing arena. Companies that show the most relevant content grab the attention of consumers. Forbes says that personalization is the only key to retail’s survival. So all smart business folks are gearing up to offer personalized services and give only what their customer wants. Therefore, if you want to win the trust of customers, think dynamically, understand their needs, and match your offerings! All this by leveraging data and technology available at your disposal.
AI as your co-worker
AI is going to replace humans, AI is going to cut jobs. This is a myth. AI acts as a supporting tool. It processes large chunks of data, runs millions of iterations, does all the tedious work, and gives results that aid in business decision making. These traits make Artificial Intelligence a very valuable resource. Business firms are now using AI to optimize internal & external operations, free up the workers to be more creative by automating tasks, and make better decisions. According to a study conducted by Accenture, 80 % of C- level executives believe that they could risk going out of business by 2025 if they fail to deploy AI across their organizations. AI has demonstrated true potential and it is time to make some strategic investments in this trend.
Digital Marketing and E-commerce
Today, both your customers and competitors are online. The E-commerce business has grown over 200% during the last few years. Small businesses who are procrastinating to go online are forgoing their profits. Because when consumers search for products you sell and you do not have an online presence, they will naturally go to your competitors. Having your dedicated website or at least using e-commerce platforms (like Amazon) is imperative in this decade. The increasing hurdles on face-to-face business, trade fairs, conferences, or events pose a challenge to B2B business as well. Digital is the winner here. So, adopt the digitalization trend, and stop your prospective clients from walking away.