In the wake of global events, there are certain strategies to be carried out to strengthen the brand as well as market trends. In order to deal with the current situation in such a way that it interferes in a minor way in the business.
The immediate economic ramifications from the invasion will be significantly lesser than the sudden economic shutdowns stemming from the coronavirus in 2020. Companies will be keeping an eye on the developments in Europe, and with that in mind, here are some of the industry trends they can expect to see this year.
It is necessary to specify, that the global data economy is projected to grow to $103 billion by the year 2027 – we already see some businesses being built entirely on the back of big data. Take nstand.com, for example, a company that, from a database of over 19,000 stand builders worldwide, provides clients who want exhibition stands with five tailored proposals.
1. Big Data
Big data is a segment that is growing at a remarkable rate, more than double what was projected back in 2018. 59% of organizations worldwide use big data analytics in some way, according to a 2020 Micro Strategy report.
Given the expected profit gains, at least a 9% increase over five years, this is a trend that companies will find increasingly perilous to ignore.
2. The boom in e-commerce
The pandemic changed the way people acquire goods and services. E-marketer predicts that 22% of worldwide retail sales will be made online by 2023.
Shopify’s future of E-commerce report indicates that as retailers were forced to shut down during the height of the pandemic, e-commerce global sales rose to 16.4%. That growth represents a 10-year growth in just three months and is an all-time high.
E-commerce’s trend is only upwards, mainly because of the convenience it offers consumers.
3. Remote workers
Because of the lockdown, many workers could suddenly no longer travel to the office and had to work from home. Though hesitant at first, both companies and employees are undergoing a paradigm shift as they realize the benefits of working from home.
Employees do not need constant supervision to be productive. On the contrary, many studies have shown that when workers can manage their own time (instead of a 9-5 day), they are more productive and therefore more profitable.
An Upwork study predicts that 22% of the American workforce (36.2 million) will be remote workers by 2025.
4. The move to sustainability
Strangely enough, climate change has been moved to the forefront of consumers minds. Sustainability is part of most companies dialogue nowadays.
Innovations and start-up companies are popping up in green sectors such as renewable energy, agriculture, water, waste reduction, and other non-renewable resources.
Big companies are also investing more in new greener technologies. For example, we will continue to see carmakers race to bring more viable electric vehicles to the market.
Consumer demand and government regulations will see more companies go green.
In summary, we will see how the online world is increasing and entering the business environment, so we need to know how to operate in the internet marketplace. Digital acceleration is the way of the future, and as supply chains normalize, we can expect growth and innovation to increase in this sector. This includes the move to greener, more sustainable processes.