The world has changed so much in the last many months. Indeed, you will agree that 2020 has been a big year.
According to experts, below are a few business trends that are likely to dominate in 2021, along with tips on how to position your business for growth:
- Businesses will continue to prioritize e-commerce:
While e-commerce was already growing before the pandemic, a report by IBM shows that the shift away from physical stores to digital shopping has sped up by roughly five years. According to the report, e-commerce is projected to grow by 20% in total in 2020. To prepare for this shift in consumer spending, it is important to fine-tune your business’s e-commerce presence in 2021. Create a seamless e-commerce experience for your customers by making your site mobile-friendly.
- Alternative payment options will proliferate:
Another trend that is likely to last into 2021 and beyond is the dominance of alternative payment options. In their annual State of Retail Payments study, the National Retail Federation found that no-touch payments (e.g. contactless credit and debit cards or mobile pay) for retailers have increased 69% since January. Among retailers that have implemented contactless payments, 94% expect the increase to continue over the next 18 months. Heading into next year, you might consider exploring touchless payment options for your business, including online payments with curbside pickup.
- Businesses that offer virtual services will continue to be in high demand:
According to the U.S. Chamber of Commerce, the pandemic has led to increased demand for certain business types, particularly those related to technology and virtual health and fitness. These include cybersecurity, at-home fitness, food delivery, gaming, home improvement, and telemedicine businesses. If you are considering starting a business, or are looking for ways to pivot or expand your business, you can look into these business categories for inspiration.
- Working comfortably from home:
When employees were under lockdown orders due to COVID, companies had to quickly adapt operations to a remote workforce. Now that there are some distance and lessons learned from that initial experiment, most businesses are now rethinking their entire business model. Are offices still needed? Some companies experienced an increase in productivity when their workforce went remote. However, working from home wasn’t ideal for others. Therefore in 2021, businesses should consider reimagining their own workspaces as well as provide the proper support for people working from home, such as providing them with the right office equipment, mental health support, etc. This way, everyone can work from home comfortably. Regardless of how your business fared in 2020, 2021 offers another opportunity. Look back at what you did or didn’t do and afterwards, set the pace for what you should do now.
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