Emerging Business Trends – Capitalizing on New Opportunities
As the business landscape continues to recover from the COVID-19 pandemic, keeping up with emerging trends is essential. From improving your business’s sustainability to streamlining your workflow, these trends could help you gain a competitive edge in 2022.
For example, if people are talking about a post-apocalypse, you might want to start selling survival products or offer emergency services.
1. Remote Work and Education
The COVID-19 pandemic accelerated pre-existing trends that have made working from home the new norm. FlexJobs research shows that search volume for hybrid and remote roles grew by more than 413% over the past five years. This indicates a clear trend that younger workers are more accustomed to flexible work arrangements and will seek opportunities in industries that offer them.
Companies that allow employees to work remotely can improve employee morale, boost productivity, and reduce attrition and real estate costs. In addition, they can open up positions to a wider pool of candidates, including those who need a flexible schedule or can’t commute long distances.
For example, many jobs in the management, telecommunications, and science/technical services industries are highly suited to remote work. These sectors also tend to have a diverse workforce, with individuals from different socioeconomic and geographic backgrounds that can provide unique perspectives. According to Prithwiraj Choudhury, associate professor of technology and operations management at Harvard Business School, businesses with liberal work-from-anywhere policies, such as those used by the US Patent and Trademark Office, see an increase in their overall productivity compared with traditional firms that require employees to be located within commuting distance of the office.
Keeping up with business trends helps you adapt to new changes and take advantage of opportunities. Trends can affect everything from where you store your products to how you gain funding and connect with customers. The COVID-19 pandemic prompted many businesses to pivot their models to capitalize on e-commerce, which is one of the fastest growing emerging business trends.
In essence, e-commerce is the process of selling information, services, and goods via computer telecommunications networks. This includes consumer-oriented marketplaces (like Amazon), consumer-to-consumer auction platforms, multichannel retailers, and the sharing economy—which offers online rental of private residences from companies like Airbnb.
Social media has also introduced its own version of e-commerce through apps like Instagram Shopping and Facebook Checkout, which allow you to purchase products directly on the platform. Even traditional retail stores use e-commerce by selling their goods through third-party online marketplaces. Sometimes the lines between e-commerce and traditional retail overlap—for example, when a customer comparison shops with her smartphone while standing in a brick-and-mortar pet store.
3. Changing Hierarchies
Hierarchy, or formal authority, serves a crucial role in coordinating actions, holding people accountable for results, and increasing productivity. But business trends show that traditional hierarchies are becoming less common and that some may disappear altogether.
To survive and thrive, entrepreneurs must remain up-to-date on the latest business trends. Doing so enables them to take advantage of emerging opportunities such as location-independent companies, niche markets, disruptive industries, and tightly-knit global teams.
Another emerging trend is leveraging existing customers as a source of revenue. For example, Flint Communication in Fargo, North Dakota, leverages holograms at their headquarters to entertain customers and boost sales. This also enables the firm to showcase its corporate culture and demonstrate a commitment to social justice and sustainability. In addition, this approach can improve employee retention and attract talent. Moreover, it can increase brand loyalty among consumers. This is the goal of the papers in this special issue, which provide empirical accounts on novel organizational forms.
4. Virtual Services
Businesses use virtual services to handle a variety of tasks. These range from data entry and email management to customer service and marketing.
For example, brands that can’t afford swanky offices downtown often use virtual mailboxes to have their mail delivered to cheap locations out of town, then sorted and mailed back on their behalf. Virtual receptionists can also improve customer service by ensuring that the phones are answered politely and professionally, even when the business owners are on vacation or out of the office.
Keeping track of these trends is important for business leaders to stay ahead of the competition. A bachelor’s in business administration program can help students understand the scope and pace of these changes. These exciting innovations can increase profitability and overall customer satisfaction. As a result, business owners can thrive even in turbulent economic times. The turbulence of 2023 has just begun, and these five emerging business trends will continue to change how we work and what we do in the future.