When looking for the latest trends in the world of business, there are several that you should be aware of. These include Digital Nomadism, Big Data analytics, Social media commerce, and Sustainability. Whether a start-up or an established firm, you’ll want to stay on top of these trends.
Social Media Commerce
Social media commerce is a form of e-commerce that allows companies to engage with prospects and customers through social media platforms. This can also help companies measure the success of their campaigns. E-commerce is another business trends that has shown exponential growth, especially as of late.
Social media networks have changed from simple ways to share content to sophisticated customer service channels. Today, a large number of consumers make purchases using social media. These buyers are mainly millennials who have grown up in a digital world.
The rise of social e-commerce has enabled merchants to reach a wider audience and offer products to specific niche groups. The average American spends over two hours on social media each day.
Social media commerce is a growing industry, with estimated growth of $604.5 billion over the next seven years. It has opened new avenues of opportunities for small businesses and has created a strong branding presence for influential brands.
As technology and consumer preferences continue to evolve, marketers need to pay attention to the needs of their audiences. Consumers want personalized service, and they’re looking forward to it. They also expect a seamless shopping experience.
Big Data Analytics
Big data analytics is the process of using big data sets to gain insights into the hidden patterns in data. This enables businesses to make better decisions, launch new initiatives, and improve strategic moves.
The need for analytics solutions increases as the amount of significant data increases. Companies are investing in technologies to analyze big data at scale. Moreover, a wide variety of data can be processed, including unstructured and semi-structured data.
Big data analytics also helps companies make smarter decisions and improve customer experience. For example, a company can use big data to increase revenue by making more targeted offers. Similarly, organizations can use the data to better protect their customers by recognizing fraudulent activities.
The market for big data analytics is anticipated to grow thanks to the rising adoption of intelligent applications. Asia Pacific witnessed an unprecedented CAGR during the forecast period. Also, the BFSI segment has an enormously increasing customer base and is projected to take the lion’s share of the global market.
Sustainability is one of the most critical aspects of the business. It reflects how a company interacts with its employees, consumers, and broader social community.
Many companies are beginning to rethink their approach to sustainability. Some find ways to reduce their carbon footprints, while others use ESG criteria to help develop business models. These strategies can have a positive impact on corporate profits.
A recent survey found that nearly five-in-ten major financial players predict that sustainability will be a significant driver of their business in the future. As such, it’s critical for companies big and small to stay on top of these trends.
Another sustainability trend is the growing popularity of electric vehicles. Sales are expected to increase from two million units sold in 2018 to 21 in 2030.