7 New Business Trends for 2021: Hone your business strategy
Predicting the latest business trends includes understanding the factors that contribute to business growth over the next few years. 2020 has been a difficult year for businesses worldwide with the pandemic hitting us and forcing businesses to go online and adopt a technology transformation. 2021 will be a year of change for all businesses and you’ll need a strategy in place to face the year head on.
Hirav Shah, India’s leading Business Strategist and Business Astrologer™ believes that this year is going to separate the chaff from the grain. Only those who are prepared to accept change and embrace it wholeheartedly will come out on top.
Here are some of the predictions and future business trends he sees taking shape in the coming year. :
Digital transformation is a must
Hesitating to upgrade your technology or adopting new tech can be hazardous to your business growth. We live in a digital era, which makes most company processes automated or completely online. Businesses that fail to adopt to this new normal will suffer with cash flow issues in the coming years. Adopting a completely online business model and having a contingency plan in place for all key employees and processes will help you ride through the crisis.
Rely on data not on instinct
The increasing availability of big data will lead to informed decisions and create smarter investments, along with innovations. Studies have shown that eighty-five percent of businesses will increase their adoption of big data analytics by 2021. With the pandemic affecting the bottom line of most businesses in 2020, frugality will be essential for survival. Data based decisions on where to invest and where to cut back will help you come out on top.
Go mobile first and focus on UX
2021 will see a surge in the number of mobile users, this manifold increase will come from older generations adopting mobile apps for e-commerce and other services as going outside to avail them becomes riskier and riskier. In such a scenario, designing for all demographics to improve accessibility even for senior citizens and less tech savvy users will become essential to capitalize on the wave.
Increase efficiency with Artificial Intelligence
Artificial Intelligence is one of the emerging business trends because business strategists believe that it will help their companies receive and sustain an advantage over their competition in a bootstrapped and highly competitive era. Advances in AI will be used to improve productivity and monitor it more closely, this is essential as your entire workforce will be working from home in the coming year and you’ll have to find a way to ensure that performance is not impacted. AI tools in collaboration, process optimization, automation are no longer a luxury but a necessity.
Demand for sustainability will increase:
Recent business trends include continued demand for sustainability, which includes a noticeable shift in consumer behavior and expectation. People are choosing quality and items that last for a long time, instead of purchasing items that are low quality and lead to waste. For instance, sustainable clothing is gaining awareness and many businesses are taking that route instead of settling for fast fashion. These business initiatives are great for the conscious consumer.
It’s all about personalized experiences
Amongst the latest business trends, one that is really going to take off in 2021 is the need for enhanced personalization. Businesses that offer personalization and customization to their consumers will thrive in 2021. Personalized experiences include services that are based on customer location, unique communication based on various channels, and recommendations based on past purchases. As customers become more and more comfortable with buying online, the game changers will be those brands that allow for increased customization of their online inventory of products or services.
Consumer convenience is king
Cashing in on convenience based on consumer preference, is going to benefit your business in the upcoming year. Customers love to have all their demands met from the comfort of their homes. Convenience is an emerging business trend because people want more services that will make their life easier. This is especially true in a post COVID era, as users will be increasingly comfortable with opting for all kinds of services online.
Why should you consult a Business Astrologer™ about the latest business trends?
When it comes to business strategy for the coming year, it helps if you can have visibility into the trends that will influence your sector in the coming year. Other than broader patterns, if you’re looking for more specific predictions on how your business will be impacted, then hiring a business strategist and Business Astrologer™ will help.
Hirav is India’s top Business Astrologer™ and he is a pioneer of mixing astro advice with business principles for a fool proof business strategy based on certainty. If you’re looking to be more bullish in the coming year and make the right decisions, consult Hirav for a detailed future prediction for your business.