The strength of one company lies in its ability to quickly adapt to the current market circumstances and turn supposed obstacles into opportunities. The problem is that, due to the constant development of digital technology and countless other factors shaping the global economy, the business world is changing at a pace that is incredibly hard to keep up with.
Still, we would lie to point out that not every trend currently in development will make a lasting impact or warrant equal attention. Let us take a look then at some of the developments you should really keep on your radar and use to the benefit of your company.
The ecommerce remains strong post-pandemic
The global outbreak of COVID-19 threw a huge wrench into the gears of the global economy and made on-premise retail near impossible. Because of that, the ecommerce sector experienced tremendous 44% growth and managed to cover 21% of all retail sales at the height of the pandemic in 2022. Now that the global crisis is unofficially over, ecommerce manages to sustain a very healthy growth proving that consumers have realized the benefits of this model and don’t want to go back to pre-pandemic habits.
Work-life balance becoming a priority
This one was a long-time coming but we can assume that the general Millennial preferences, the time we have during lockdowns, and the shift toward more flexible work models made good work-life balance one of the most important factors people use while assessing employment options. This is something we should, by all means, keep in mind since the world is experiencing a massive labor shortage, and offering your future employees an opportunity to spend more time with families may win them over.
Evolution of commercial real estate
Even though it took quite a beating over the last couple of years, the retail sector is far from finished proving an incredible ability to adapt to the current climate. For instance, maintaining long-term leases over commercial properties is no longer viable. That is why investors are not that inclined to invest in these types of buildings. Instead, the market is rapidly moving in the direction of modular building that is capable of tackling more immediate market necessities and creating a far learner business environment.
Freelancers, outsourcing, and remote working
The present-day business environment is incredibly fast-paced and requires a high level of efficiency. These standards can’t possibly be met if the companies are wasting their time and resources developing all resources in-house. Therefore, we are seeing a growing number of companies focusing their priorities on the activities that are generating revenue while leaving all the peripheral duties to freelancers, vendors, and contingent workers. This model proves to be very scalable and sustainable in the long run.
The big data becomes even bigger
Running an efficient organization depends on the ability to make informed decisions based on relevant, real-life data. The amount of data we are able to harness in this era is both one of the greatest assets and one of the greatest challenges we need to leverage these days. Be that as it may, new aggregation sources are opening with each passing day and the big data market is expected to double by 2027. The organizations that want to get a fighting chance will need to invest considerable resources in this sector.
Automation of managerial tasks
This trend is a part of the grander story that involves digital transformation and automation where managers no longer have to micromanage countless menial tasks and serve as a middleman between workers and higher-ranked staff. Does that mean this worker profile will simply die out? No, but we will see the shift in what managers are expected to do. In the following period, they will need to build more human relationships with their employees and help them achieve a higher level of workplace satisfaction.
So, these were the top six trends that are currently shaping the business world and setting it up for future development. Of course, this is only the tip of the iceberg and the scale of the storm currently brewing on the corporate horizon is much bigger. But, they do give you an excellent point to start preparing for changes to come. If your company wants to remain competitive in the following period, it is of the utmost importance to stop playing a catch-up game and always remain ahead of the curve.
