With the pandemic and so many changes happening in the world at such a quick pace, whole industries have felt the brunt of Covid-19. Even despite the pandemic, with the turn of the decade, the business industry has been changing and adapting to technological advances. We’ve compiled a list of some of the main things to expect in the world of business.
With the rise of business giants like Amazon and AliExpress, you can buy mostly everything online. While traditional businesses and fast fashion shops like H&M are still around, it is expected that within the next 10 years, fashion will almost completely move online. With the pressure to follow trends, and the uncertainty of the fashion industry because of the pandemic, expect most sales to be done online. Most if not all businesses will have to transfer online to stay in the market.
Overpowering of cryptocurrency/ cybercurrency
Cryptocurrency or cyber cash has been making waves in the past years. According to experts, cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes double-spending, counterfeiting, and fraudulency nearly impossible. One of the most popular cryptocurrencies, Bitcoin, was created as a rival to gold, and as Millenials don’t buy gold, they put their money into cryptocurrency. Millennials are growing into the workforce, and in the next decade, as Generation Z comes into the workforce, a big boom in cryptocurrency is expected. Cryptocurrency has been named a very good stock to invest into in the future. With the development of cryptocurrency, bank cards and paper bills are expected to go obsolete. Everyone will be paying with cryptocurrency in the upcoming decades.
The Food Industry will have a setback
Even currently, with the pandemic, the food industry is suffering to keep afloat as restrictions force them to close down. Restaurants aren’t able to allow customers to dine in, and a huge share of their profits are cut down. Sit down restaurants will face the greater amount of the brunt while fast food franchises will fare well as customers don’t have to wait long for their meals. Fast food franchises can also implement delivery services like DoorDash and UberEats while it is more difficult for an independent business to do so. With people all over the world filled with uncertainties, processed food is also sure to make a comeback as people are secure with the idea of getting food that will keep well for a while, over more nutritious and healthy home cooked meals.
Marketing will be incredibly important
Customers will look to marketing with an even closer eye to see if your establishment is worth their time. If you are in a niche market where your service isn’t done online, you will need some really special marketing to differentiate yourself from your competitors. With a new tech influenced generation coming of age and entering the workforce, marketing and technology will be even more intertwined than in the past. Expect new social media platforms like Instagram to pop up and take the world by storm.
New industries will develop and grow
While most industries will be online, and with the world of business engulfed in e-commerce, new industries will develop outside of the standard that will cater to specific customers. Businesses such as pottery businesses and the art industry will develop independently from other industries as they cater to individual needs and don’t require e-commerce to stay afloat. Specialty hand crafted items may have a boom in sales as the new generation wants to have a hold on something authentic.
Small businesses will be engulfed
With the rise of corporations, small businesses will be taken over by big name companies to starve off the competition. Most small businesses will begin online before they even think about opening offline locations. In order to stay open, small businesses have to be incredibly exclusive- it’s cheaper, easier and more convenient to shop at a big business that sells the same things as a small business and even if customers want to be loyal to a small business, they can’t argue the convenience that comes from a corporation. Small businesses will have a hard time staying afloat, but they will still make up over 75% of our economy.
With so much going on, life will once again change. But as we’ve been adapting to this ‘new normal,’ most of the changes in the business world will seem like second nature and some others such as cryptocurrency may take years and years to occur. Business is an interesting field. It is as ever changing as the seasons, and as an entrepreneur it is up to you to fight the changes and gain your successes- it’s just a matter of how and when you do that.