Time does not stand still, the digital revolution has already taken place, and the world of fintech tirelessly pleases us with innovations, achievements in the field of finance and services. The COVID pandemic has significantly changed the way we do business in general. What trends should you look out for if you are a business owner?
So when starting a startup and running a business, pay close attention to these trends.
1) The e-commerce market is growing rapidly. Companies will continue to move to e-commerce. In the year of the crisis, the transition from physical stores to digital shopping accelerated by about five years. Contactless delivery and shipping remain as the new normal
2) Alternative payment options will continue to grow. Another trend that will continue in 2021 and beyond is the dominance of alternative payment options. Global retail contactless payments have increased 69% since January 2020.
3) The remote work format will be preserved and will become common place in business. During the pandemic, not only small businesses, but also large businesses switched to part-time or full-time remote work modes.
4) Companies offering digital (virtual) services will continue to be in high demand.
The pandemic has led to an increase in demand for certain types of digital businesses related to new technologies, virtual health and fitness. These include cybersecurity, home fitness, food delivery, gaming, home improvement, and telemedicine.
5) Using artificial intelligence in business
Programs and devices capable of performing repetitive tasks are called "artificial intelligence". Its main feature is the complete exclusion of the human factor. Important advantages of AI are the space speed of data processing, the possibility of training the system, and saving on human resources. And business owners take advantage of this.
The main trends in the field of AI:
- Recognition of images, speech and images
- Cloud computing for the smart city
- Machine translation
- "Smart houses"
- Self-learning software
- Production of unmanned vehicles and aircraft
- Administrative area: virtual assistants coordinating requests, organizing meetings, booking travel
- Labor productivity: the introduction of exoskeletons in industries that require heavy physical labor
- Communication with customers: AI chat bots
- Financial activities: AI-based accounting systems
- Digital security: implementation of pattern recognition programs.
6) Online education and learning have become part of the educational system
We have noticed how Covid-19 has accelerated the development of the e-learning and online education industry. During this pandemic, 190 countries enacted nationwide school closures, affecting nearly 1.6 billion people worldwide.
So, these were the main trends in business development for 2021. Is your business keeping up with the times? I hope my article was helpful! Share your opinion in the comments below! If you wanna learn more or know more you can contact my team or you can jump into a one-on-one call with me right now clicking one of the the below buttons.
He uses to dedicate part of his life to inspire others and help them achieve the most out of their lives. Since he was 20, he had successfully founded and managed several companies operating in the field of management consulting, wealth management and fintech. He is Member of Institute of Directors in London, Member of Changer Club in Riga, Member of Fintech Association of Hong Kong, Member of Singapore Fintech Association, Member of Non Executive Director Association in London and Member of Alumni Network of Draper University in San Francisco. He loves travelling, he is a cigars lover, an amateur golfer and a dapper man.
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