It's no secret that the pandemic has disrupted almost all aspects of the business landscape since 2020. Many of these changes happened in what felt like an instant, and companies were forced to quickly adapt and evolve in order to maintain their workforce. Companies that were able to acclimate to the new trends in their industries, and are continuing to do so, are consistently coming out on top.
Our recent article, The Top Challenges Every Business Should Tackle in 2022, provides tips to position your business for success in the short term. Now, let’s change gears and focus on the long term. While we can’t predict how the world may look in five years, we can predict some current trends that will help keep your business running year to year.
Digital Market Spends Are Increasing
Businesses need to continue to reach consumers where they are most likely to see their message. As companies worldwide continue their path to recovery since the start of COVID-19, marketing teams are focusing on digital strategies with the digital transformation market expected to grow from $511.90 Million in 2021 to $1,446.36 Million by 2028.
Social media spending increased by 15% in 2021 and is expected to continue to rise. Social media is a hotbed for interactive communication over everything from food and entertainment to social causes. Digital marketers should research and learn what chords they need to strike to appeal to their target audience and harness the power of the various platforms, including Facebook, Instagram and LinkedIn.
If your business doesn't have a social media presence yet, there's no time like the present to get started. Social media metrics can help you see if your strategy is working or not. Make sure to consistently review your engagement KPIs (key performance indicators) and try to find opportunities to extend your reach and increase conversions. If you are already active on social media, review your reporting and make changes based on where you need to extend your efforts. Read more about how social media can boost your business.
During COVID, e-commerce experienced 10 years' worth of growth in three months. Online shopping really took over the globe when people were put on lockdown and told to stay home. Online marketing giants like Amazon, Target and Walmart made large strides in their offerings and fulfillment that changed the way people shop – likely forever. Company courtesies, like same-day delivery, took the sting out of being stuck at home and made shopping easily accessible for those who were unable to leave their homes. The numbers show that e-commerce is here to stay and will only get stronger over time.
Big Data Will Keep Growing
Growing businesses, successful ones, and all the others in-between accrue large volumes of data, which needs to be calculated. The current volume of data that needs to be calculated is expected to nearly double between now and 2027.
Here are a few ways different industries are using data analytics to gain ground:
- The oil industry uses data to ensure safety.
- E-commerce businesses analyze data to forecast trends and product demand.
- Financial institutions rely on data analysis to influence decision-making.
- Streaming services use data to gain subscribers and drive profit.
Current data shows that 89% of employees can successfully work remotely, either full-time or part-time. Work-from-home opportunities are heavily sought after and are driving the job market. Look at offering a remote or hybrid workplace model to your associates. It’s your opportunity to attract talent within your physical footprint – and beyond. Read more about how to navigate your team through working remotely.
Millennials Are Heavily Impacting the Market
Millennials are coming into their own financially and have a combined annual spending of around $2.5 trillion. That number will continue to rise over the next five years as they grow older, further advance in their careers, earn more, and save more.
Many businesses have been pushing "nostalgia" as a way to market to Millennials with disposable income and a longing to relive the past. Ask yourself, “Does my business have a plan to attract and appeal to this crucial demographic over the next five years?”
Navigating through the pandemic has been a challenge for companies everywhere. You're most likely wondering what the future holds for your business. Staying up-to-date with business trends can strengthen your ability to navigate through hard times and adapt to the ever-changing times we live in. Read more of our helpful articles to help your business thrive!