5 Business Trends You Need To Know for 2022Aug 18, 2022
At Best Practice Biz, my team has identified five trends that you need to be aware of this year and heading into 2023. Understanding these trends will hopefully spark your curiosity into alternative pathways or areas of interest for yourself and your organisation. I've created a summary below, but we'll dive a bit deeper into each within this article.
- E-commerce Is Showing Post-Pandemic Growth
- Metaverse and NFTs
- Recruiting on Social Media Platforms
- Entrepreneurship Is On The Rise
E-commerce Is Showing Post-Pandemic Growth
It's no surprise that the way we shop has completely changed since the pandemic started. Researchers estimate that by 2024, online shopping will be responsible for 22% of retail purchases in the world. Furthermore, according to data from Statista, people are primarily making purchases to do with entertainment. Books, movies and games are the most popular online purchase category. This is also the reason why brands like Spotify, Disney + and Netflix have become increasingly popular. If you're a business thinking about getting into the e-commerce space, now is the time!
Metaverse and NFTs
Daniel Hussem from Troparé Inc. states that "new digital worlds, currencies and social platforms are being born and shaped in the Metaverse." Daniel continues to say that "the advertising of nonfungible tokens and the minting of brand-building loyalty assets will become increasingly valuable, as this largely uncharted territory will slowly become more mainstream." But, will the Metaverse come anytime soon? It's still very much a process. One of the biggest problems with the Metaverse will be computing power close to the users. If you want three-dimensional imagery and high-quality graphics, that will be a problem that the Metaverse will have to solve. That's the fundamental structural flaw that people don't realise right now. Gaming computers are already big and expensive, and the Metaverse is a whole other level.
Furthermore, there's an exponential growth in the amount of data that people are holding, which is all the more reason as to why cybersecurity is a trending industry right now. Now more than ever, it's essential for us to protect our data from realistic cyber threats and attacks which have become increasingly sophisticated and personal. An Astute Analytica study of the cybersecurity market found that its revenue is estimated to reach $346 billion by the end of 2027 compared to $162.9 billion in 2021.
Recruiting on Social Media Platforms
As graduates become open to entering the workforce, TikTok and Instagram may be a great way to showcase your organisation's culture and brand. Next-gen social platforms like TikTok will become a great opportunity for branding and recruiting for B2B and B2C in 2022. Furthermore, people appreciate businesses when they appear authentic and transparent. It offers them a behind-the-scenes look of your culture.
Entrepreneurship Is On The Rise
With The Great Resignation upon us due to the amount of reflection time the world has had during lockdowns, it's brought upon a surge of new businesses starting up as existing ones struggle to stay open. Where there are problems, there are opportunities and entrepreneurs are definitely taking advantage of this. There may have been various factors involved but the pandemic was a big influence. According to the U.S. Census Bureau, new business applications grew by 24% between 2019 and 2020. Moreover, many individuals were laid off due to the lack of demand needed for their position, and it proved to be a big motivator for them to start their own business.
In challenging times, business model innovation can build long-lasting competitive advantage and value. If you're interested in learning more about how you can innovate your current business model check out my article, Business Model Innovation: The Key To Success.
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