As the global climate continues to pivot in response to the COVID-19 pandemic and other worldwide changes, the business world is also rapidly transforming. With many employees choosing remote work over commuting to the office, market trends have seen significant changes over the last few years.
- Remote work is here to stay
In the wake of the COVID-19 pandemic, employees find remote work preferential to their previous office space. A safe work environment is imperative to workplace return, and many employees state they would quit their jobs before returning to the office.
Working from home is preferential for many, and this pivot in preference may indicate the beginning of an age of virtual business. Whether it be virtual office work or a change in career path, a move to online business is at the forefront of business trends.
- Small business freedom
Flexibility in hours, no overhead rent or fees, and, for some, the appeal of being your boss have led to a rise in small business startups over recent years.
Monthly business formations saw a tremendous increase after 2020.
Additionally, entrepreneurship remains on the rise as many seek new opportunities in the wake of pandemic layoffs.
Virtual businesses have the potential to reach individuals anywhere in the world at any hour of the day without geographical limitations.
- The rise of e-commerce
Access to markets and shoppers located around the world at the click of a button, e-commerce, already on the rise before 2020, continues to see significant growth.
With significant retailers reopening their doors after the height of the pandemic, market trends still indicate a marked preference for online shopping. With the ease of purchasing and direct links to products, some estimates state that nearly 1 million dollars are spent every minute on online purchases.
- The importance of social media
Creating a Facebook business page is just one way to help connect and promote small businesses and services with the ever-growing importance of a social media presence. Connecting with customers, promoting goods and services, running ads, holding contests, and sharing pictures and videos are ways to generate business and engagement.
Social media is a powerful tool for businesses. Instagram, Tik Tok, and Pinterest can all be used to help brand a business and appeal to a target audience. Influencers can also help spread the word about a product, service, or business.
- Artificial intelligence
Beyond virtual reality glasses, the implications for artificial intelligence for business reach into cybersecurity and beyond. Crucial for e-commerce websites in growth and reliability, artificial intelligence can help automate the software to complete tasks more efficiently than humans.
Artificial intelligence helps businesses succeed by sifting through massive amounts of data to gain market insight and create a custom user experience for potential clients and customers.
Staying up to date
Staying up to date with business trends is imperative and critical for business survival.
Market trends indicate that virtual and online businesses are at the forefront of the changing business world.