The growth of your enterprise is majorly dependent on the ability to keep up with the latest business trends on the technological as well as the strategic aspect.
If you are an entrepreneur, you must be familiar with the high competition in the market and the rate at which it’s escalating. Also, technology is being developed at a rapid pace, making it more difficult for the businesses to meet their desired goals and objectives.
All these factors sum up, stimulating the emerging business trends in India as well as around the globe for the upcoming years.
Talking about the current uncertain “COVID-19” crisis, it has further impacted the workflow of businesses around the world. This has caused organizations to come up with newer, stronger strategies and adapt to the latest business trends.
Current situation has affected the small and medium enterprises(SMEs) even more severely.
But the enterprises can still move the direction of wind in their favour and boost their business in an efficient way by choosing the upcoming business trends in India.
Every business regardless of their size and domain can emerge out stronger by adapting to the future business trends for the year 2021 and beyond.
A better adaptation to the trends around the business will help you achieve commendable results in the long run.
Here are the 10 latest key business trends for the year 2021 and beyond:
- Remote working
The trend of remote working has been around the market for quite a few years now. But it has surged to tremendous heights after the uncertain pandemic aroused around the world.
Remote working is turning into a new normal among the enterprises and thus is included in the list of latest business trends after corona.
As per the Gartner’s business report,
About 74% of the organizations are planning to permanently shift few of their workforce towards remote working even after the pandemic is over.
Amidst the on-going pandemic, Indian government has imposed strict social distancing norms on the enterprises which has caused them to allow their employees to work remotely from home.
Businesses have multiple benefits from this pattern of remote working. The regular norm of 9-5 jobs is eliminated and access to resources, crucial data on projects, meetings are also solved with the high-tech ERP softwares and systems such as ChiefEx.
According to a business survey,
96% of the enterprises in India have implemented work from home.
Enterprises that are adapting to this trend and implementing it successfully to their business can operate seamlessly even outside the enterprise boundary and thereby achieving optimum performance.
- Hiring freelancers
Freelancing or gig economy is a trending topic among the millennials.
An increasing number of individuals including corporate professionals as well as students are moving towards the concept of freelancing.
This industry is growing at a tremendous rate around the globe, creating multiple opportunities for the working professionals as well as students along with opening a source of extra income.
As per the Mckinsey survey,
about 20% to 30% of the working professionals from the developed market are already in the field of freelancing.
Talking about India,
An estimate of 10 million people are freelancing in various industries.
The reason behind the individuals moving towards this emerging business trends in India or around the globe are:
- Freedom to choose the type of work
- Flexible work hours
- Work remotely from any location
- Independent from the regular business culture
- Earn extra income
- Pursue passion
- Being own boss
Even enterprises have started realizing the effectiveness of hiring a freelancer for streamlining their business workflow and maintaining a systematic growing ecosystem.
Especially, for start-ups or any SMEs, opting for freelancers is more beneficial than hiring a dedicated employee for a particular task.
India has about 27,916 start-ups as of february, 2021 and is the third largest country around the world for holding the highest number of start-ups.
So, what’s in for the start-ups, small or even large enterprises for choosing the emerging freelancing business trend in India?
Most of the small businesses operate the workflow with a tight budget in hand and when any crisis arises, it becomes even more difficult to hold out on the finances.
Thus, any enterprise needs to function at an optimal level for providing a higher customer satisfaction at such times without losing their funds.
The reason behind most of the businesses hiring freelancers are:
- Higher cost-efficiency
- Expert in a particular niche
- Easily available on various freelancing platforms
- Dynamic performance
- AI and machine learning
The industry of artificial intelligence and machine learning is already in boom among the enterprises and is expected to reach a higher peak in the coming years.
AI and machine learning can be considered as the current business trend in India as well as the upcoming business trend in India for the year 2021.
The reason behind this is the continuous development in the technology and the faster adaptation to it in the workflow of businesses.
Such technology makes a larger difference towards the growth of enterprise even with a little changes to the algorithms.
Let’s take an example of the world’s greater E-commerce company “Amazon”,
Whenever you search for any particular item in the Amazon’s search pad, it recommends you the similar products by pushing it forward through suggestions.
Suppose you search for a “Nonfiction book” Amazon will show you recommendations on various books of the same kind.
This is due to the high-grade technology of AI and machine learning that personalizes your experience on the E-commerce platform by learning your shopping behaviour.
There are many other business aspects where the use of this technology is quite evident and is exploited well for magnifying the user experience.
According to Grandview research,
The global market share of AI and machine learning is $62.4 billion and is expected to increase further to $733.7 billion with a growth rate of 42.2% till the year 2027.
Thus businesses have already started using the ERP softwares equipped with AI and machine learning technology for streamlining as well as accelerating the overall business workflow.
This is one of the most notable and emerging business trends in India for the year 2021 and far more to come.
- Data analytics
Data analytics is the evergreen business trend that proves to be a crucial factor for the organizations towards effective decision making.
To stay ahead in the competition, it has become more than necessary for the businesses to include the process of data analytics into their workflow for dynamic results.
As of now, more than half of the global businesses are using the power of data analytics to extract crucial and vital information for uplifting their organizations performance.
It has become the necessity for the growing enterprises to support their business decisions with concrete details separated from the raw data.
Related topic : Data analytics – A Modern business approach towards success
- Digital marketing
According to statista reports,
The number of internet (digital) users around the globe is 4.57 billion that comprises about 59 percent of the worldwide population.
Considering the above data it is clear that more than half of the global population has access to the internet, making it one of the latest and most impactful business trends in the world.
Talking about the buzz around digital marketing in India, it has been around the market for quite some time now.
With every enterprise taking their business to digital platforms, relying on traditional marketing strategies might not be much fruitful towards your business.
According to manifest reports,
Nearly half of the businesses (41%) invest more than $500,000 in digital marketing every year.
This number is expected to increase more in the coming year with the advancement in the digital sector.
Businesses are able to target their potential audience more precisely based on their data such as choice, gender, demographic, interests, job profiles and much more.
Enterprises that fail to opt for digital marketing strategies for their businesses lose a big chunk of their audience instantly.
In India, the growth rate of digital marketing is at 33.5% and thus is a vital part of the business growth strategies.
The retail business around the world is also moving towards digital platforms with the advancement in technology. This way enterprises can double their business revenue with the help of both online and offline stores.
The Indian E-commerce industry is already a large entity with a $120 billion market evaluation and is expected to reach newer heights with time.
In simple words, the Ecommerce business trend provides much clarity to the enterprises in terms of investments, tracking their sales, faster payments and much more.
- Voice command
Voice commands is the most interesting and upcoming business trend in India that is being used by every individual from both personal and business aspects.
The technology of voice control started with a fun technology is now becoming the crucial part of our both personal and professional lives.
This technology is integrated into every system right from smartphones, laptops to hightech machines, even for controlling the entire home, enhancing the way we do things along with making it function faster than before.
The importance of the voice command can be depicted by the following data:
As per the searchengineland reports, nearly half of the searches (48%) are executed with the help of voice commands.
Users around the world are embracing the digital advancements and adapting to such changes for a better and simpler lives.
- Cloud technology
Cloud technology is the choice of every business that helps them by shifting the database to virtual location, eliminating the need to store crucial information on physical storage devices.
Modern cloud technology has been one of the major business trends in India as well as other countries for the following benefits it provide:
- Reduction of IT expenditure
- Higher scalability
- Effective collaboration
- Remote working
- Auto-updates and so on.
According to a survey,
94% of the enterprises are using cloud technology.
The market of cloud is quite huge and is growing even faster with the digital advancement in the field. It’s market value is estimated to be about $199.01 billion across the globe.
Enterprises that have not yet adopted this business trend will lose the edge to the competitors.
- Seamless integration with high-tech API
The role of API is to integrate various capabilities into the business ecosystem for a smooth functioning of the workflow.
From large companies to small micro start-ups this business trend is crucial to adapt. API helps to create a seamless interaction between the data, applications and devices.
The market value of the API is $5.1 billion and is expected to increase drastically down the coming years.
It’s more of a necessity for the businesses to use API for their business management or a software such as ChiefEx that keeps the process simple and automated.
- Personalized customer service
Doing business in the modern digital era requires more than delivering optimum results to the customers. You need to provide every customer with a “personalized customer service”.
In simple words, a business growth graph is directly proportional to the quality of service provided to the customers.
There are many competitors out there in the market and to make users buy your product or service, it’s necessary that they are given special attention. This includes acknowledging their needs, abilities and what are their objectives towards the business.
Thus with personalized customer service you will be able to create an accurate business model for your customers and deliver them the service they expected.
The above mentioned are the 10 latest business trends in India that you need to follow for achieving optimal business performance and staying ahead of your competitors.
The mentioned business trends will be prevalent along the market for the year 2021 and beyond.
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