5 Emerging Business Trends After COVID-19
The COVID-19 pandemic has been nothing less than an apocalyptic future portrayed in several Hollywood movies. However, we are now in 2021 and have managed to survive one of the worst crises to have hit the world in the past several decades. Although the future is still uncertain, the arrival of the vaccine and the recovery of the Australian economy have filled entrepreneurs with a renewed zeal and determination to rebuild affected businesses.
The resilience of several foresighted entrepreneurs has helped various companies to come out of the economic downturn with flying colours. Thus, if you are planning to purchase a business for sale in Australia, then you must know about the emerging trends in the commercial sector to keep thriving. It is the best time to adopt the latest developments in the sector and march ahead. By embracing these trends, you can keep your organisation protected from the damaging impact of such economic disasters. So here is a list of the top five business trends that have changed the game.
1. Development of Digital Infrastructure
Many businesses have understood the significance of digital transformation and are pivoting their operations to become agile and digitally capable. From starting online selling to modernising their work culture and working mechanism, businesses are leveraging technology to meet the demands of the current situation. Entrepreneurs who were still using outdated processes and were completely dependent on physical stores for selling their products are now utilising e-commerce for the same. The Australian Government has also introduced the digital transformation strategy to step up the game.
Many took advantage of their existing websites and incorporated online selling in them to get their goods delivered to the customers throughout the pandemic. The trend of contactless deliveries and curbside pick-ups was appreciated by the buyers and helped in sustaining the sales figures. From using the cloud for storage of data to downloading new software for operations, organisations are revamping to become qualified for the digital era and are no more complacent with their old set-up.
2. Transforming Workplaces
The pandemic forced workers to work from the safety of their homes and use advanced remote working software to streamline their work. Most companies utilised project management software, video conferencing apps, and free tools like Microsoft Teams, Zoom and Skype to collaborate with the teams. It has given way to new workspaces which do not need the workforce to be in the office to manage the projects and clients.
It has also helped businesses to downsize in financially distressing times and reduce the expenses related to a commercial lease, maintenance, utilities, etc. In addition, the advantage of working from home has made the employees more productive as they are not distracted by chatty colleagues, coffee breaks, etc. They have been able to save time and money spent on travelling to the office and are enjoying an ideal work-life balance. Thus, businesses have more satisfied and happy employees who are working to the best of their abilities, which has made remote working a boon for them.
3. Utilising Automation and AI
Automation and machine learning are fast becoming the need of the hour as businesses want to reduce dependency on physical labour. With machines taking over the manual processes, it has become easier to keep track of the projects as the data is duly recorded and the machines are interconnected. Also, during the COVID-19 Pandemic, it has helped to reduce the human touchpoints and improved efficiency and safety of the workers. Leveraging technology is one of the best ways to ensure success in 2021.
The fear of job destruction with the implementation of AI in industries had been looming large for a long time, but the current conditions have proven that it will create new job opportunities for the workforce. AI and automation will be used to take over the back-office and data entry jobs that eat up several hours and energy of the employees. It has helped to bring back the supply chain flow, which was obstructed due to social distancing. Plus, it has helped in reducing the chances of committing mistakes in processes like stock management and aid in faster distribution.
4. Focussing on Local Then Global
Small businesses were able to stay afloat in the pandemic because they were catering to the local target audience. Since the supply chain network was disrupted, the big players also had to shop and sell locally. Earlier, Australia was exporting a massive number of products from international borders, including China. However, with the COVID-19 spreading like wildfire across the world and China being at the centre of the calamity, most businesses shifted their procurement to local produce. Local manufacturing gained a boost and domestic markets became the point of focus.
Today, the impetus is on reaching out to the customers and fulfilling their needs. Businesses are following all the safety measures to ensure the customers get a sanitised and germ-free product, which is not touched by hands. Also, with bushfires ravaging the country at the beginning of 2020, there is growing emphasis on becoming sustainable and environmentally conscious. Customers are also choosing products that are cruelty-free, organic, and safe to use.
5. Marketing Through Social Media
The lockdown rules that were implemented in the first half of 2020 ensured that people stayed home and were glued to their screens. Thus, most marketers decided to reach their target audience through social media platforms, which are way cheaper and effective than traditional media. With 71% of Australians on the social network and 33% spending an increased time on platforms like Instagram and Snapchat, social media marketing has grown impressively and will continue to improve in 2021.
With online shopping becoming all the rage during the pandemic, businesses have understood the importance of the medium and are capitalising on it to reach their customers. It allows the marketers to engage with the buyers and become emotionally connected by making them a part of the process. It also helped them to inform the consumers about the changes in their working pattern and talk to them about the safety measures and keep them in the loop. Social media ensured that there was no communication gap between the buyers and the sellers. As a result, the dependency on social media marketing has soared manifolds.
The past year created a distressing situation for most entrepreneurs. However, the grit and passion of these motivated individuals made way for innovations that gave birth to new trends. Thus, if you are planning to purchase a business for sale in Australia, make sure you are a part of this evolution.