BUSINESS INSIGHTS: WHAT’S TRENDING IN 2022

January 2022 marked the completion of an entire year of catastrophes wreaked by the COVID-19  pandemic. The world changed overnight for the times to come. Now Covid is hitting us back again in 2022 and has come with mixed fortunes for different businesses. It has compelled us to redefine and reimagine ourselves and become more resilient for the future. 

Pandemic Influencing Business Trends: 

It was a year of consistent fears and losses. The initial phase of the lockdown was disproportionately exacerbating for the small businesses, 70% of which remained in tatters till August 2020, and around 40% resorted to a similar fate till February 2021. The pandemic crisis caused sharp contractions in the Indian economy and pushed around 7.5 crore Indians into the low-income category (with an income of $2 or less per day) from their earlier economic statuses. The disastrous effects of this crisis have played out differently for each industry and sector. 

While industries dealing with aviation, tourism, and automobiles feared being written off completely, there were certain businesses that boomed unnaturally. Cybersecurity mesh, data fabric architecture, autonomic systems, generative AI, and decision intelligence are definitely some of the trends that CEOs should watch out for in 2022, as per the research firm Gartner. It was the business owners who had not incorporated e-commerce within their business model who ended up crashing and burning as the pandemic hit. 

To sustain your business in the post covid era, it is important to follow the business trends of 2022, and not risk sinking your business into the abyss.

4 BUSINESS TRENDS TO SWEAR BY IN THE POST-COVID ERA

• The Use Of AI And Automation Is Indispensable

Artificial intelligence technology can largely help businesses by reducing operational costs, scaling up revenues, improving customer experience, and bettering the overall customer experience. AI technology reduces operational costs, increases efficiency, grows revenue, and improves the overall customer experience.

In order to reap most of the advantages, businesses must focus on making use of the entire range of smart technologies such as natural language processing and machine learning for their products and services.

With the news of the incoming metaverse technology, this is an era of automatic vehicles, AI cybersecurity, and basically everything related to technology. The creation of an e-commerce website with a chatbox is something really basic that you must incorporate into your business if you must sustain it in 2022. When it comes to businesses whether small or big, it is the early adaptors and visionaries who have a better chance of sustaining for the long term. 

• Keeping  It Authentic

In the digital era of over-information, buyers have become highly vigilant and conscious about their values and belief systems. It is important to remember that they buy from a company that resonates with their values. It becomes vital to work on a brand image that tells the story of your business and expresses the mission and vision of the business.

• Cryptocurrency Is Vital

We all know how an investment in the Shiba Inu coin ended up making two New York brothers multimillionaires in 2021. It is evident that in 2022, cryptocurrency will easily become the most widely accepted method of payment globally. A lot many businesses have already prioritized the use of cryptocurrency. In all probability, cryptocurrency might end up becoming the future of the world. Businesses need to have a more digital approach to their functioning, especially after the Covid-19 aftermath. This will surely ensure that your company stays ahead of the pack. In these times, it is very much possible to lose out on sales if you are not adopting cryptocurrency as well as blockchain technology. 

The two major benefits of cryptocurrency are:
a) It creates a more accessible network for money to flow
b) It helps in reducing the transaction cost and increasing business reach

• Need for Sustainability

In the era of sensible consumption, environment-friendly companies are easily given precedence over those which are not. Opting for sustainable practices in your business can prove to work wonders in creating an appealing brand image but also help in scaling up the revenues. In simple words, sustainability means utilizing the present resources in such a manner that it does not end up compromising on the demands of the future.  A sustainable brand image gives the business a clear competitive advantage over others by appealing directly to the belief system of the customers. This can also help in getting the business subsidies and incentives. 

1. By 2030, Apple is planning to become 100% carbon neutral in terms of its products and supply chain.
2. A study conducted by Nielsen shows that 66% of the customers are ready to pay more out of their pocket if a product boasts to be of a sustainable nature.
3. The same report claims that 81 % of global consumers believe that businesses should work towards creating a more sustainable environment.
4. As per studies conducted by Mckinsey, costs can be reduced substantially by as much as 60% when sustainable energies are incorporated. 

LEADING BUSINESS IDEAS FOR 2022

Many of the best small business ideas for 2022 involve an online business model. The new normal must be taken into account when starting off a business in 2022. The way products and services are consumed has changed drastically from the pre-covid era. Beginning with the restaurant or retail businesses might have been a good idea earlier but must be given a second thought before we see how the next year plays out. If you are thinking of starting a business in 2022, it is critical to take the new normal into account. It is the ideal time to steer from traditional businesses and move into those which are highly automated. If you need to sell a business or if you want to buy one  you can use a business broker.

• Online Reseller Business:

For those who understand clothing and fashion, beginning with an online reseller business is a great idea. One could begin by selling old or unwanted items on an online selling website and then eventually expanding to one’s own retail business. 

• Online Teaching:

This could be a great market for entrepreneurs to tap into. Regardless of one’s location and with minimum facilities, it is possible to share one’s knowledge with students and turn it into a successful venture. 

• Online Book-keeping:

Not just education but bookkeeping services can also be performed online. This business idea would be ideal for an accountant or a bookkeeper.

• Medical Courier Service:

With the resources of a good time management skillset and reliable vehicle services, a medical courier service could be taken up as a business venture. The transportation would be accountable for distributing medical items such as prescription drugs, lab specimens, equipment, etc.

• Providing Translation Services:

This is an attractive option for multilingual speakers. A business venture could be created out of offering services such as translation of documents, translation of website information, etc.

• Digital Marketing:

Digital Marketing services are always in demand as the importance of conducting one’s business over the internet is becoming clearer with each passing day. Most mid-sized and small companies prefer to outsource their digital marketing services. With chops in content marketing, SEO, social media management, and web development, one could seize a comfortable work-from-home business opportunity. 

TO WRAP IT UP

Business trends have been changing exponentially with the incoming of digitalization and globalization in the business world. The post covid era has almost succeeded in cutting off the traditional ways of conducting a business. The future is going to be heavily technology-based and it’s important to adapt to the winds of change so as to not lag behind.