Top 5 Business Trends to Watch Out for in America in 2021
As we enter into the new year, businesses are looking to capitalize on emerging opportunities while navigating unchartered territories. The year 2020 has been a defining one, with the pandemic changing the way we work, shop, and interact with each other. As we move on to the next year, it is essential to be aware of the top business trends that are likely to impact the American economy and businesses. In this article, we highlight the five most significant business trends to watch out for in America in 2021.
1. Remote Working is Here to Stay
The pandemic has accelerated the trend of remote working like never before. According to a report by Gartner, 82% of company leaders plan to permit their employees to work from home at least some of the time. Companies are now looking to build virtual teams and provide employees with the necessary tools to work remotely efficiently. With this trend expected to continue in 2021, businesses need to ensure that their IT systems and security are up to the task of supporting remote working.
2. E-commerce Dominance
The pandemic has also accelerated the growth of e-commerce, with online retail sales jumping by 30% during the first half of 2020. With brick and mortar stores struggling, companies are now looking to expand their online presence. Even small businesses are setting up online marketplaces to boost their sales. E-commerce businesses are also investing in AI and chatbots to improve customer service. So, the businesses that will thrive in 2021 will be those that are well-positioned to take advantage of e-commerce.
3. Sustainability-Centric Business Models
Sustainability has increasingly become critical to businesses as climate change and environmental degradation continue to be significant concerns for consumers. More and more companies are shifting towards sustainable practices to help mitigate environmental damage. In 2021, we expect to witness an increase in green technologies, the use of renewable energy, and other sustainable business models.
4. Increased Use of Automation and AI
Automation and AI have been significant trends for several years, and this trend is expected to continue in 2021. Companies are adopting automation and AI technologies to improve productivity, efficiency, and customer service. AI-powered chatbots are being used for customer service, while automation is replacing repetitive manual tasks. For businesses, automation and AI are essential in improving their bottom line and preparing for future competition.
5. Subscription-Based Business Models
Subscription-based business models have become increasingly popular over the years and are expected to continue growing in 2021. Consumers are more willing to pay a monthly fee for access to regular services or products, such as meal deliveries, online courses, and software services. Subscription-based models can provide businesses with predictable cash flows, leasable business models, and long-term customer relationships. Therefore, businesses that can adopt the subscription-based business model are poised for growth in 2021.
Conclusion
In conclusion, businesses that take note of these trends are likely to experience significant growth in 2021. Remote working is here to stay, e-commerce dominates, sustainability is becoming increasingly critical, automation and AI are essential, and subscription-based business models are on the rise. As businesses navigate these uncertain times, they must keep an eye on these trends to stay ahead of the curve and remain relevant.
