It’s the fourth quarter and we are already looking at the trends that will affect the business landscape in 2022. Our world is rapidly changing (economically, politically, and socially), which pushed us to be even more innovative and adaptable. This was especially evident with small to medium-size businesses. They were forced to take a hard look at their operating processes to survive as well as to plan ahead for any hardships. Yet, the one constant was technology, albeit we relied on it even more to help us to remain productive no matter the workspace with virtual conferences and meetings.
Automation and AI (artificial intelligence) became more prevalent by anticipating our purchase behaviors via our social media feeds as well as to make purchases without lifting a finger (e.g., Alexa and Siri). Business owners also experienced labor shortages and shipping delays, affecting consumer spending and confidence. What we have experienced has steadily shaped a new business landscape. Thus, the business trends below provide a snapshot of how businesses will potentially adapt in these uncharted times.
1. The When Factor – We mastered online shopping last year, but next year will be a different story. It is no longer the question of where we will buy products, but when we will get them. There are shipping and product shortages, not to mention labor shortages, thanks to the pandemic. Greater focus will be placed on when we get products, especially during the holidays. Will customers stock up on or buy in advance?
2. Cashless Payments – Using credit (or debit) cards instead of cash has become very popular over the past few years. Paying with a credit card allows for social distancing and provides a faster, detailed transaction without the need for a receipt. We can simply tap our credit card on a contactless enabled checkout terminal to get in and out stores quickly. Companies will be accepting credit cards in lieu of checks as well. In addition to using a card, another way to pay is using our smart watches (e.g., Apple Pay and Google Pay). They enable us to carry less, especially wallets.
3. Technological Balance – Although this is perceived as a social issue, it will still affect the way consumers view businesses as well as how business owners value their employees. More and more companies are using robotics and AI to do jobs that were once performed by humans. This creates a struggle to maintain a healthy balance of robots and humans in a company. How many jobs should be done by robots? Will a business owner shift the balance due to the changing nature of work?
Business owners have become more adaptable to survive the unpredictable market, while customers have relied more heavily on technology to make purchases thanks to the pandemic. Technology has also enabled people to remain productive, even with new schedules and workplaces. Hence, we have all had to rethink how to survive in an ever-changing world.
At Empire Group, we are ready for 2022. We have adapted our services during the pandemic and will continue to be flexible to provide the best customer experience, while following CDC guidelines. We look forward to a bright new year!