Coronavirus pandemic has changed a lot of things in how businesses used to operate and how the situation will be in a post-Covid world. Online businesses will continue to thrive in line with the economy of the UK, but it is the offline businesses who might have to take the hit from now on. It is expected to see an increase in the number of companies going online to stay alive and relevant in this changing environment.
There are direct lenders in the UK offering loans for unemployed with no fees which are given to even bad credit borrowers without any collateral or guarantor. Yes, these are unsecured and no guarantor loans designed for a category of borrowers whose credit history is not very ideal.
Businesses can take these instant decision loans to kick start their business now as the lockdown measures are relaxing, and people are slowly stepping out of their homes.
This blog will introduce specific business trends that are expected to shape different industries as we advance as we enter a new decade. Here it goes:
Businesses need to reach out to millennials these days to sell more via word of mouth marketing. This millennial generation should be the primary target segment as they are the future for your business.
Youngsters in this category are tech-savvy, trendsetters and are better connected and the world. For instance: Tik Tok rise in popularity is an exemplary case in point here wherein they target youngsters, and the rest is history as it became the 8th largest online platform in the world.
Social Media Presence
This is one aspect which you just cannot afford to avoid, no matter in which business you are in. This is the easiest and one of the most inexpensive way of reaching out to the maximum number of people that too from any and every geography.
Your target audience is there on Facebook, Twitter, Snapchat, Pinterest, YouTube, Instagram and you just need to show them your products and services to explain why you are better than others.
A study by Clutch revealed that over 70% of businesses used social media last year, and this statistic is expected to increase significantly in this new decade. You can collaborate with social media influencers to advertise your offerings via them.
This will increase the presence of your brand, and customer engagement will increase translating into more sales.
Automation is the Key
Automation is redefining how businesses have been operating these days. Almost everything from life sciences to stock trading has been automated. Automation is not only restricted to big companies now, and even small and medium-sized businesses are doing it.
You can make guaranteed loans in the UK to fund the expenses that will be incurred in automating specific tedious processes of your business. This automation drive is a one time expense, but it lowers your current costs. It can help you if your business is in accounting and taxation, customer service, data entry, manufacturing, consultancy, sales domain.
Companies are increasingly employing artificial Intelligence and Machine Learning algorithms for better decision making. You can do a whole lot of things from assessing buying behaviour to identify the right customers with such technologies.
Flourishing Gig Economy
There has been a significant jump in the number of freelancers in what is now being referred to as the Gig economy. After the onset of this pandemic, this trend will be even more prominent as people continue with remote working on freelance or part-time projects. Also, professionals who are looking for side income are increasingly becoming a part of this gig economy.
Research conducted by Joggle concluded that freelance jobs are adding more than $700 billion annually to the economy. Thus, businesses with irregular cash flows and small businesses with not so deep pockets can plan to hire these freelancers.
It will serve their purpose, and their cost structure will be optimized. The expenses incurred in recruiting a full-time employee and his training will cut down.
Businesses need to be prepared for circumstances and situations which arrived unannounced like the current pandemic. Companies should have the necessary infrastructure in place to support remote working culture. There will be turbulent times like these going forward. Still, businesses must make themselves ready to adapt and respond to changes in the business environment or the economy as a whole.
Emphasis on Business Apps
Gone are the days of getting a fixed IT related solution in the desktop/laptops of employees; business apps will dominate this decade. People and employees will be working remotely, and they want to access organizational data on their smartphones and personal devices. They want everything at their fingertips in line with their personal data.
Gartner did a study based on which they prognosticated that by 2023, 40% of the working professionals will access the business applications exactly how they access OTT apps n their phone.
All the job-specific requirements are what these professionals want on their smartphones for ease of accessibility. Indeed, it raises concerns of a data breach, but there are other checks like VPN, proxy servers, firewall to curb such threats.