There are many new and emerging trends impacting business in 2022. These include technology, demographic shifts, cloud migration, and remote work. These trends will impact small businesses in the coming years. So whether workers have been in the business workforce for years or have just recently completed their business education, they’ll want to be up to date on these topics.
The latest trends in technology are not necessarily the bleeding-edge technologies that wowed the world in the 90s. However, they do have profound implications for business. The most exciting are the ones that draw the most venture capital, lead to the highest number of patent filings, and make businesses more competitive. The primary factors driving these trends include massively faster computation, health and materials sciences breakthroughs, and new ways to deliver value. These trends are laying the foundation for businesses’ reinvention and the evolution of their core operations.
To keep pace with these trends, businesses must invest in technology training to make the most of them. For example, next-generation employees must be trained in Augmented and Virtual Reality. They must also learn about Blockchain technology, 3D printing, and the latest developments in Artificial Intelligence.
The demographics of communities around the world are changing rapidly, and they are having an impact on business. As a result, companies will face a growing number of retirees and a shortage of young workers. These demographic shifts create new challenges for businesses and require organizations to adapt to meet the changing needs of employees.
Currently, the workforce in most developed economies is aging. This results from decreasing birth rates and the graying of the baby boom generation. For example, in the U.S., the percentage of the working population aged 55 and older is increasing faster than any other age group. Moreover, the aging population is a factor in many industries, including manufacturing.
As cloud adoption grows, companies are deploying more workloads in the cloud. However, these efforts have not come without costs and missteps. Companies are spending 14 percent more on migration projects than planned. Moreover, many have delayed the process by a quarter or more. The overruns could wipe out up to $500 billion in shareholder value if they remain unchecked.
As cloud adoption is a large technological undertaking, businesses must invest in developing internal expertise to carry out this project. This means investing in training and development for employees. Additionally, transferring large databases may prove difficult, as data integrity issues may occur. This is especially important if the data is sensitive.
Remote work is a growing business trend that allows employees to work from home. The United Kingdom reports that 60% of employees would choose remote work if available. And research indicates that 50% of Gen Z and Millennial employees will quit their jobs if the opportunity is unavailable. However, companies should consider several factors when considering remote work policies.
First, companies must be aware of remote work trends and flexible enough to adopt them. This means reviewing your 2022 Talent Playbook and optimizing your internal org chart for remote workers. Remote working increases efficiency and flexibility. Moreover, it broadens the scope of opportunities for employees.
M-commerce is a growing business that helps people buy products. The use of mobile devices makes this possible. As a result, M-commerce is becoming a bigger part of the business world, bringing many benefits to businesses. One of these benefits is increased customer engagement. Social media allows for better communication with customers and can provide more insights into their buying habits.
Additionally, it boosts ROI. For example, one study found that 55% of users purchased after finding a product or service on social media. Similarly, stores that used social media to promote their products saw an increase in sales by 32%.
Mobile shopping can also help businesses increase their conversion rate. Customers are likely to buy products from a retailer they know and trust, so providing a frictionless experience will help them convert customers. A positive experience can also lead to a higher rate of repeat purchases and word-of-mouth recommendations. Furthermore, personalized experiences can help create loyal customers. One-click ordering, for instance, allows customers to save time by allowing them to choose their default shipping address and payment method. This will help avoid charges for repeat customers and save on shipping costs.