Business trends shift significantly within very short durations. A decade back, the corporate world was struggling with tech adoption, with the biggest tech company back then valued at less than $400 billion by market capitalization. Fast forward to 2020, many US and Asian tech companies have surpassed $1 trillion in value, and they dominate the list of the world’s top 10 most valuable companies. This means that the keys to success in 2020 and the coming decade will be heavily inclined towards technology, but at a different level than the one experienced through the 2010s. Here are some of the growing trends that will help you achieve success in the coming decade:
1. Advances in mobile internet
Over 75% of the global population owns smartphones. Mobile subscriptions have never been higher, mobile consumerism has never been more prominent, and mobile technology has never been more relevant in both economic and social circles. There is increased connectedness all over the world. Ambitious corporate leaders must increase their presence in mobile technology: Websites need to be mobile-friendly and business content needs to be shareable via mobile social apps.
2. Experience mindset
Tons of real-time customer data is now shared on different social platforms, there are many tools now that a company can leverage in tracking and storing relevant data, and there are tons of platforms that customer service departments can use to reach out to customers. Corporate leaders, therefore, need razor-sharp insight into their customers and device ways of boosting customer experience. It is only by delivering exceptional experiences that a company can cultivate positive brand perception over the coming decade.
The “experience mindset” is double-sided: It touches on both customer experience and employee experience. Businesses need to personalize information and products to individual demographics, ensuring that individual clients or personas experience products and services the way they want. Employees, on the other hand, must be provided with the technology they need to maximize their productivity.
3. Continued demand for sustainability
The next decade will be characterized by a significant shift in consumer expectations and behavior. The modern customer is choosing to purchase quality, regardless of how expensive. People want long-lasting and sustainable items rather than cheap, environmentally-hazardous, and flimsy items. Fashionistas are wearing sustainable clothing, interior designers are opting for sustainable décor items, and constructors are inclined towards eco-friendly building materials. Businesses that invest more in sustainability will grow more consistently than those that don’t.
4. Localization trends
Taking your business global is the best thing you can do in the 21st century. You have to leverage technology to get your product or service in front of new markets. To have an efficient globalization process, you need to liaise with a reputable professional translation service in coming up with a viable localization process. Here are some of the localization trends that you need to take note of:
• Asia is one of the fastest-growing international markets, meaning that your localization strategy needs to put greater emphasis on Asia than on any other continent. A good professional translation service will help you to compete effectively with multinational companies that are now dominating Malaysian, Singaporean, Chinese, and Japanese markets. Note that there are thousands of languages spoken across the Asian continent, acute cultural differences, and completely unique sets of interests. To fully appeal to these markets, you must use the highest standards of translation services.
• Video demand is on the rise. Companies must integrate video content in their marketing strategies, be it on their websites or social media campaigns. But that is not all: They need to localize the video content for all the markets they operate. Note that video localization is different from video translation or video dubbing. Localized videos need to be created using local talent and they must carry messages that local communities can relate with, failure to which their viewer experience won’t be as authentic as marketers would wish.
• Voice search is gaining popularity, meaning that your localization and SEO strategies must include multilingual voice recognition. You must include the multilingual voice search options for your target audience.
You need to understand which drivers will contribute to corporate success going forward if you are to experience any form of growth in 2020 and beyond. Your business strategy needs to be inspired by the top 4 business trends that this article has outlined.