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March 27, 2021

Trends as we know change. We often hear businesses changing their product, plans, design etc.. as per new “trend”. It puts some out of business and some look at it as a sudden lottery. We cannot predict the next trend as it may change in an instant, especially with technology developing and more products and services being offered. On one hand we don’t want to be left out and keep up with the trends so that we fit within the circle and on the other hand we rebel against it as we wish to stand out from the crowd and look unique. 

Now look at it from a business point, you see businesses changing their products or services from time to time to keep up with the ever-changing market and adopting new methods to reach out to the customers. With many companies competing each other, the question arises that whether they should just follow what the competitor and stay within the competition or create their own trend and stand out which might be a much costly solution. 

  1. Purpose:

What drives the company? Mostly the answer circles money. Especially in Covid scenario, companies cut cost and have changed their principles whether they like it or not. Every company looks for profit and as Covid affects their sales numbers the next possible solution is cut down expense which includes laying off employees. Transparency, credibility, accountability, and purpose are what attract a consumer and employee. Many companies have already been certified as “B-corps”, which indicates that they have knowingly accepted the moral duty to seek goals beyond their own benefit.

  1. Human-Centered Organization:

Covid has made work from home possible. But this has also cropped up a high demand for social interaction. As per surveys, work at home has increased mental stress for some as they lose track of time and have to meet deadlines faster as clients are more impatient and failing to do so only resulting in being cut off. A company’s success is when a company considers the concerns addressed by the consumers, employees and partners and looks for the best possible solution. Paying attention to them only increases employee engagement and customer satisfaction.

  1. Super-Digitalization:

It is clear that technology has made many things possible from buying products to booking experience. Companies put user experience first when it comes to designing an app or a website. Consumers look into how unique and helpful it is to them and easily shift when they see something new. Now the question is, how will a company keep up with that? The main key is to keep a close eye on digital channels and anticipating the needs and wants of the customers and meeting them. Most companies have not yet fixed their post-covid strategy. Because once the threat of Covid is seen to decrease gradually companies will implement strategies fast and try to capture as much chunk of the market possible. It is about implementing strategies and decisions without failing customers. 

  1. Direct Purchase:

Luxury products for example are bought directly from the brand itself and this helps companies as they can meet the personalized needs of the consumers and customize it to their choice creating unique designs.  Also as the pandemic has put pause of us in lockdown we still crave for the retail experience and this has forced many companies to create an online digital view of the product or the store. For example Gucci has created virtual tour to enhance their customer experience.

  1. Homebound economy:

In the past 1 year or more the entire economy was hit with a heavy blow, yet the demand for products that make our living place more comfortable has grown steadily. Now that makes our homes a place for work and digital leisure. Everything we want right at our fingertips. Though vaccines are given out majority of the population, prefer sitting at home, and so innovative solutions such as Stykka and Playroom home have emerged making it comfy staying home. 

  1. AI:

Artificial intelligence will rule over everything at the pace it’s going. AI is implemented everywhere, at home, classroom, space, workplace, and so on. In business, AI can easily with the collected data encrypt anything and can easily predict the next effective action or pattern effortlessly. AI can easily understand the consumer and can deliver the best experience based on the data. 

We can all agree that in the past years we saw some of these trends emerging faster than we thought and these will continue to be of importance for maybe a few more years. The world is enhancing digitally and at the pace it is going it could not only affect our work life but also our social life. 

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