5 MAJOR BUSINESS TRENDS IN 2022
5 MAJOR BUSINESS TRENDS IN 2022
Customer lifestyles and needs are evolving rapidly due to the global pandemic. As life is returning to normal, an increasing number of vaccinations are bringing a light of hope and optimism. However, there are other global challenges like climate change, shifting political power, economic crisis, etc. that we have to fight and adapt to, both as individuals and businesses.
Let’s take a look at 5 major trends that we might see in the business world in 2022:
Business Purpose will attract Customers:
Purpose-driven companies witness higher growth and market share. Customers are increasingly getting cautious in choosing a brand that stands for a purpose. They are happy to buy from a company that cares to help and protect their society or world. From environmental sustainability to charitable contributions or saving animals, customers appreciate businesses that work towards such causes and help the community, making it part of their customer experience. The company’s stand and its impact on society will be one of the key factors for customers to choose a brand over its competitors.
Shift to a Cashless World:
Digital payments technology is advancing rapidly and significantly influencing the way we purchase and make payments. The need to carry cash is slowly diminishing, as contactless cards, mobile payment platforms, open banking, etc. are driving digital payments. From voice recognition biometrics to blockchain technology and seamless Amazon store payments, automation is at the heart of this massive transformation. Slowly, we are heading towards a cashless society. However, businesses have to be mindful of forcing the shift to a cashless society before consumers are prepared for it, as this could lead to disastrous consequences.
Rise of Digital Self-service:
Customers want instant gratification. They want a quick solution to their problems and are even ready to forego traditional phone support if there is a better digital solution. Through digital self-service businesses can maintain and develop deeper relationships with existing customers at a time when it’s difficult to acquire new customers. And therefore, companies will offer more digital self-service options that will encourage existing customers to spend more, despite a lack of in-person or physical touchpoints. These digital avenues will help businesses to serve the customers round the clock without hiring any additional staff, all while enhancing customer satisfaction and reducing customer churn.
Personalization Will Drive Competitive Edge:
Customers are more loyal to companies that deliver a personalized experience. Customers like it when brands promote what customers like. They expect businesses to know their customers well, understand their needs and transaction history, and predict their future needs in advance. Customers are willing to share the information that businesses need to deliver a personalized experience, as long as the customer information is protected and not traded or abused. Businesses will focus on determining what makes them special and what convinces their customers to choose them over the competition. Personalization will be the key to creating unique customer experiences and gaining a competitive edge.
Accelerated Adoption of Conversational AI:
In the post-pandemic world, as companies are trying to develop personalized relations and improve customer experience, Conversational AI technology is gaining a lot of popularity and is now available to even small businesses. From simple chatbots and virtual assistants, Conversational AI technology has grown to address complex needs and tasks such as checking your calendar, scheduling appointments, assisting with recommendations and actionable insights, making payments, and booking a cab. From days of talking through a device to talking to a device, Conversational AI is advancing rapidly and Covid-19 will further accelerate its adoption.
We would love to hear your feedback or opinion about these predictions. If you have any predictions for 2022, feel free to let us know at email@example.com