The top business trends post-pandemic
Although the pandemic is far from behind us, we are starting to see the light at the end of the tunnel. With the rollout of vaccines and the gradual reopening of society, we are emerging into a new normal. How will businesses shift to adapt to the post-pandemic needs? We have compiled the top business trends that are predicted to shape this next phase.
1. Downsizing Office Space
Real estate in the commercial sector is going to change. Many large organizations and corporations transitioned to remote work over the last year. This trend of working remotely will continue into post-pandemic times. Thus, businesses need to analyze how much space is needed with the majority of workers staying at home to work. The larger corporate buildings may now be only a floor of the former building. The small business may close a physical space completely. To see what the real estate market looks like near you, we recommend for-sale.com.
2. Embracing Technology
The last year taught all businesses the need for technology. With that lesson, most business leaders are further embracing technology. Having entire companies working from home has changed the way we look at business practices. The traditional in-person customer service experience has morphed into chat features on websites, social media conversations with customers, and phone support. Likewise, we are seeing that many of the old business processes are being automated, including marketing and sales emails. This will continue to evolve as new technology tools launch and change.
3. Reconfiguration of Supply Chains
The pandemic demonstrated to the world how dependent all were on China. When the number one supplier of the world was hit first by the pandemic, orders for everything from toilet paper to medicines and more were postponed, delayed, or even unfulfilled. This was a difficult lesson, but a necessary one. There will be a reconfiguration of supply chains. This may involve diversifying suppliers as well as using more locally sourced materials and companies.
4. Consumer Relief = Increased Sales
As we get more people vaccinated, kids back to school, and society back to a renewed state of calm, we will witness consumer relief. We have already seen this in China as well as Australia. Once consumers feel comfortable, they start buying again. In particular, it is predicted that the travel market will come back. Couples, families, and individuals are eager to get back to treating themselves to leisure travel. However, the business travel sector is not expected to return quickly or at all. The role of video conferencing will replace the majority of the in-person meetings of pre-Covid 19.
History has taught us before that from very low points, society has come out stronger. For examples, just look at both of the World Wars. Sometimes it takes a forced pause on society to reevaluate how to proceed forward in a better, more efficient, and safe manner. We certainly don’t want to repeat the mistakes made in 2020. Let this past unprecedented year be not only an opportunity for learning for ourselves, but for our businesses, society, and the world.