8 Business Trends Likely To Take Off in the Next Decade

Being at the forefront of a trending business idea can help brands increase market share and overall profitability. As technology moves the world forward, we can expect an influx of new, successful business ideas. Here are a few business trends that we expect will take off in the next decade.

Artificial Intelligence

Artificial intelligence (AI) has already made significant strides in the last year. Developers will continue improving AI, making it even more accurate and responsive than ever. AI will also become a part of more areas of our life, including healthcare, education, customer service, marketing, and business.

Explore: 10 Ways AI Is Shaping Marketing

Virtual Reality

Augmented and virtual reality are newer technologies that will likely experience growth over the next few years. This will influence technology, gaming, and even remote work environments. The pandemic led to many companies transitioning positions to permanent remote work positions. Virtual reality allows these companies to provide employees with a place to interact with each other.

Digital Customer Service

Many restaurants and retail businesses are currently struggling with employee shortages. This may eventually lead to more digitally-focused customer service tasks, like positions that involve helping guests place online orders or track deliveries virtually. This allows companies to hire staff worldwide while maintaining a customer service mindset. It also allows businesses to integrate AI technologies and automated programs into the customer experience.

Higher-Quality Ingredients

Restaurant customers are slowly shifting away from fast food to more premium ingredients and better quality dining experiences. With labour shortages, many restaurants will also move away from fast-paced food service to slower dining at a higher quality. Minimally processed, freshly sourced ingredients will become a staple on many menus. Farm-to-table and responsibly sourced ingredients will also become more important.

Creative menus will also be necessary to overcome higher levels of competition in the restaurant industry. Even desserts will require more creativity and better ingredients to attract customer attention. Demand for better dishes will also lead to consumers stocking their homes with better-quality ingredients, such as high-quality, imported, large-capacity Exotic Whip chargers.

Technology will make sourcing some of these higher-quality ingredients easier, and sustainability will become a prominent trend in obtaining ingredients. The use of intuitive technology will become a part of the guest experience, including digital menus and more targeted marketing techniques, improving the culinary experience for everyone.

Sustainable Energy

Sustainable and alternative energy has been a hot topic of debate over the last few years, with more businesses making pledges to reduce their carbon footprint in the near future.

Renewable energy growth is rapidly advancing, which is especially important as increasing population numbers worldwide require more energy access. It’s estimated that by 2050, as much as 90% of electricity will come from renewable sources. We can expect more electric vehicles on the road and a more prominent public charging system.

E-Commerce

Online shopping has taken over much of the world. An estimated 263 million Americans, or 80% of the population, shop online. Customers have come to love the convenience of shopping for items online, and many retailers have made returns easy even when buying online. Shipping logistics have also improved, meaning many retailers can deliver items on the same day.

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a traffic light with a street sign hanging from it's side

We will likely notice an increase in e-commerce trends beyond its current capabilities. Customers in more rural locations will have more accessibility to online shopping. Shipping and delivery times in busy cities will become even faster. Many companies already use delivery robots or drones to bring customers products and goods in less than an hour. Access to extremely fast shipping times will be readily available in more locations throughout the world.

Expanded Financing

Traditionally, bank loans have been the only way to finance a new business. Business experts expect expansive financing options that allow more aspiring entrepreneurs to open a business. Newer lending options have already begun emerging over the last few years with crowdfunding and peer-to-peer lending. Business loans aren’t always an option for some business owners, making it difficult for some entrepreneurs to make the leap to business ownership. We can also expect more vendor financing options and small business loans.

Big Data Will Lead Marketing

Data-based marketing will become even more important in the coming years. Using AI and big data will help personalise advertising strategies to be more relevant to users and cost-efficient for businesses. Local businesses will also enjoy more location-based ad targeting using geo-targeting features.

Supplementary reading: Leveraging Data And Analytics To Make Purposeful Decisions

The use of more in-depth technology and AI promises an exciting future of business trends. Getting ahead of these trends now can help you find your place in the market, ensuring you’re at the forefront of innovation and profitability.

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