3 Business & Technology Trends to look out for in 2021
Hey there! The article you’re about to read is a summary of what I covered in Episode 10 of The Modern Z podcast. If you like this post and are more interested, feel free to check out the full version here. A corresponding YouTube summary video is also available. Enjoy!
Few would argue that the 21st century is second to none when it comes to broad spectrum technological advancements. Innovations such as 3D printing, Augmented Reality, Blockchain, Artificial Intelligence, Smartphones, Digital Assistants and online streaming are only a few examples of technologies that have changed the way we think and live.
Similarly, the business landscape has never been more competitive than it is today, with companies across various industries innovating and setting new standards with each product or service they introduce. In 2020, we saw Covid-19 slow down the world economy and causing a recessionary phase, one that many nations are still recovering from. However, given the innate nature of humans to never settle, it doesn’t seem as though companies will stop innovating anytime soon.
Trends are interesting. They come when we least expect them to, and go before we even realise it. While it’s true that Covid-19 didn’t particularly make 2020 the easiest of years, it did give rise to certain trends here and there. Here are 3 trends, particularly in Business & Technology that we can expect to see more of, this year.
Trend #1. Working from Home
Covid-19, social distancing and isolation resulted in companies were organising seminars, meetings and recommending general workflows from home. We also saw this transition into university campuses with online lectures and classes replacing in person ones. Many believe that the work from home culture is here to stay, and won’t subside even after Covid-19.
Is that really the case?
Numerous university students and Gen Zs, who graduated in the spring/summer of 2020, began their full time career working from home. For many people of this age, working from home is the new norm. Last year we hit a point where many companies chose to develop the necessary infrastructure that allowed employees to work from home efficiently.
With so much of what we do taking place on ‘the cloud’, working from home has never been easier than it is today. According to a survey, over 40% of the American labour force worked from home in 2020, with 26% wanting to continue working this way. Additionally, 94% of surveyed employers claimed that overall productivity increased by 35–40% after switching to work from home. Possible reasons behind these metrics could be decreased workplace distractions, and improvements in job satisfaction and employee mental health.
Work from home has also affected many other factors, the rather less talked about ones. One example is real estate. Big metropolitan cities such as Sydney, London, Mumbai and New York are so dense that the real estate market is seemingly always on the rise. As a result, numerous such workers have to resort to long commute times daily just to get to work every day. Working from home helps save this time and money spent on transportation, keeping aside any reductions in pollution or CO2 emissions.
Given all these benefits with virtually little to no cost of implementation, there’s no doubt that the ‘work from home’ culture is here to stay.
Trend #2. Business Ecosystems
By definition, the term ‘ecosystem’ in business, is the idea of having a range of products or services that together constitute an interconnected solution. A solution that’s designed to hook the customer in, and keep them in.
A great example of this is multinational tech giant Apple. In Apple’s case, it’s the iCloud storage feature, where all files, music and photos synchronise with ease, allowing for easy sharing and accessibility across all devices. The user interface (UI) of these devices is also therefore similar, if not the same.
Nearly all of the big tech companies are focusing on developing some type of an ecosystem for their consumer base. Tesla for example, is setting up charging stations and also manufacturing power wall systems to charge up homes as well as its electric car range for customers. Google has its own G-Suite set up where members can access all of Google’s apps (Gmail, Drive, Docs, Sheets, Slides, and so on) with extra storage and benefits. The list is endless, and can prove to be the differentiating factor for companies in a market.
Competition + Inspiration?
In 2016, Instagram introducing ‘stories’ on their platform, as a direct response to Snapchat stories. Last year we saw TikTok’s rise to fame with its short, consumer-made video clips that people could relate to. Instagram responded to this as well, introducing Instagram Reels. Recently, Snapchat introduced its own feature titled ‘Spotlight’, which operates under the same principle.
Is it right to call these companies ‘competitors’, given that they take a piece out of each other’s book every now and then?
Most consumers nowadays have developed a short attention span, due to online presence on social media. Tech companies capitalise on this behaviour by presenting quick and easily accessible content that we can enjoy. TikTok is the perfect example of this, tapping into the customer’s behavioural patterns of looking, swiping, looking again.
Thinking about these companies intricately helps realise that they’re not as different as they seem. There’s this mutual respect for one another, but also active acknowledgement for the existing competition.
Trend #3. Socially Responsible Operations
A by-product of having so much content online and on social media, is that consumers have become largely vocal about pretty much anything and everything under the sun. Because of this, customers are becoming more and more aware of what goes on behind the scenes in these companies. Anytime a company is under fire by the media for irresponsible social practices, the world gets to know.
Data privacy is growing to be a central issue in business operations, particularly with the big tech companies involved. Recently, we witnessed the whole Whatsapp privacy policy topic that went viral. It didn’t come as a surprise to find out that Facebook was using Whatsapp to access our data for its Marketing; we’ve used Facebook long enough to know that. However, this sparked a new wave of consumers moving towards alternate messenger apps such as Signal and Telegram, that promise better data privacy and security. .
For more information on Data Privacy and Marketing, check out another article discussing these issues in more detail: here.
Eco — Friendly Substitutes
Another trend relating to being social responsible is switching towards environmentally sustainably alternatives. A survey of over 1,000 consumers in the UK and USA conducted by Futerra found that 96% believe their actions such as donating, recycling or buying ethically can make a difference. This chart summarises the findings:
Companies like Tesla began the trend of building electric cars because Elon Musk had a vision for the future. Now, other car manufacturers such as Mercedes, BMW, Audi, Nissan and Toyota are all introducing their own range of electric vehicles because that’s the direction the market is heading. Clothing companies like Boden and Tentree are striving to provide ethically sourced, sustainable clothing for customers by planting trees, reducing the environmental footprint and ensuring fair, safe working conditions. It’s something that’s driving business in multiple industries, so it’s no surprise to see more and more companies embracing the eco-friendly trend.
We live in a society where innovation is fostered and encouraged, the biggest beneficiaries of all being, none other than us: the consumers.
What a time to be alive.
The Modern Z is a blog and podcast channel, dedicated towards providing Gen Z individuals and students to share ideas, stories and experiences to relate to and resonate with.
Our website.
Podcasts available on Apple Podcasts and Spotify
