Are you wondering what are going to be the digital trends that will reshape your business?
These digital trends are reshaping the world we live in, and they are impacting how businesses operate and compete too.
Recent events have accelerated many digital trends. This digitization of our world is changing how we live, work, and consume.
Let’s take a look at those which may be most impactful for businesses, and how they may help, hurt, or require us to alter business models and disrupt the way things have been done up until now.
New Payment Methods
We’re now going beyond mobile phone payments. Many big tech companies may have put facial recognition technology in the freezer due to privacy and discrimination and misuse concerns. Yet, they are still innovating and trying new things.
One of the latest digital trends that will reshape your business is the Amazon One palm reader. Recently rolled out in Seattle, this new tech enables consumers to pay with the simple swipe of the hand, even without having a credit card or mobile phone on hand.
Future uses for this payment technology could also be for granting and restricting access to buildings. As well as for customizing experiences.
There’s not much you can’t get delivered anymore and that is why it makes sense to note this as one of the digital trends that will reshape your business.
From medications to marijuana to groceries and prepared food, it’s all available on your doorstep with a couple of clicks or voice commands. In some cases, you may not even need to do that given how intuitive IoT and connected devices are becoming.
The changes this brings is more competition based on shipping costs and speed. Those who can deliver the fastest will win. And of course, free shipping is now the expected standard.
Now that all of this delivery is possible, it also means less foot traffic and vehicle traffic for those brick and mortar businesses who have chosen to try and fight for keeping a physical presence. You’ve got to bring something pretty special to the table to get people out in person.
For better or worse, AI and machine learning are changing everything. It can bring great efficiency and automation to some industries and even unlock businesses and markets that seemed impossible to be profitable before.
The downside is of course that it still seems to be much more artificial than intelligent. Or it is extremely limited by the biases of inputs by humans.
You may have already experienced these frustrations with credit, online advertising, or even just trying to find something to watch on a streaming movie and TV services.
This makes one of the most important hires and roles in businesses being those who can bring common sense and interpret the data being amassed in a human way.
For better or worse, AI is already dictating our lives and what we can do and one of the most important digital trends that will reshape your business.
Also AI is something that is demanded nowadays by startup investors. Keep in mind that in fundraising storytelling is everything. In this regard for a winning pitch deck to help you here, take a look at the template created by Silicon Valley legend, Peter Thiel (see it here) that I recently covered. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash.
Remember to unlock the pitch deck template that is being used by founders around the world to raise millions below.
Perhaps only second to AI in impact is the rise and prevalence of digital crime.
In most cases, it appears many types of digital crimes, and criminals are virtually impossible to catch and prosecute. With complete freedom and immunity, these criminals can freely repeat and multiply their crimes.
Aside from hacking as one of the digital trends that will reshape your business, spoofing, and email scams that are robbing many of their savings or businesses, this is compounded by online shopping scams.
Fake websites and Instagram products have become so prevalent many are giving up on buying online. Except maybe from Amazon and Walmart. Even then, we’ve recently been altered to the bribery happening inside of Amazon which has banned authentic retailers and gotten bad actors reinstated.
As a result, even more, credibility is going to be required to convince consumers they can trust doing business with you online, and they will be increasingly selective in what they will gamble on buying.
This even carries over to advertising, and advertising on big platforms like Google and Facebook. Until these giants choose to prevent it and enforce issues like click fraud many more businesses may continue to look elsewhere to promote and sell their products.
Malicious and frivolous lawsuits relating to digital presence and e-commerce also fall into this trend. All making it harder to market online and stay profitable.
More Businesses Coming Online
With all businesses needing to move online, and thousands of new ones to come online every year, that’s a lot of noise and competition. Businesses need more digital marketing help than ever, and they have to be even more focused on optimizing for ROI.
In this regard, you may find interesting the video below where I cover in detail how to create a marketing plan.
Remote Work As The New Standard
Remote work and using independent contractors has been the preferred and most profitable way to work for quite a number of years already. Especially during COVID which has pushed this one at the top of the list of the digital trends that will reshape your business. Some industries, including venture capital and big tech, have sorely lagged behind in making the shift.
While some old school business operators may try to heavily influence a return to the offices of the previous era, don’t expect that to last long in the new normal. Anything but remote work is going to be subpar for businesses and workers. It is a distinct disadvantage.
This will create notable changes in recruiting, as well as where the customers are. Those who master hiring and managing teams in this environment the fastest will get the chance to lead while others fall apart.
In spite of all the conspiracy theories, 5G seems unstoppable. Those following planned rollouts of 5G will note that it seems to be taking new routes and may not be showing up in the cities known for getting previously faster types of internet. In fact, many plans are to install it in more rural areas first. Again, compounding the shift in where people work and where the customers are.
Expect more data privacy and security regulations. They may be affordable for big business but can be an expensive hurdle for mid-sized businesses and fast-growing startups.
Hopefully, this post gave you some insights as you are looking into the digital trends that will reshape your business.
You may find interesting as well our library of business templates. There you will find every single template you will need when building and scaling your business completely for free. See it here.