The challenges faced by businesses in 2020 have driven firms across the world to develop, adapt and innovate. Here are some of the key business trends to watch in 2021.
Remote working technology
Working from home is here to stay. Now that staff have adapted to remote working, they will expect to continue to be able to do so, even when the pandemic is over. Many large organisations have already committed to home-working. Tech companies like Twitter, Microsoft and Facebook have put policies in place to allow a significant number of their people to work from home permanently.
Evolution in retail
2020 was a tough year for retail businesses around the world. The trend towards online shopping picked up as customers were locked down at home. Many firms have invested in developing and improving their online customer experience to appeal to a broader range of potential consumers.
Businesses in 2020 had to be more flexible with their payment terms. This has resulted in businesses embracing new ways for customers to pay such as instalments, accepting credit cards and offering finance options.
Diversity and inclusion is here to stay
Businesses are now expected to commit to Diversity and Inclusion (D&I). Some industry sectors may even require firms to report on their diversity statistics.
This year, firms will be focusing on improving female representation on company boards and ensuring that their workforce includes representatives from diverse ethnic and cultural backgrounds. Customers are now making purchase decisions based on D&I criteria.