The past year and the events that have transpired have brought about many changes for businesses. The COVID-19 pandemic has thrown every company into one of the most volatile economic climates in recent years. It has also upended various organisations’ thinking and way of doing business.
Those that were not well-equipped to handle the change suffered significant losses, with many companies closing down during this challenging time. In contrast, companies that quickly adapted persevered, using emerging and established business trends to aid their organisation’s survival. This has only demonstrated how crucial it is for businesses to anticipate and adapt to innovations. Now that we are halfway through 2021, let us share four prominent trends in 2021 that every entrepreneur should note so they can stay ahead of their competitors.
1. E-commerce shall remain a top priority
The popularity of online shopping skyrocketed with the implementation of lockdowns and other safety measures worldwide to curb the spread of the virus. With retail stores seeing a drastic drop in crowd level, many businesses have decided to offer their products and services online to remain competitive.
This change in our shopping habits means that e-commerce is now a staple of the retail industry moving forward. To take advantage of this emerging trend, you should focus your efforts on fine-tuning your online operations. Optimising your online shop to provide the best possible customer experience is vital given that competition remains fierce. It is easy to lose a customer to a competitor that offers a more appealing and hassle-free experience.
2. Continued adoption of remote working
The wide adoption rate of remote working has allowed businesses to continue their operations despite the various implemented lockdown measures in Singapore. After months of observing this new working arrangement, some companies have now recognised the benefits of remote working. These business owners have continued to allow their employees to work from home even as restrictions in Singapore begin to ease.
However, remote working won’t fully replace the traditional office working arrangement. Physical offices remain crucial to establish the brand’s existence and conduct business with clients in a more familiar and face-to-face setting. Nevertheless, one can expect a hybrid solution to develop as conditions improve in the coming months.
3. Intensified social media marketing efforts
Aside from the surge in e-commerce, the pandemic has left people with more time on their hands, significantly extending their average internet usage per day. This also means they spend more time on their preferred social networking sites, providing businesses with a chance to get more out of their social media marketing efforts.
Moreover, with consumers spending less time outside to reduce their risk of catching the coronavirus, traditional marketing efforts, such as billboard advertisements, are less viable options. It makes more sense to direct a significant amount of your marketing budget towards your social media campaign instead.
Social media marketing has proven capable of helping companies achieve great success. Moreover, this trend is only set to increase in the coming years. Therefore, it is recommended to invest in an effective strategy as soon as possible.
4. Greater utilisation of Big Data
The longer you surf the internet, the more data companies can collect from your browsing habits. This increase in consumer data grants businesses the potential to learn more about their customers’ needs and wants before formulating a strategy to meet those demands.
Sifting through Big Data with analytics and AI has proven to increase a business’s bottom line and reduce costs. Hence, the trend of customer data analysis is sure to grow in popularity, with companies eager to reap its various benefits.
One last thing to note
Even as your business continues to innovate and expand by adopting the latest trends, it is vital for you to ensure your company’s accounts are up-to-date and well-maintained. However, we understand that running a business is significant work, and entrepreneurs have limited time daily to attend to their business’s needs. Therefore, it is advisable to outsource your non-essential tasks, such as bookkeeping, to a specialised accounting firm.
At Ackenting Group, we provide a suite of accounting services that cater to your business’s needs. Let our experienced accountants provide you with precise and prompt financial reports so you can stay on top of your company’s finances. Together with our reliable and professional tax accounting services, you can rest easy knowing your organisation’s financial accounts are accurate and comply with IRAS’s business guidelines.
Conclusion
The global business landscape is expected to be disrupted by the COVID-19 pandemic for the foreseeable future, which is why it is crucial for your company to tap into these emerging trends quickly to stay ahead of the curve.
If you require any assistance on accounting services, feel free to drop us an email at johnwoo@ag-singapore.com or contact us at +65-66358767. At Ackenting Group, we offer a complimentary 30 minutes online consultation for us to better understand your business requirements.
