Business Trends for 2021
It’s always worth it to keep up with the latest in business trends so that you maintain an edge in the industry. Everyone is looking for the next big thing, or a way to transform their company, so it’s always useful to have an ear out for the latest in trends and emerging technologies. Here are some of the biggest business trends for 2021.
Local Supply Chains
Over the last few years, there has been a noticeable push towards utilizing local supply chains for all of your business needs. For restaurants, this could mean getting produce from individually owned and operated farms, for garment manufacturers this could mean gathering all the necessary fabrics from nearby sources.
There are many reasons for this growing trend. For one, both manufacturers and consumers are becoming more environmentally conscious and thus sensitive to the environmental impact that global shipping has. Secondly, the collective mindset is changing to instead look to support local businesses instead of ordering abroad. Businesses that are sourcing their supplies locally are also given the opportunity to build more intimate and reliable relationships with their suppliers, meaning more control and a better future outlook for their business.
Blockchain Technology and NFTs
Perhaps you have already heard of NFTs, as they have been heavily discussed in the media recently. Interest in NFTs is spreading like wildfire and everyone from artists to entrepreneurs are looking at ways to get involved. For those that don’t know, Non-Fungible Tokens or NFTs utilize blockchain technology to offer proof of ownership for images, video clips, physical goods, and even real estate. The recent record-breaking $69 million sale of artist Beeple’s Everydays: The First 5000 Days project is really what catapulted this industry to the next level.
NFTs offer opportunities for buyers and sellers. There are many different practical and theoretical applications for these. The art world is the first to really latch on to this, as musicians and both traditional and digital artists can easily monetize their work by selling the digital ownership of it.
This was illustrated when a Banksy painting was sold recently. The group who purchased the physical piece then burnt it, leaving only the digital record of the painting which they sold as an NFT. Now this one-of-a-kind painting only exists in the digital form and it is privately owned by a person who can then can essentially charge a fee to have it displayed on any website, or in any magazine. As cryptocurrency and blockchain company investments have skyrocketed this year, this is another outlet for the crypto phenomenon. This is just the tip of the iceberg as other major companies are figuring out how to get on this trend and the possibilities are limitless.
There used to be a negative stigma surrounding remote working. Employers thought that it would result in less productivity then having all employees together in one central location. Over the last few years, we’ve seen employers branch out from their usual work routines and this has included remote working.
In our world that is becoming increasingly focused on the internet and computers, there are too many benefits of remote working to pass up the opportunity. Employers now have the opportunity to source their talent from any corner of the globe. This means that any software they need to work with, or skill that is necessary for a project, can be found without having to train in-house.
This also gives employees much more flexibility to work around their own schedule and daily needs. In fact, many reports suggest that productivity has even gone up with this method. Of course, employers also save costs from being able to run leaner businesses with smaller offices and less utility or insurance costs.
Virtual Reality / Augmented Reality
While these technologies are still very much in their infancy, the possibilities and applications are being discussed everywhere. Some analysts are convinced that this could be the future of media and advertising. This goes far beyond clever marketing on social media platforms as well. VR has the potential to become the main interface when we interact with the internet or numerous other applications. While there are simply too many possibilities to take in, it’s worth it to keep an eye on this industry and see where it leads in 2021 and beyond.