The business landscape is always prone to a crisis of some kind, be it natural, technological, organizational, or financial. The COVID-19 pandemic, however, emerged as the most unprecedented crisis in the global marketplace. This crisis propelled the demand for a digital marketplace overnight.
Throughout 2020, businesses struggled to satisfy and retain their consumers. Digital transformation has now become a critical necessity for all industries.
In 2022, the aftermath of this year-long economic slowdown is taking form. The COVID-19 pandemic has driven the need for digital consumerism across the globe. Companies see potential in this digital consumer behavior to help them reopen their business and regain their growth.
Reopening Business in a Digital Marketplace
This year, companies are primarily focusing on getting back on track. Reopening is the main priority for business organizations, from large corporations to small enterprises. However, stabilizing the business during this phase has become necessary more than ever. In 2021, McKinsey predicts a significant surge in e-commerce as the discretionary spending levels decline.
Coping up with this rapid change, the focus on employee health, customer safety, and financial stability increases. Business leaders will take tough operational decisions in the coming months, particularly to boost their business digitally.
Stabilizing decisions will help companies in this post-crisis management. With the growing availability of COVID-19 vaccines, consumers are expected to resume their retail purchasing habits, albeit in a gradual and phased manner. Tech-driven organizations will continue to enable remote working for their employees, helping them recoup costs for a few more months.
Virtual learning is now the new normal for educational institutions, where students have emerged as a new segment of digital consumers.
What to Expect from Digital Technologies in 2021?
The business value of digital technologies rises sharply due to the changing consumer behaviors. Digital consumerism is empowering online markets and remodeling the way companies run their business. According to Deloitte, 5G adoption is one of the most impactful digital consumer trends of 2021. Besides 5G, here’s how digital consumer behavior will transform businesses this year.
AI-Driven Data Culture
A new era of data ethics emerges with the rise of digital consumerism. If there is one thing certain about this year, it’s the use of online data tools and automated bots to provide real-world solutions. Artificial Intelligence (AI) services will be deployed across all business-critical departments of an organization. Smart automation will dominate production and assembly lines in various industries.
Conversational AI and data analytics will generate favorable action from digital consumers. Brands will get integrated into digital ecosystems to gain the trust of people. The data ethics of Google and other digital behemoths are adapting to deliver what’s right for the online users.
Market-At-Home
A key characteristic of digital consumer behavior is the high amount of time spent at home. Consumers are becoming more digital-savvy via mobile applications and hand-held devices. They are supporting their basic human needs by browsing online content. It is helping them stay connected, informed, and entertained.
By the end of 2021, online video will generate more than 80% of digital consumer traffic in the world. And, this trend gets accelerated every time consumers browse the digital market conveniently from their homes.
Digital Sustainability
The pandemic has also reinforced sustainability among digital consumers. People value recycling and hygienic product development more than ever. Their purchasing decisions have changed from “premium” to “sustainable” across all major product categories. The following three digital sustainability trends are set to dominate the business landscape in 2021:
- Business technology will become more committed to carbon-free energy
- Brands will demonstrate transparency and responsibility through their actions by adhering to eco-friendly operations
- Sustainable communications will influence customer experiences, boosting the quality and the value of digital marketplaces
Digital trends influenced by the COVID-19 pandemic are collectively aimed at engaging online customers. In 2021, businesses will create personalized digital journeys for their customers. They will realign their products for the new digital world. Customer-business interactions will become more direct through multiple digital touchpoints.
Restart Your Business Digitally
Once your company adopts a new digital process, it will need some careful decision-making. To thrive in 2021, your business needs to leverage the impact of the COVID-19 pandemic positively. Data analytics and digital technologies induced by this crisis will bring forth greater potential for success in the online marketplace. The new normal of digital consumerism will become prevalent in a few months.
To regrow your business in 2021, you need some post-crisis digital help. Kilowott can build those personalized digital experiences for your employees as well as your consumers. Our advanced digital roadmap can drive your business innovation with unique and opportune solutions. Get your business back in 2021 with Kilowott’s digital expertise.
