Business Trends That Will Shape 2022

2021 was unquestionably a year of transformation. Globally, our ideas of the norm were forced to change; consumer behavior shifted, budgets were cut, and businesses were pushed to innovate and adapt or risk losing market share to competitors. Despite the drastic pivot, data reveals that there is an ongoing incline in the number of new businesses being registered. The United States government encourages entrepreneurship and has stated that “Building your own business from the ground up is an exciting opportunity, but it can also be challenging.”

This is especially true if you are a first-time entrepreneur and have no prior experience or knowledge in the field. Whilst it is possible to go about the process on your own, it is often recommended to utilize the services of a company that specializes in incorporating businesses. It is important to conduct research on the company beforehand to ensure that you are getting the best possible service. Incorporation Guru is a good place to start as they have unbiased LegalZoom and Incfile reviews – amongst other leading companies in the industry.

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Here are the top 6 business trends that will shape 2022

Trend 1: Remote Work

Remote, flexible, and hybrid working have become popular thanks to advancements in technology. For many businesses, the ability to attract and hold onto good employees has taken on greater importance. Several high-profile organizations have embraced remote working. This can be seen in:

  • US insurer Nationwide has announced plans to reduce its 20 offices to 4
  • Dropbox is becoming a virtual-first company, encouraging remote working
  • LinkedIn employees may choose full-time remote work or a hybrid option

Trend 2: Social Responsibility

The shift to sustainable consumption and production is expected to continue this year, reducing carbon emissions remains a priority for all business concerns. It is also pivotal for corporate social responsibility to show increased transparency, investment in green technologies, local community, and employee diversity initiatives. Consumers will tend towards brands that promote and foster ethical policies from employee treatment, material sourcing, gender equality, and green policies.

Trend 3: Frictionless payment

Cash is no longer king in a digital world where the experience is more important than the transaction.  Time is the new currency and our most valuable non-renewable resource in 2022.  Cashless payment has been a developing trend for many years, with the increased popularity of new payment technologies that support contactless payments. The rise of frictionless checkout will continue to be significant across all retail channels. 

This payment method uses smartphone apps, mobile wallets, and contactless cards to replace a traditional checkout experience, thus expediting the time it takes for consumers to complete a purchase.

If you’re on the brink of creating a website for your business, keep this in mind. Expanding your digital presence via an e-commerce platform or mobile app, for instance, will be very necessary to regain traction with customers as businesses strive to recover and thrive in this new setting. 

Trend 4:  Virtual business

Virtual business services will continue to be in high demand in 2022.  Over the years we have seen an increased demand for cybersecurity, at-home fitness, food delivery, gaming, home improvement, and virtual events. In today’s world, you are not just selling a product or service but are in the business of satisfying a need.

Trend 5: New funding options

The ways in which companies are able to generate funding are also changing. We will see a significant trend to acquire capital through non-conventional channels, business owners are more likely to raise funds via crowdfunding, peer-to-peer networks, initial coin offerings (ICOs), tokenization, special purpose acquisition companies (SPACs), and other decentralized financing options.

Trend 6: E-commerce

Businesses will continue to prioritize e-commerce. The recent closure of retail outlets saw consumers further shift their spending to e-commerce platforms. If you are not already invested in e-commerce, you need to get started in order to survive in the current economy. However, having a single website will not suffice. Cross-platforming has become essential as consumers use multiple platforms to purchase products. These include retailer websites, your own website, and social media. Agility and being open to options and maximizing your resources have become critical pillars to sustainability in 2022.

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