How 2020 has accelerated the shift to a digital economy
2020 has been a tumultuous year, no matter which angle you look at it from. For businesses, there are signs that some of the changes we’ve seen hit a range of industries are likely to linger for longer than many expect. In particular, the slow transition to a more digital economy has been accelerated. Here’s more about these trends and shifts the business world has experienced this year.
Image by Pete Linforth from Pixabay
Covid-19 has changed things forever
If one thing’s clear it’s that Covid-19 and the ensuing pandemic has changed the way customers and businesses interact. From government-mandated shutdowns to a general wariness and a hesitance to visit public spaces and mix with others, the pandemic has led a lot of people to place orders online when they might otherwise have visited a physical location. That even applies to social settings that have in some instances migrated to platforms like Zoom. Although some of these changes were necessary and will snap back once the pandemic is over, other habits will stick whether businesses want them to or not.
Digital marketing and selling are growing
Ecommerce is growing and the way businesses attempt to reach target customers is changing as a result. Things like SMS marketing are also growing as companies look for new ways to stand out and new ways to reach people. Please see here for a company that does SMS Marketing well if you want to see an example of that. In the second quarter of 2020, US ecommerce retail had grown by 31.8%, and further growth through the second half of the year is expected when those figures are eventually released.
Social responsibility matters more than ever
Another trend that’s really emerging with a force in 2020 is a focus on social responsibility. Businesses nowadays are expected to take their responsibilities, and there are a few factors driving this. First of all, people expect business to act responsibly because there’s a pandemic to worry about and the actions of businesses can directly impact the health of the general public. Aside from that, the health of the planet and the impact businesses have on it is rising up the agenda faster than ever before.
But local businesses aren’t necessarily missing out
One thing to be aware of is that local businesses aren’t necessarily missing out. As more and more people are limiting travel and staying closer to home, in many areas, smaller local businesses are seeing an increase in custom. Although this is something that does of course vary across locations and industries. But it does show us that the move to a more digitally focussed economy doesn’t necessarily spell disaster for local businesses.
It’s clear that there are lots of changes that have been forced by the emergence of the Covid-19 pandemic, and even when the pandemic is over, many of these changes will stick around. That means it’s more important than ever for affected business to think about how they might adapt.