Each industry experiences changes in its trends and the Business industry is not left out. The business industry experiences varied changes in its working which emerge over time. The Emerging Trends in Business have totally changed how current businesses operate. The new trends in Business help companies reduce the expenses experienced in traditional businesses and, therefore, attract many customers. There are various emerging trends, but this article will only discuss five.
Electronic Commerce
Electronic commerce is commonly known as E-Commerce or internet commerce; it is the buying and selling of services and commodities over the internet. Money and data transactions are also categorized under E-commerce. E-Commerce is conducted in four ways Business to Customer, Business to Business, Customer to Business, and Customer to Business. The famous E-Commerce businesses include Amazon, Flipkart, Shopify, Olx, and Myntra.
M-Commerce
Mobile commerce is well-known as m-commerce; it is a subcategory of E-Commerce. M-Commerce is basically a business trend that involves millions of retail shops on the phone. The E-Commerce transactions are done using a mobile phone. Today, traders and business people use mobile phones to make orders, cancel orders, and carry out any business transaction. M-commerce relies on e-commerce and Wireless technology to provide services, make payments, and sell goods. It is among the swiftly growing subcategory of E-Commerce; over seventy percent of online transactions are done using mobile phones. It is a 700-billion-dollar industry internationally. Their portability opens various opportunities for businesses to exploit.
Network Marketing
Network Marketing is one of the leading Business Trends in the current world. It is essentially a way of marketing that most manufacturers use to improve their sales. Producers rely on Network marketing when they have to handle various distributors to push out their products. Most of the time, the distributors have sub-distributors; this results in a network of distributors operating at different levels of the distribution chain.
Producers use network marketing to market their products to the final consumers; hence, they indirectly reach out to more customers. The distributors and dealers act as the sovereign representatives of the business. Modern businesses market their products without wasting moneyon traditional marketing methods, such as advertising.
Business Process Outsourcing (BPO)
Business Process Outsourcing is commonly known as BPO; it is a business trend whereby companies hire other companies to execute a particular task on their behalf. It is outsourcing one or more non-essential business activities or processes to an external service provider. BPO involves two companies, the client company, and the external service provider or the vendor.
Companies, traders, entrepreneurs, and Businesses only outsource non-essential activities. The businesses that do not part with their key skills keep all their focus on these like marketing and manufacturing, among others. Non-essential services such as customer relations, sales service, supply chain management, and real-time accounting are commonly outsourced by many businesses.
Digital Economy
Digital Economy is also known as the Web Economy or the Internet Economy. It is one collective term for all financial transactions that occur on the internet. Technology and the globalization process have greatly contributed to merging the digital and traditional economies into one.
Digital Economy is an economy that concentrates on digital technologies. It is based on digital and computing technologies. Digital Economy basically covers all businesses in any economic, social, and cultural environment. It involves all the activities that are supported by the web and other digital communication technologies. The main components of the digital economy include e-business, e-business infrastructure, and e-commerce.
Technology has impacted businesses positively; the incredible growth of digital platforms and their impact on the world can’t be overlooked. Most customers are influenced by what they see on social media platforms such as Instagram, Facebook, Twitter, and other famous websites such as YouTube. The companies and businesses that ignore the trends have so far been impacted negatively because the business sector requires people to stay up to date.
