The ever-changing consumer needs and wants make business trends come and go. This year, one major trend shows technology taking over business landscapes. Because of this, the need for software developers and tech entrepreneurs in the business world have rapidly increased. Marketing has also delved into a more personal and customized approach when it comes to engaging with customers. Know more about these trends shaping businesses this 2018.
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One of the major trends shaping businesses this year, Cloud computing is the practice of storing, managing, and processing data online rather than on a local computer. Organisations opt to move to the cloud because of increased productivity, efficiency, scalability, and mobility among many others. A survey by Frost & Sullivan revealed that organisations saw a 400% return on investment with cloud collaboration technology. With cloud infrastructure as a service (IaaS) becoming the fastest-growing segment of the market, cloud computing is predicted to grow up to $200 billion this 2018 as more firms continue to migrate to cloud services.
Information and Data Security
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Data security will continue to be a priority especially that more companies are working with a large amount of data while engaging with third-party providers. The General Data Protection Regulation (GDPR) is a data security measure prepared by the European Union Parliament since 2016 and will soon be enforced on May 25, 2018. According to their website, GDPR “was designed to harmonize data privacy laws across Europe, to protect and empower all EU citizens data privacy and to reshape the way organizations across the region approach data privacy.” Further information on its impact is on the website. Trend Micro Incorporated, a cybersecurity solutions global leader, formed an alliance and launched a free security tool to defend businesses from cyber attacks. Initiatives to combat cyber threats will continue to emerge to protect businesses' data and privacy.
Check out this article to know how to be cybersecurity ready.
With over 36% of the world's population projected to use a smartphone by 2018, one of the rising trends shaping businesses is mobile usage. Consumers' growing preference for mobile interaction has businesses tapping into smartphones' possibilities. This resulted in an increased number of online content being produced by brands. 2017 eMarketer study shows that 40% of flight bookings are made on mobile devices. Messaging apps and platforms will also be utilized for marketing, especially for small businesses. The emergence of cheaper smartphones, affordable services, and faster connectivity contribute to the growing smartphone user population. Smartphone users are now expected to surpass 5 billion by 2019.
Social media paved way for a more personal customer engagement appeal to marketing. Also called the experiential marketing, this is a marketing strategy that encourages the target audience to participate and experience a brand's service or product to develop a relationship between the consumer and the brand. A report by the Event Marketing Institute found that events and experiences give a 74% positive opinion from customers about a company. Through its sensory approach, it sparks emotions with the consumers leaving a lasting impact thus becoming a fast and effective approach to build brand awareness.
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Outsourcing or hiring freelancers in different sectors such as IT, healthcare, and accounting among others will continue to be one of the trends shaping businesses this year. According to Statista, the global outsourcing market add up to $88.9 billion and is expected to hold steady this 2018. Outsourcing has become a favourable business solution to a range of businesses due to reduced costs, convenience, and the availability to work with top professionals across the globe. Video chatting, project management, and file sharing platforms have made it convenient for both employers and outsourced workers to work together remotely. Despite the rise of automation technology, the 2017 Global Services Location Index presents that outsourcing will continue but would shift to higher-level tasks that cannot be automated such as healthcare professionals.
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