We are living in a dynamic world, all thanks to disruptive trends that are frequently redefining the way we interact with it. It goes without saying that this has a significant impact on businesses; competition is growing manifold every minute in the face of volatile market conditions and fickle consumer demands. Curious to know all that is dictating the way businesses function in 2019? Here are 5 major trends that are here to stay.<\/p>\n
Corporate and start-up collaborations<\/strong><\/p>\n Large corporations are increasingly realising the enormous potential of start-ups in terms of predicting and adapting to disruption. Plus, coworking spaces are also enabling more collaborations between corporates and start-ups by bringing them under one roof. This growing trend is especially true for start-ups with a highly specialized focus as they are more likely to face domain-specific challenges early on in their journey as compared to large organizations.<\/p>\n A case in point is the collaboration between Coca Cola and Wonolo, an on-demand stocking platform, to streamline its supply chain. This reduced Coca Cola\u2019s stocking costs by 75% per outlet and increased its coverage 25-fold, while Wonolo raised $5.7 million in funding.<\/p>\n Mobile-first technologies<\/strong><\/p>\n Everything digital is going mobile-first, be it products, services, or even communications. In fact, mobile phones have long surpassed desktops as the primary way to access the internet. A recent CIODive report revealed that up to 70% of web traffic happens on mobile devices. And companies have started recognizing the potential of mobile phones in digital transformation. Flipkart\u2019s progressive web app is the company\u2019s second-largest channel in terms of transactions and attracts over 70% of new customers!<\/p>\n Phygital experience<\/strong><\/p>\n Whether the Internet of Things (IoT) will redefine consumer experience remains to be seen, but it certainly has introduced the world to phygital experience. The opportunities this presents are immense; several industries will no longer be the same as we know them today. The US jewelry retailer, Tiffany & Co., has already integrated the phygital experience in its stores with an Engagement Ring Finder app that allows shoppers to use the camera in their mobile device to preview how different rings will appear on their beau\u2019s finger.<\/p>\n Digital empathy mapping<\/strong><\/p>\n Empathy mapping is a key tool to analyze and anticipate behavioral shifts among customers. Traditionally, empathy mapping involved a group of marketers brainstorming to map out customer journeys with post-it notes. However, the growing adoption of digital platforms is rapidly optimizing the process, making it cleaner and more efficient. Data is a crucial aspect of empathy mapping, and given the vast amounts of data, businesses deal with nowadays, digitizing the process only makes more sense. A clear example of this can be seen in UI\/UX design, where designers are leveraging empathy maps to understand user preferences and enhance their experience.<\/p>\n Social awareness<\/strong><\/p>\n Consumers today have become more socially aware and prefer to subscribe to products and services that resonate with their world view. In fact, millennials are worth $1 trillion in consumer spending and 73% of them prefer sustainable goods. As such, there has been a growing trend of companies adopting renewable materials and greener practices in an effort to reduce their carbon footprint. The automobile giant, Ford Motors, serves as a great example. The Repreve seat fabric used in the company\u2019s vehicles is made from fibers derived from recycled plastic bottles, helping displace over 5 million plastic bottles from landfills.<\/p>\n Conclusion<\/strong><\/p>\n Technology is continuously blurring the lines between physical and digital and is ushering an era underpinned by innovation. These are the times when flexibility can make all the difference when small companies can very well break monopolies. Only time will tell how these trends impact the global business landscape. But one thing\u2019s for sure, these trends will continue to drive innovation for the foreseeable future!<\/p>\n","protected":false},"excerpt":{"rendered":" We are living in a dynamic world, all thanks to disruptive trends that are frequently redefining the way we interact … Continue reading 5 Global Trends that are Disrupting Businesses in 2019<\/span>