Abstract
Some business trends are unique that make such enterprises stand out. In this case, markets and industries have undergone monumental and dynamic changes even before the advent of the coronavirus pandemic. Most relevant business trends in the 21st century revolve around consumer behavior and technology. For example, the Uber taxi-hailing app, analytics, and omnichannel support are some of the most prominent business trends in contemporary society.
When the coronavirus epidemic came, it became the catalyst for some of the business trends presently because it accelerated the issue at hand. Most markets in the modern world is very volatile, and the business trends in the future will be shaped by immediate consumer behavior and preferences. Over the last few years, business enterprises have taken to the Internet as a way of expanding the reach of their trade. This research includes a background of the information, research methodology, results, and analysis and recommendations.
Introduction
Most businesses, small ones in particular have resorted to the use of electronic space as a way of expanding the presence of their businesses. The trend in electronic commerce was the most experienced during the COVID-19 pandemic and continues to grow. During the pandemic, most businesses were forced to operate remotely as “necessity is the mother of invention” by the circumstances dictated by the virus’s presence (Hofacker et al., 2020). As a matter of necessity, most businesses began to think of restructuring their business enterprises “to operate more electronically using a wide array of tools and technology.”
Engaging in online business is beneficial because it enables companies to shed unnecessary costs that help organizations increase their bottom line (Siddiqa et al., 2018). In addition, engaging in online business also enables the organization to have a broader reach and acquire more geographical territories than if the business was done physically. Therefore, remote service deliveries enable businesses to access areas they could not acquire before introducing such a service (Choi et al., 2022). Thus, it expands the customer base and market share for the businesses. For example, the COVID-19 pandemic allowed some organizations to access specific markets they could not access before the epidemic.
Methodology
This report involves online surveys where the respondents will be required to report their take on electronic commerce and how it continues to grow, particularly after COVID-19. The online questionnaires will be sent electronically to 120 respondents who will answer several questions on the use of electronic commerce in contemporary society. Not all the targeted population will participate, and the number is high. However, a good number of respondents are expected to participate in answering questions.
Results
The dominance of e-commerce in the growth of businesses continues to characterize modern businesses. In addition, such businesses are also having a “social commerce growth” where the business can interact with its clientele in real-time (Sigov et al., 2022). It was unimaginable that a pandemic like COVID-19 would accelerate the growth of e-commerce globally. Over the years, e-commerce is a concept that has been great, particularly during its growth during the 21st century.
In the US, for example, most retailers have experienced remarkable growth in revenue on an annual basis. Some businesses have witnessed their revenues grow significantly by 68 percent, which is considerable growth from what was previously at 49 percent. For example, ShipBob is an online company that provides services for electronic commerce orders for direct-to-client brands (Siddiqa et al., 2018). During the COVID epidemic, the online retailer discovered that the toys and games category experienced a growth of 66.5 percent every month. In addition, the shipment of beauty products registered a 64.5 percent growth every month. On the other hand, fitness products had the most remarkable growth at 112.2 percent.
Social commerce has also taken root courtesy of the COVID epidemic because of the confinement measures put in place to control the spread of the virus. For example, most Americans have been increasing their social media use which is also one way of doing business remotely (Choi et al., 2022). In this case, most people in the United States have promoted their businesses using social platforms such as Facebook, Twitter, Instagram, and TikTok. Therefore, such social sites became “avenues for social marketing during the pandemic.”
Research studies have demonstrated that most people believe they can succeed in their business by marketing through social media. In this case, 87 percent of electronic commerce shoppers believe they can get marketing promotions from social media platforms (Hofacker et al., 2020). The younger generation is the most likely group of people to use social media platforms as marketing tools. Such young people find inspiration from social media platforms because of interacting with their friends.
Analysis and Recommendations
The fashion industry is one of the most prominent businesses to use electronic commerce. In this era, most garments are sold online, and it is widespread to find merchants marketing their wares over the internet (Sigov et al., 2022). Therefore, its more comprehensive online presence gives the business a more expansive reach, mainly through social media platforms such as Facebook and Twitter. According to a “fashion purchase survey” carried out recently, it was found that most potential customers are inspired by social media, where they browse to get the best commodities.
Most Millennials use social media and are known to widely use it when it comes to purchasing clothes or garments (Hofacker et al., 2020). Moreover, fashion merchants use social media such as Facebook and Instagram to reach a vast clientele and generate more sales. At the time of the lockdown, clients had new relationships with popular brands because they would buy fashion items in the comfort of their homes. Therefore, it is most unlikely that such people will do away with using social media platforms to market their wares. Social media as an online marketing platform will continue to be relevant.
Table 1. Purchases Influenced by Social Platforms. Source: e-marketer, 2019.
Electronic commerce demonstrates a steady rise in its post-COVID growth, and the situation will continue to be like that into the future. On the internet, e-commerce searches dominate because people believe the future lies with embracing electronic trade. For example, the searches for e-commerce have grown to 112 percent over the last few years. In this case, the pandemic wholly altered the landscape, particularly on how people think about marketing goods and services online (Sigov et al., 2022).
In addition, the way people shop has been gradually changing, which has witnessed such individuals look for things they want to buy online. For example, Facebook has become a popular social site, which has assisted many shoppers in finding the products they desire to buy. Even before the onset of the COVID pandemic, electronic commerce was still on the rise, but the disease only acted as a catalyst (Nyagadza, 2020). People still used to look for things to buy on online platforms as the new trend in the business of the 21st century.
Shopify, an e-commerce platform, reports that internet trade experienced a ten year growth in just a quarter. For the first three months that the corona pandemic was in force, most people resorted to buying things online while indoors (Nyagadza, 2020). Most people took the opportunity to look for online sites that would help them purchase commodities on the internet, as it was the only option available (Hofacker et al., 2020). Additionally, e-commerce became the only option for most businesses because of the limitation of physical customers. Since most of the customers would remain indoors, companies had to come with ways on how they can have an online presence on the internet and sell their products and services.
In 2021, policymakers predicted that 20 percent of all the retail sales around the globe would emanate from online purchases. Research also demonstrates that by 2024, online shopping will have a greater responsibility in the retail sector and that it will be approximately 22 percent of all retail purchases around the world (Siddiqa et al., 2018). In 2020, the number of users of electronic commerce grew substantially, particularly due to the restrictions that were there. In this case, the increase was quite significant and stood at 10 percent. Most retail business executives know the relevance electronic commerce in the 21st century. Therefore, digital acceleration will remain a considerable priority for such executives to build their businesses.
Conclusion
In conclusion, e-commerce is business trends for businesses in the 21st century, which will help such companies have a broader reach in the marketplace. Electronic commerce is a top priority for all businesses keen on growing in the 21st century. It is expected that the dominance of electronic commerce will continue even after the COVID pandemic fades away. Social commerce will be witnessed even more when the pandemic goes away. E-commerce has gradually transformed to include social marketing sites such as Facebook, Twitter, and Instagram. Most people will continue using social media platforms to market their products and services. Most startups are using e-commerce, such as social marketing sites, to become famous for promoting their businesses. Internet buying and selling will not fade away soon and will continue playing a pivotal role today and in the future.
References
Choi, T. M., Kumar, S., Yue, X., & Chan, H. L. (2022). Disruptive Technologies and Operations Management in the industry 4.0 era and beyond. Production and Operations Management, 31(1), 9–31.
Hofacker, C., Golgeci, I., Pillai, K. G., & Gligor, D. M. (2020). Digital Marketing and business-to-business relationships: A close look at the interface and a roadmap for the future.European Journal of Marketing, 54(6), 1161–1179.
Nyagadza, B. (2020). Search engine marketing and Social Media Marketing Predictive Trends.Journal of Digital Media & Policy, 00(00), 1–19.
Siddiqa, A., Shah, M. A., Khattak, H. A., Akhunzada, A., Ali, I., Razak, Z. B., & Gani, A. (2018). Social internet of vehicles: Complexity, adaptivity, issues and beyond. IEEE Access, 6, 62089–62106.
Sigov, A., Ratkin, L., Ivanov, L. A., & Xu, L. D. (2022). Emerging enabling technologies for industry 4.0 and Beyond. Information Systems Frontiers.