Tecfuge Business Solutions

Trends For Business Leaders To Learn Digital First Economy

Strategic decisions are very important for the success of your business in a fast-moving uncertain digital world. In the time span of 10 years, technology has bought social, cultural and economic changes in our lives and these changes have accelerated during the time of the Covid-19 pandemic.

Business leaders in the private sector face significant challenges to guarantee that their companies thrive in a world full of digital technologies and which is important for their brand, their acquisition of new customers and to increase their revenue growth.

Business leaders need to consider these three trends to become successful in the ever-changing evolution of the 21st-century digital economy.

  1. Rise of smartphones- smartphones have become foundational to the digital transformation of the global economy since the launch of the iPhone in 2007. The pandemic has forced many businesses to rebuild their services around mobile devices. Changes such as restaurants now ask their customers to use their phones to scan QR Codes to complete contact tracing surveys and access digital menus.

As customers are also choosing to support digital businesses over the traditional ones, you can have extra value to your business by adding the mobile devices to which the customers have access.

  1. Rise of social media- social media now influence the way we live, work, socialize, date and play. According to a survey done by the WeAreSocial group, the number of active social media users around the world has increased by more than 13% over the past 12 months from 3.8 billion to 4.2 billion. To become successful in your business, you need to understand which digital platforms your customers are spending most of their time as the report also shows that 98% of any social media platform use at least one other social platform.
  2. Rise of video During the pandemic, our viewing habits have changed rapidly. Online TV and video consumption increased from 1.7 hours to 7 hours. This trend has also shifted the use of video in our work as well. For example, YouTube has increased its revenue by as much as six times in the last year only. Zoom Cloud Meetings has become the fourth most downloaded mobile application last year.

A business leader from all over the world has understood that video conferencing is an effective key to develop relationships with customers.