1. Adapt to the growing uptake of eCommerce, mCommerce and sCommerce or risk falling behind.

You probably know what eCommerce is; mCommerce is eCommerce on mobile and sCommerce is eCommerce on social media platforms – pretty simple, hey?

In 2020, millions of transactions that would predominantly take place in stores have shifted digitally and more than 2 million Australians started shopping online for the first time. The number of people using mCommerce dropped a bit as people were not commuting to work anymore, this number should pick up when things get back to normal and people start travelling again in 2021. A quarter of Australians (24%) are making purchases through social media, a figure which increases for younger shoppers (Gen Z: 36%; Gen Y: 35%). For consumers who aren’t yet comfortable making purchases on social media, brands should use their channels to foster product discovery.

What does this mean? 

If you’re not already using socials for your business, 2021 is a great time to get started.

2. Make sure you have an integrity fuelled leadership because that will take you where the best products and services cannot.

In the past, business leaders have been able to hide behind the corporate veil but the future of business is about transparency. 

Consumers no longer wish to spend their dollars with companies that are misusing funds or whose values are in direct opposition to theirs. Instead, consumers admire leaders with integrity — leaders who are authentic, vulnerable and willing to admit their mistakes. People equally care about the person running the company and the quality of the products they are selling, if not more than that. As we move ahead, it will be harder than ever to get away with shortcuts, doing shady business or prioritise capital over employees or customers.

What does this mean?

If you are a Founder who wants to create a genuine relationship with its customers, you are better off focusing on being transparent and honest than being driven by excel sheet and numbers.

3. Have a Business Continuity Plan and start being okay with another ‘Pivot’. 

A lot of emphasis needs to be given to business resilience in 2021. Having things like business continuity plans, rainy day funds in place and being ready to pivot is essential to starting any business – big or small.

A business continuity plan is a set of strategies to help you power through a disruption. That disruption might be the loss of a key customer or supplier; a fire, flood, or recession; or, say, a global pandemic. A pivot doesn’t necessarily need to mean a complete change in direction – it can mean tweaking parts of the business.  

What does this mean?

Businesses that reacted quickest to the events of 2020 found ways to survive and even thrive into 2021. Google searches for ‘business continuity plan’ leapt 600% year on year. It might sound boring and tedious but, having a process for assessing and responding to a crisis can certainly help – if you haven’t already, it’s about time to fit it in your schedule.

 

2021 is the beginning of a new wave of business that involves personal touch, stronger connections and a pivot away from the spam pitches and cold calling of the past. We can help you embrace these trends in your business during 2021 and beyond.

 

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