11 Newly Business Trends 2022 in India You Need to Know
Business Trends 2022 widely helps in future planning and reshaping your current business. There has been an undeniable shift in all the companies due to disastrous climatic conditions & covid-19 pandemic. It made us realize that our dependence on technology is inevitable and might increase 10x shortly. All such scenarios have significant impacts on existing businesses worldwide. Henceforth, the challenges faced by them need an immediate solution. Guess what? The answer is simple, I.e., adopting the Top Business Trends for 2022. Whether you are a small-scale startup or a big MNC, staying up to date with the Business trends in 2022 India is crucial for your firm. Artificial Intelligence, big data, metaverse, blockchain, sustainability, etc., helps you stand among the top market players in your industry.
Here is The List of 11 Top Business Trends 2022
1. Digital Transformation
Digital transformation helps businesses strengthen their bond with customers irrespective of any calamity like covid-19. One of the best Small Business Trends, digital transformation, allows small businesses to earn handsome money by attracting a large crowd. Companies like retail stores, vegetable stores, dry cleaning services, online fitness classes, and grocery stores have tremendously benefitted through their digital presence during covid. IDC says that 60% of global GDP digitalization is expected to occur in 2022. It’s forecasted to yield $6.8 trillion in digital transformation investments between 2022 to 2023.
Through digital business transformation, fintech solutions get enhanced. People who prefer to make a cashless payment online now have various options like PayPal, gPay, Amazon UPI, Facebook payment, Whatsapp payments, Venmo, etc. With the consumer movement toward digitalization, cryptocurrency will rule the financial world by 2027. As per the source ‘Statista,’ Ceos’ primary agenda is to have 37% leading digital transformation projects. According to the source – ‘Garner’, the top-notch researchers revealed that 70% of the customers’ focus is upon intelligent systems in 2022.
Ever-increasing pollution, environmental concerns, and the climatic crisis have led businesses to develop a more sustainable way of living. In addition, consumers’ changed behaviour regarding their health has urged companies to produce more environmentally-friendly items and biodegradable packaging, leading to a proper waste management lifestyle. As a result, their preferences have shifted to eco-friendly products leading to increased demand for sustainable products. This increased demand has led to increased manufacturing of eco-friendly daily products.
According to one of the surveys performed by Statista, the lack of sustainability has been a significant reason among 30% of survey participants for quitting the purchase of various brands in the fashion industry. The ‘Sustainability’ Business trends 2022 India will rule in the upcoming years. It’s because Indian customers’ focus is more inclined towards environment-friendly products.
3. New Tech Adoption
AI is Sureshot going to rule each business of the world in the foreseeable future. As NFTs & metaverse are rising, blockchain will significantly affect businesses. Meta verse is a virtual reality world that allows you to access all forms of entertainment, primarily gaming. It simplifies remote communications, builds new models to enhance customer-business relationships, and guides recent transactions & currency like NFT & cryptos.
Blockchain majorly helps businesses in providing secure transactions by tracking them. It furthermore eases down the struggle of doing business with unverified parties. AI, blockchain & metaverse are going hand in hand to shape the future. As per one of the notifications from IDC – International Data Corporation, the Artificial Intelligence Market of India is anticipated to cross $190 Billion by the start of 2025. The blockchain market will grow by 50%, I.e., $15 billion, by 2024. In 2022, various companies plan to run almost 35 Artificial Intelligence projects in their current businesses.
4. Marketing and finance
The financial sector heavily depends on winning the consumers’ trust for long-term sustainability. With social media marketing gaining popularity, the financial industry is also looking for the best means to enhance customer experience and retain them for the long term. However, according to the source everfi, more than 40% of professionals working in the finance field lack tools for executing data-driven digital marketing.
The entire financial market can be twisted in seconds using machine learning. It helps provide better insights into the business problems through historical data, lead scoring, & consumer purchasing activities. Marketing & Financial services gradually move towards automation, using chatbots, APIs, etc., to create the best digital experience. Hence Marketing and finance is definitely a business trend 2022
5. Source of funding
Approaching the right funding source is one of the most beneficial Small Business Trends. Businesses usually finance for their through the following ways:
Venture Capital: The financial investor screens top-performing companies having high growth income & less leverage capability. Then they invest in such businesses, and in return, they ask for a handsome percentage from benefits later and strategic advice. Few venture capitalists are Accel Partners funded mantra, Flipkart, etc., and Sequoia Capital India, which supported bankbazaar.com & justdial
Business Angels: Let’s take the example of Frederick Terma, who invested $500, leading to the progress of Bill Hewlett and Fred Packard.
Bank Loans and Overdraft: Loans are meant for businesses that need long-term financing help. At the same time, overdraft intent to help companies looking for short-term financing plans.
Buyouts Commercial: It helps to change the company’s ownership such that the businesses get time to create market value. Its essential parts are non-core assets selling, new management, renewing product line, mission focus, and facilitating processes.
Financial Bootstrapping: Examples are joint utilization, subsidy finance, minimization of accounts payable, etc. David Osorio, a gym owner, established his gym affiliate with a handful of customers. Now, he has 20 employees & 600 customers.
Shark Tank: Every budding entrepreneur requires a suitable source of funding for their business. Shark tank India is the franchise of the American Show “Shark Tank ”. It allows entrepreneurs to present their startup business ideas to multi-millionaires judges, i.e., sharks. Then sharks evaluate each business plan & decide whether they want to invest in their businesses. Shark chose more than 60 ideas, out of 118 business ideas. It includes a frozen momo business plan by BluePine industries, an intelligent skincare business plan presented by CosIQ, etc.
6. Online Education
The covid-19 pandemic has affected ⅔ of the students’ education globally due to the closure of schools in 146 countries. It’s the most significant opportunity for the Edtech Startups to provide experiential learning-based teaching to students. Once the students get used to online learning, this trend is expected to improve their lives for years. Such a remote learning environment provides smart classrooms, ensuring that students’ productivity isn’t hampered due to any external factors.
Online education is students’ life saviour, as demonstrated during the covid pandemic. With this, the most significant education sector companies like Coursera currently stand at $1 billion worth of value & are expected to drive the whole online education industry. Apart from this, other online Ed-tech industries like udemy is an excellent competition & is going to contribute to this industry majorly. The edtech industry is expected to reach $3.5 billion in 2022 & corporate online education learning will reach $50 billion by 2026. In 2019, the top 38 Indian Edtech startups had an aggregate revenue of $303 million. More than 4,530 edtech startups are currently actively operating education businesses in India. Hence online education is one of the biggest business trends 2022
7. Work From home opportunity
Work from home is the latest Business trend 2022 in India. Facebook CEO Mark Zuckerberg is willing to provide permanent work from a home facility for almost half of its employees. Apart from this, other companies like Spotify, Twitter & Slack are also planning to implement such strategies. Although, with the improving covid pandemic situation, it’s not certain that every company will provide work from home in the long term. But still, flexible remote working policies are here to stay for sure! Such a scenario indicates the emergence of new virtual infrastructure & tools ensuring employees’ productivity.
Even after taking booster vaccination doses and betterment of the covid-19 situation, 90% of the people are not willing to leave their homes & come to the office due to anxiety. While 83% of CEOs want their employees to join offices offline, as per the US research. As mentioned in the source economic times, 63% of the companies plan to work on hybrid models with half days working from home & remaining days working from the office. Shopping malls, grocery stores, and other retail businesses are expected to continue their business online with the ongoing offline supply of goods & services.
8. Big Data Gets Bigger
Modern technology like IOT -Internet of Things, AI Artificial Intelligence, and traffic driven by Cloud Computing leads to data sets complexity & increased data volumes. Such high velocity and variety of data are too complex that businesses need a more innovative way to get valuable insights from it. The data we are referring to here is the mixed-up volume of data that businesses use for recognizing the customer’s preferences, patterns, and ongoing trends. As a result, the search for business analytics has rapidly increased by 331% in the last ten years. Here is when businesses in 2022 are relying upon big data analytics.
The big data market is might increase between 2022 to 2027. Undoubtedly, the big data market will grow to $272 billion in 2022. According to NewVantage Partners, fortune 1000 companies’ investment in big data has risen by 25% since 2018. The business decreases its cost by 10% & increases profit by 8% using big data tools, as revealed by the source ‘entrepreneur.’ Big data analytics is expected to show skyrocketing performance by giving worthy business insights in 2022 and further. Top-notch analytics tools like data mining & predictive analytics enable the analysis of big complex data that are too difficult to be processed by the traditional data processing tools. In addition, big data algorithms help businesses save $1 billion every year through customer retention.
9. Entrepreneurship Is On The Rise
The covid-19 pandemic has shown tough times in numerous ways, especially by snatching their jobs. On the other hand, the natural calamity has led to increased entrepreneurship among youngsters and others to start a solid part-time income as the 9 to 5 job future is uncertain. As per the source, eig.org, more than 4.5 million new business applications were there in 2020. It’s around 24% higher than in 2019. The monthly average of such applications in the high covid-19 period between 2020 to 2021 is 32% higher than regular days. Thus, Entrepreneurship is definitely one of the biggest Business Trends 2022
New businesses have mainly shown growth in the retail and warehouse industry. According to the source ‘entrepreneur,’ almost 50% of millennials & 62% of Gen Zers showed interest in starting a new business. Youngsters like 6-year-old Nicholas Bubeck and 15-year-old SaNiyah Henderson began their new business during the covid-19 crisis by developing toy aeroplanes & a beauty store, respectively.
10. Internet security and privacy
With the digital age, the chances of organizational & personal cyberattacks have also increased by 50% all across the globe. According to the Proofpoint study, with the 3.1 billion phishing emails sent worldwide daily, your data is at a considerable threat. Cybersecurity is necessary as the cyberattack has shown a significant rise since the remote work & digital business era has started. Inculcating artificial intelligence in your business allows the cost-effective & simplicity of making robust cybersecurity protocols. In addition, it enables cybersecurity to ensure your business is running safely without any data corruption from hackers.
According to one of the Accenture studies, ‘Ninth Annual Cost of Cybercrime,’ almost 43% of the cyber attacks occur on small businesses. The cyber security market might rise to USD 345.4 billion by 2026. As per the Insurance Bee Survey, more than 83% of small-scale enterprises have no risk management protocols to get early recovery from cybercrimes. Only 9% of the companies purchase cover insurance; you can imagine the scenario ahead. Hence, Internet security and privacy are proven to be one of the most demanding Business Trends 2022
11. Social Media’s Influence
The value of social media in business will be on rising in the upcoming years. According to the latest reports spending on social media, ads has hit around $105 billion in 2021 which is 15% more than in 2020. Taking an account of the last 3 years spending on social media ads has increased by 65%. – 70%.
Social Media attracts customers, helps you to get customer feedback and build customer loyalty. It also helps you to capture international markets too and develop your brand.
It can create new avenues of traffic which guide people to their products or services. In the upcoming years, the influence of social media will definitely be one of the biggest Business Trends 2022
1. What are the future trends in business?
In this tech-oriented world, Artificial Intelligence, Metaverse, and blockchain will transform the industries massively in the future. AI is expected to grow in India at a CAGR rate of 35.8%. As per the reports by lumikai.medium, the Indian gaming & video streaming market will triple to $7 billion by 2026. In addition to this, weforum.org suggests that blockchain support will back the metaverse building. The blockchain allows the verified digital assets transfer & ownership claim leading to easy commercial & social interactions. Apart from this, trends like sustainability, Ed-tech startups, and internet security & privacy are majorly influencing the Indian market in the future.
2. What businesses will be in demand in the future?
All the businesses using Artificial Intelligence as powerful equipment have a secured future demand. Whether it’s the ed-tech industry, defence, healthcare, Information Technology, banking, or other industry, using AI, your business will thrive to new heights. AI & blockchain, in 2022, is like a catalyst to improve the operation of all the companies from varied sectors. Although, businesses dealing with data crunching, computer engineering, entrepreneurship, aerospace, AI, robotics, Blockchain, and Cryptocurrency will witness huge demand in the upcoming future.
Gaining a good brand name for some time in the market is easy but most companies get stuck in sustaining it for the long term. Then what should you do? Stay persistent with your performance. It is beneficial for companies to stay updated with the latest technologies, tools, software, and top-notch business trends to achieve such consistency. It makes sure that your company saves precious time, money, and effort. Such latest trends of 2022 allow your company to maintain a fair balance between demand and supply. If you are a startup or a fresher confused about what business to start, then the Small Business Trends discussed above is a great help. The Trending Business Ideas discussed above are essential to take your business to new heights, even for established companies.
The world is getting smarter by adopting the Top Business Trends for 2022; what about you?