In a period of ninety days, the world and business of commerce have been shocked by its foundations. Executives from all industries are faced with uncertainties that could not have been anticipated at the start of 2020. Causing senior leaders to scrap plans, accelerate plans, or seek alternative plans to help them chart a new course in troubled waters.
This period has allowed for trends to begin to emerge. Trends that will impact decision-making and buying for at least the next five years. And, affect how businesses and people work as well as participate in commerce.
What can we expect in the future of business in a post COVID-19 world?
Working From Home Is Here To Stay
Many non-consumer facing organizations are finding that large-scale “work from home” can work. Discovering new scales of economies and little impact on productivity. In fact, organizations are finding increases in productivity. What remains is finding balance for increased “always on” pressure for workers.
Less Conferences And Exhibits
Large gatherings such as conferences and exhibits will find it hard to make a comeback. Especially for the next two years as the world awaits a vaccine. Or, if a vaccine cannot be discovered, the virus somehow goes into remission.
B2B Accelerates Online Commerce
Business-to-Business has done what can be characterized as a slow crawl towards online commerce. The COVID-19 pandemic will certainly accelerate the pace of adopting digital commerce in the world of B2B.
Accelerated Digital Transformation In B2B
The five-to-ten-year plans put in place by B2B organizations to achieve digital transformation has now been shortened to months and within two years. In what may have been viewed as a long-term initiative now just moved up to the top of the list.
Expense And Debt Reduction
Executive leaders will find it tough to manage the bottom line in an era of lingering uncertainty. Which means being forced to consistently look at expense management as well as reducing debt.
Less Global, More Local
The pace of globalization appeared to have come to a grinding halt. Which will cause executives to look inward versus outward. As the rallying cry of a national cause is echoed around the globe to address the pandemic, globalization will slow.
Robotic Automation Accelerates
The robotic automation of work and tasks will accelerate. In manufacturing and in services. Meaning the decline of some workforces will take place at a much more rapid pace.
The pandemic has altered 2020. There is no doubt that the effect of the pandemic will continue impactfully for the next two years. With residual effects likely defining the entire decade.
Organizations who gain insights into how commerce will change and adapt to these changes will determine how they sustain throughout this decade.