Top Business Trends LLC Entrepreneurs Should Watch Out for in 2021

The year 2020 has been unprecedented business-wise, as the global pandemic has disrupted markets, industries and strategies in myriad ways. The result was a paradigm shift for LLC entrepreneurs and businesses. But the year 2021 will hopefully bring a new dawn, and with that the new and updated business trends that entrepreneurs need to incorporate in their business strategy. Here are the top 5 business trends that LLC entrepreneurs should watch out for in 2021.

1. E-commerce

The significance of e-commerce has increased exponentially because of COVID-19. During the pandemic, almost every business has felt the necessity to have an online store, or at least, an online presence. According to a recent survey by eMarketer, 27.6% of retail sales are expected to be online by 2024, which is an increase from 14.4% in 2019. The new and updated trend in e-commerce is social commerce, which links online stores with social media platforms.

2. Cybersecurity

With the rise of e-commerce, the need for cybersecurity has also increased. Criminals around the world have set their sights on gaining access to sensitive information like personal or card details. According to predictions by Cybersecurity Ventures, the cost of cybercrime is set to rise to $6 trillion globally by 2021. Hence, it’s important for LLC entrepreneurs to make sure that their data and their customers’ data are secure.

3. Work from home

The pandemic has forced companies to embrace remote work culture. According to a recent survey by Gartner, 48% of employees will work remotely at least part of the time after the pandemic. Hence, LLC entrepreneurs should make sure that their companies not only have the technical aspect of remote work in place, but also the HR part to manage remote employees effectively.

4. Augmented Reality

This trend is specific to some businesses but still worth mentioning. Augmented Reality (AR) has the potential to change how we shop, for example, AR has the ability to bring virtual trials of clothes or make-up so customers can have a better idea of what they are buying. According to a recent report by MarketsandMarkets, the size of the augmented reality market is expected to reach $72.7 billion globally by 2024.

5. AI/Chatbots

Artificial Intelligence (AI) and chatbots are no longer fancy add-ons, they now form an integral part of the overall customer service experience. Chatbots are AI programs that mimic human conversation and assist customers. Chatbots can help businesses with customer support, sales, lead generation and can save them a lot of time and money. According to Juniper research, chatbots will save businesses $8 billion per annum by 2022.

Conclusion

In conclusion, LLC entrepreneurs need to be aware of the ever-changing business world. They have to be proactive and have their fingers on the pulse of these rapidly changing business trends. From e-commerce to cybersecurity and from work from home to augmented reality and AI/chatbots, LLC entrepreneurs have a lot to look forward to in 2021. By incorporating these trends in their business strategies, LLC entrepreneurs and businesses can easily stay ahead of the game, and succeed in the post-COVID world of business.

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