It’s hard to believe that 2014 is right around the corner! With the New Year, there will also be new business trends for 2014. Based on my research and various articles I’ve read, 2014 will be the perfect storm of necessity and opportunity. Some economies will do OK, others will be shaky; but whatever market or industry you’re in, those who understand and cater to changing consumer needs, desires and expectations will have plenty of opportunity to profit. A remapped global economy, new technologies (and also old technologies applied in new ways), new business models – there are plenty of ways you can stay on top of the new business trends to keep your business/product on the forefront.
Enabling technology
Information and communications technology (ICT) has transformed society over the last 30 years. A new wave of technological advancement is now creating novel opportunities.
The exponential growth in the volume and speed of access to information and communication has numerous effects. It can generate new markets and challenge existing institutions, but what we are likely to see is:
- Big data initiatives creating better insight for both public and private sector entities;
- The boundary between what is considered public and what is considered private for individuals becoming increasingly blurred;
- New social service models enabled by technology;
- The evolution of security initiatives and policing to focus on dealing with the increase of cyber threats and cyber-crime; and
- A transformation of communication due to increased mobility demands by consumers and the workforce.
Consumer electronics to see strong growth
A transformation of communication is being driven by the need for consumer electronics. The US Consumer Electronics Sales and Forecasts (July 2013) projects that industry sales will reach US$202.6 billion this year, stable compared to 2012 sales, with 0.2% growth. Looking ahead to 2014, industry sales growth is forecasted to increase by 4.5%, with industry revenues reaching US$211.7 billion. What’s driving this increase? The smartphone! The capabilities that it offers consumers will keep them coming back for more.
As a result, building local & relevant content and services will remain the key to consumer electronic brands – as this not only demonstrates company commitment to the industry, but positively impacts on and enhances the lives of consumers. Does your company need a mobile app? Is your website mobility optimized? If not, you really need to consider getting on the band wagon.
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