2020 made us live life differently- House Arrests, Social Distancing, and what now. The pandemic also made sure to change the dynamics of “Normal Living.” Where we used to enjoy weekends in the malls, and cinemas; Now we are asked to live inside like caged animals. The human beings were affected severely, however, one other thing was changed as well, the Economic Trends. And now we wonder what Economic Trends will people follow in 2021?
Buying and selling perspectives of people have highly changed this year. But, the hot question at the moment is, “Will this trend continue in 2021?” Due to safety rules and constant fear, people this year opt more for online shopping instead of going out and filling their trolleys with stuff like always. With changes in the concept of buying; The changes in the methods of paying also changed. Surprisingly, the sales did not get down, but, “small” and “not very big” businesses were affected.
There are many reasons why businesses fail this year, and will they survive in their respective industries. So, let’s go ahead and discuss the problems and the new Economic policies we will adapt in 2021.
The Common Trends Of 2020
Demand & Supply
The demand and supply of various commodities changed this year. For instance, people bought PPE requirements, medicines, and daily needs items in huge quantities. Whereas, money spent on outings and luxury items was reduced. The people also invested their money to buy goods online because of the regular Lockdowns and social distancing measures. Moreover, most small and new businesses converted their shops into virtual ones; To remain in the market. This has helped the smaller business to survive in the market during the COVID-19 situation.
Household products like gym equipment, cleaning devices, and entertainment sources like games and movies were also stacked up this year.
Change In Shopping Patterns And Payments
Just like business owners, customers also changed the way of shopping. To avoid COVID, the buyers started filling their cart with more products. So, they have to visit the shops not so frequently. In addition to this, they also started ordering products in bulk from the online shops. This helped in lessening the physical contact with the outer world.
Apart from buying and selling, the delivery system also got customized according to the situation. The online deliveries were made contactless; Cash on Delivery was restricted as well. Eventually, due to this, consumers are now paying with the help of Digital Payments System.
In short, 2020 definitely changed the way we live. And also changed the Economic Trends we used to follow. But, what do the experts think?
Economic Trends 2021 – Experts Take
Being the newest “hot” topic, a lot of businesspeople expressed their views on the upcoming trends to follow in 2021.
- Businesses that were already thriving online and giant business groups will continue to make money and increase their profits. However, the smaller ones will suffer. The “Medium” businesses and various other businesses are on the verge of giving up. Sadly, this will continue in 2021.
- CRM – Customer relationship management should be the top priority now. The customer is the god when it comes to business. And to revoke the already dead businesses or to flourish a new business, one needs to prioritize their ways to reach out to the customers. Especially, the new ones.
- More Flexible options will be available in the upcoming year. The businesses will allow the customers to receive and pay with new forms of Digital Payments.
- Sustainability to the Rescue; More people will switch from their old shopping businesses to more durable business models. This will create a change in the way a business produces and sell its products.
Definitely, the course of living and surviving will remain the same in 2021. However, helping smaller businesses will make the situation better. So let’s try to change our ways and try to make the Earth a better place.
~ Article Contributed By Economic Expert Muskan Jaiswal