It’s safe to say that the last two years have been a wild ride for both businesses and consumers. While a lot is still up in the air due to the ongoing pandemic, there are some trends you can be on the lookout for.
Here are some of the major business trends for 2022 so you can start on the right foot!
Inflation Growth Will Slow
Inflation hit its highest rate since 1991 in October as the US core inflation rate hit 4.6%, but the indications are that it will be slowing down in the coming year. Several of the factors contributing to inflation are pandemic-related and should therefore be temporary, according to the Brookings Institute. And, recently, several board members of the Federal Reserve indicated a switch from the current pandemic aid efforts to focusing on rising inflation risks.
Estimates differ between agencies, but the Federal Reserve Bank of Dallas says that that inflation rates will likely hit between 2.2% and 3.2% in 2022.
The Move Towards Automation Will Rise
While it seems like this is said every year, one of the most important business trends in 2022 is the growing role of automation. The more we automate, the more we can concentrate on the important things like making strategic decisions about business growth.
Automation is becoming more prevalent and available to even small businesses with ongoing tech advances. And, with the growth of SaaS companies across the country, we are likely to see AI and machine learning play a larger role in customer experience (CX), cybersecurity, lead generation, sales, and marketing.
Cases of Fraud Will Increase
If you’ve even passively followed the news in the last year, you know that cyberattacks are on the rise. These trends are bound to grow in both numbers and complexity in 2022. Security systems have improved, but so have the fraudster's capabilities. Global cybercrime will grow by about 15% a year over the next five years, reaching $10.5 trillion by 20225, according to predictions from Cybersecurity Ventures.
The best defense for merchants against these rising threats is an emphasis on cybersecurity and fraud prevention.
More Emphasis on Marketing
Due to the pandemic, more companies have moved marketing to their senior levels of management, putting it at the forefront of growth efforts. In 2022, we’re likely to see companies incorporating more digital marketing tools, especially with the help of AI and machine learning, into their revenue growth strategies.
This year's trends set the stage. Facebook Ads sales increased by 56% in only 3 months this last June, providing just one example of how powerful digitized marketing can be.
Expectations Will Increase
Customers have become accustomed to instant gratification on many levels and they want more. To get an idea of where customers’ heads are, just look at their experiences of the last few years, especially during the pandemic. Order on an app and your coffee will be ready when you walk in the shop. Ready to pay? Hold up your watch to the screen. Quick and easy is the new norm and businesses need to keep up with consumers if they want to stay ahead of the competition. When customers want a coffee or a bite to eat, it’s ready for them at the window and they just have to tap their card on a screen.
Increased Emphasis on Mobile Devices
Smartphone sales are down, but smartphone use is up. That means people are hanging on to their phones longer, but they're relying on them for more of their daily activities. They're calling their friends to make plans, searching online to find a place for brunch , and then paying with an app. They'll record it all with the phone and then use the device to post the video to social medial
When it comes to marketing, web development, and all things digital, the trends are clear. While mobile devices have made up for the majority of traffic for a while now, they could surpass 60% of all web traffic in 2022.
To keep up with the times, businesses need to invest in better mobile infrastructure including mobile-friendly websites, mobile apps, contactless payment, and more.
B2B Strategies Will Change
Increasingly, Millennial-aged employees are becoming business leaders and senior-level managers. Because of this trend, B2B buyers are going to be analyzing sellers through a different lens, which will more closely match B2B marketing and sales with current B2C strategies.
Essentially, the increasing market of digital-native management will force B2B sellers to put more effort into their digital solutions. To satisfy the younger leaders, businesses will need to include better customer experience tools, smarter digital marketing, and improved AI.
Payments Will Be Easier
Finally, one of the major business trends for 2022 is that payments will be easier than ever. With the rise of contactless payments and the increasing use of mobile apps tied to your bank account, payments are only getting easier.
If you’re looking to jump on board and improve your payment solutions, feel free to contact us for solutions!
