Work From Home. - .For Real!: 1. The On-Demand Economy Shift

Introduction
In fact, 88% of consumers are worried about the overall impact of the pandemic on the economy. A
survey found more than six out of 10 businesses in Los Angeles, California may fold if restrictions
last until Labor Day. Moreover, big companies such as JCPenny and Virgin Australia have already
filed for bankruptcy.
Markets are very volatile, and future business trends are shaped by fast real-time consumer
preferences and behavior. In this article, we offer you a roundup of these business trends and their
drivers. We’ll also discuss the possible business trends in the next decade. This way, you’ll have a
better picture of the goings-on of the current landscape and navigate your company and affairs
through this pandemic and beyond.
Work from Home. . .For Real!
However, working from home wasn't ideal for others. Therefore in 2021,
businesses need to reimagine their own workspaces as well as provide the
proper support for people working from home, such as outfit them with the
right office equipment, mental health support, and more so everyone can work
from home comfortably.
1. The On-Demand Economy Shift

The on-demand, or app economy as others call it, started way back in 2008. And, this is one of the biggest
business trends to intensify in 2020. People want to get products and services almost immediately, more and
more. And, as COVID-19 rapidly influenced customer behavior in a matter of weeks, on-demand solutions
saw a surge.
Today, about 49% of adult consumers avoid leaving their homes. Also, 50% of them work entirely or partially
from home. Social distancing is being observed by around 57% of consumers. Digital solutions are being used
to purchase important supplies. In fact, markets registered a 27% increase in sales from non-perishable
groceries and 25% for frozen foods and also in household and cleaning supplies. Furthermore, a 12% increase
registered in the sale of perishable groceries as well.
Online purchases with home delivery increased. And, so did online purchases for store pick-ups. In fact, a 20%
increase in spending was recorded for frozen food delivery while a 7% increase in online spending for pick-
ups. There was a 17% increase in online spending for perishable grocery delivery, as well as a 9% increase in
online spending on pick-ups.
Consumer behavior has changed dramatically. Today, people spend significantly more time playing games,
following the news, and on their hobbies. And, generally, more time has been spent on online shopping and
social media. This change in priorities may result in long-lasting effects as 50% of consumers are trying out
new products, 48% are acquiring health and fitness habits, and 28% are picking up new hobbies.
The twin crises of public health and the economy may have more lasting effects. And the sharp shift towards
an on-demand economy seems to be one of them. New purchasing habits are being picked up. And habits are
hard to break.
4. Ecommerce Dominance and Social Commerce Growth
It is imaginable and apparent that a pandemic like COVID-19 will accelerate ecommerce growth.
Ecommerce, in general, has been great. Generally, US retailers have experienced year-over-year
revenue growth of 68% as of mid-April. This surpassed a previous peak of 49% in early January.
ShipBob, a fulfillment service for ecommerce orders for direct-to-consumer brands, reported an
increase in games and toys shipment of 66.51% monthly. They also recorded that beauty products
shipment had a 64.57% month-over-month increase, and fitness products increased by 112.23%
month over month.
On the other hand, social commerce has also been accelerated by the pandemic. As Americans
have increased their social media use moderately, sites like TikTok, Instagram, Twitter, and
Facebook became more potent avenues for social marketing.
It was found that 87% of ecommerce shoppers believe that they can get purchasing insights from
social media. And, it seems that the younger the people are, the more likely they are to find
inspiration from these platforms.
In one fashion purchase survey, It was found that 55% of Gen Zers fashion purchase was inspired
by social media browsing, about 50.6% of Millennials, 38.1% by Gen X, and 27.5% of baby
boomers’. Moreover, 40% of merchants already use Facebook to generate sales. And, during the
lockdown, consumers formed new relationships with brands, and it is highly likely that these bonds
will last even after the pandemic.
So, we expect that ecommerce dominance will continue and that we will witness more social
commerce in the post-COVID era
5. Increased Collaboration with Influencers

As social media use became rampant, these social networks evolved to have a distinct minority that
more or less holds sway over brand perception and purchasing decisions. These are the influencers.
And, they are not necessarily celebrities; they start as normal social media users who create
engaging content with ample brand-related usage. So, they seem to be more relatable than
celebrities. They grow their followers to a point where their content creation gets sponsored by the
very brands that they use and believe in. And, they also get discovered and sponsored by brands
that want to penetrate their communities.
This is a very subtle way of promotion, and data reflect that people like subtle marketing. People
hate ads so much that they pay to avoid them. This is true in the digital space, spanning from video
content to games. Thus, influencer marketing has become a very viable strategy for different brands
out there. And, with almost nothing but social media to stay in contact with the world, the pandemic
increased the power of influencers.
The influencer marketing industry (if allowed to be called that) has been booming. Last year, 380
new influencer-focused marketing agencies and platforms were established. There were 300% more
micro-influencers (with 1000 to 1 million followers) being used by large firms than in 2016. It grew so
big that influencer fraud started to become a problem, with 66% of firms experiencing it in some way
or form. Yes, the market size for 2020 is expected to be $9.7 billion. It is that big.
As such, the sector is expected to grow more and more. And, influencer marketing is not only used
by commercial brands but also in politics. They are the new celebrities, public intellectuals, and
pundits. And, this is one of the biggest future trends 2020 and
Sustainability
Sustainability has been a concern for some time, but during the pandemic,
things shifted in emphasis. As disruptive as the coronavirus was to business,
companies are recognizing the environmental crisis could be much more
damaging to the world as well as the bottom line than the pandemic.
Therefore, every company needs to rethink operations, environmental impact,
and their products and how they are being used. This trend of sustainability
links closely to the previous trend of a meaningful purpose as companies work
to reduce their carbon and water footprint.

Work From Home. - .For Real!: 1. The On-Demand Economy Shift

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Work From Home. - .For Real!: 1. The On-Demand Economy Shift

Uploaded by

Copyright:

Available Formats

Introduction

Work from Home. . .For Real!

1. The On-Demand Economy Shift

5. Increased Collaboration with Influencers

You might also like