That year 2020 was a hard year for most businesses and key opinion leaders. There have been numerous trends that businesses adapted to remain functional. Many have left business owners spoilt for choice, especially in being able to predict using the varying trends. Businesses need to explore the different trends so as to make right choices.
A number of factors should be considered in the review of emerging trends. A business and its key opinion leader should consider whether 2020 business predictions were accurate and how pandemics affect business planning. It is also important to consider emerging trends that a business can easily adapt during pivoting.
Business predictions can fail
It is normal for the internet to give a prediction of emerging trends towards the close of each year. The trends are highlighted to begin actualization in the year that follows. The coronavirus pandemic was, however, an unseen factor for everyone. When a conversation on the unseen prediction was held in Quid Social in December 2020, many business owners and key opinion leaders admitted to making plans for a successful 2020. They were oblivious of what was in waiting.
2020 is now gone and with proper review of the events that unfolded, we can all learn great lessons. The pandemic made some trends less effective and made some other trends more efficient. It is right to conclude that the effectiveness of a trend depends on how necessary it is and when. People had to even get creative with their fashion and hair. Many lamented that due to the quarantine, lockdowns and other restrictions, it has been long since they visited a stylist.
Times change and nothing in life is static. Businesses had to adapt to a new normal just like everyone else and those ready for emerging trends survived. Mocktails, for instance, has gained a lot in the tough year although there was a great impact in the alcohol sector for unavoidable reasons. Emerging trends help businesses to be more flexible as times can easily change.
A big lesson here was that businesses and key opinion leaders need to be easily adaptable. Looking at the fashion industry, it was nearly impossible to predict that the it would leave its core business entirely and focus on making face masks. It is a new thing to see the Paris Fashion Week being all-virtual.
Many businesses and corporations resulted in working from online platforms with Zoom being the official office space for many. Services would be streamed to find people at their homes while food and other deliveries got to people through rideshare. For companies such as Zoom and Rideshare, it was a time to thrive as the coronavirus pandemic suppressed most operations.
For events, in-person events were totally not possible. This was something that the industry could hardly foresee. How the world was forced to embrace emerging trends like virtual life and technology including telehealth is an indication that predictions may not always work for businesses.
Planning can be affected by a pandemic
Businesses did not foresee the coronavirus pandemic and many were affected in ways that were hard to handle. Businesses that have been unable to adjust to a workable solution have been left bankrupt.
Among the most affected sectors are travel and hospitality industries. Many hotels and restaurants have had to close down while Hertz, which is a leading rental vehicles company filed for bankruptcy in May. Hertz is struggling with debt and is the largest company that filed for bankruptcy in 2020.
A company like WeWork was doing so well in 2019 and had great plans for more growth in 2020. However, 2020 has been tough with friction between management and investors making its predicament worse.