A broad mix of powerful and complex interacting forces is drastically changing the operational environment for sustainable business. These shifts are rapidly producing an altogether new operating environment for business, from climate disruption to automation to artificial intelligence.
New future strategies that account for the deep changes underway and anticipate transformative new opportunities to create a more equitable and sustainable society will be critical for business. In this article, we will take a look at how you can prepare for the future, stay ahead of time, and be up to par with trends for the benefit of your business.
1. Be visible online
At present, roughly 31.8 million Canadians are on social media. Industry experts predict that by 2026, more than 96% of Canadian internet users will be using social media, posing vast opportunities for the country’s digital infrastructure.
A recent research report shows that less than 50% of Canadian small businesses have websites. To prepare your business for 2030 and thrive in a competitive digital world, you need to build a website and connect it to your social media profiles for all your offerings. Online presence presents a tremendous influence on marketing and exposes your business to a vast market worldwide. This is the world of eCommerce.
In 2021, the Canadian eCommerce market is expected to generate $36,250 million in revenue. Revenue is estimated to grow at a 6.83% annual rate (CAGR 2021-2025), resulting in a market volume of US$47,213 million by 2025. These numbers should push you to set yourself up for a piece of this pie.
2. Develop a mobile app for your business
A mobile application will enable your consumers to transact via mobile phones and devices 24/7 with ease. Apps play a pivotal role as they keep attracting customers, thus growing your conversion rates and revenues. In comparison to desktop and mobile websites, mobile applications enhance the percentage of users that perform a desired action. As a result, eCommerce app conversion rates are 3 times higher than mobile website conversion rates and 1.5 times higher than desktop site conversion rates.
Like social media, mobile applications provide a company with a direct channel to its customers. Moreover, customers now prefer instant engagement with a business, especially when it comes to customer services where they can send their queries.
The retail market has grabbed this trend by the horns. 47% of top retailers have a website and a mobile app. Take Giant Tiger, for example; customers can easily view deals, sales, discounts, promotions etc, via their GT App. It has become quite easy for them to share the Giant Tiger flyer with the masses, which has helped their revenues.
3. Have cyber security
When using tech for internet services in your business, an essential factor to take note of is internet security or cyber security. If your company lacks internet security, you are likely to fall victim to hackers who might hijack your business infrastructure, steal critical information and emails through the spreading of malware. Thus strong cyber security will deflect any cyber risk factor and will protect your business.
4. Start accepting cryptocurrency for payment.
Though there is scepticism around cryptocurrency, it is no hidden fact that bitcoins, for example, continue to thrive. This year, global Bitcoin users grew from about 100 million to more than 220 million from January to June, according to the cryptocurrency platform Crypto.com. In Canada, the 18-24 age group has the highest percentage of cryptocurrency owners (18% ). Men in Canada were also found to be more likely than women to hold bitcoin (16% vs 11%, respectively).
To kick off your journey into 2030 and stay ahead of time, you will need to start by accepting crypto. By establishing a cryptocurrency wallet and signing up for an exchange like Coinbase or Gemini, you will be able to convert any payments received into cash. Then, you can add a payment button to your website, use a QR code or share your public wallet address to accept payments.
5. Employ a skilled workforce
After employing the above 4 points,generating a skilled workforce will prove crucial for your business. Studies have shown that the population in universities is increasing. This means a greater number of skills is being produced. Therefore, one needs to take advantage of this fact and employ well-vested graduates with current technological skills and trends to grow and strengthen the business. Skilled employees boost business productivity. Furthermore, skilled employees will quickly adapt to business environment changes and steer your company in the right direction.
When putting together a team for your company, skills such as creativity, empathy, and leadership are also of great importance to have amongst them. These skills can elevate your business as your employees present blue ocean ideas to customers in conjunction with technology.
Concluding preparations for business in 2030
To survive and thrive in the 2030’s business environment, it is crucial to take the proper steps now. Your business should have an online presence, from an eCommerce capable website and social media profiles to a mobile application and cryptocurrency button for payments. Remember to also guard your business against cybercrime by using reputable cyber security companies. Your employees should be skilled enough to understand this technological environment we live in and help you steer your company in the right direction.
See more on preparing your business for 2030 now.
Report on Canadian businesses’ use of websites
Explore the Canadian eCommerce market
How to build your first mobile application
Benefits of a mobile app for your eCommerce store
Cryptocurrency is on the rise among Canadian consumers
Canada Cyber Security Companies