Recent Trends in Modern Business

RECENT TRENDS
IN
MODERN BUSINESS
About Trends and Modern Business:
A general direction in which something is developing or changing.
In the world of business, a trend is pattern of gradual change in
process, output or condition. It is an average or general tendency.
A Modern business is that which use the latest technology on
their benefit, in order to maintain a competitive advantage over
their competitors.
-RECENT TRENDS-
DIGITAL ECONOMY:
Digital economy is one of the collective Term for all economic
transactions that occur on the internet. Digital economy is defined
as an economy that focuses on digital technologies. It is based on
digital and computing technologies. It essentially covers all the
business, economic, social, cultural etc. There are three main
components of this economy namely, e-business, e-business
infrastructure, e-commerce. In the last 15 years, we have seen the
tremendous growth of digital and their influence on our lives.
Now consumers influenced by things they see on social media and
other popular websites. this economy is a way to exploit this
opportunity. Now it is integrated into every aspect of the user’s
life- healthcare, education, banking, entertainment etc. Digital
economy has given rise to many start-up ideas. Almost all of the
companies in the world (Google, Apple, Microsoft, Amazon) are
form the digital world.
Merits of Digital Economy:
Promotes use of internet- Most of your daily work can be done on
the internet. The massive growth of technology and the internet
that began in the USA is now a worldwide network. there is a
dramatic rise in the investment on all things related- hardware,
1
technological research, software, services, digital communication
etc.
Rise in E-commerce- The digital economy has pushed the e-
commerce sector into overdrive. Not just direct selling but buying,
distribution, marketing, creating, selling have all become easier
due to the digital economy.
Digital goods and services- Gone are the days of movie DVD and
music CD’S or records. Now, these gods are available to us
digitally. There is no need for any tangible products anymore.
Same for services like banking, insurance etc.
Demerits of Digital Economy:
Loss in employment- The more we depend on technology, the less
we depend on human resources. The advancement of the digital
economy may lead to the loss of many jobs. Example- online
banking itself.
Lack of experts- This economy requires complex processes and
technologies. To build the platforms and their upkeep require
experts and trained professionals. These are not readily available,
especially in rural and semi-rural areas.
Heavy Investments- digital economy require a strong
infrastructure, high functioning internet, strong mobile networks
and the telecommunication. All of this is a time consuming and
investment heavy process. In a developing country, development
of the infrastructure and network is a very slow, tedious and
costly process.
ONLINE TRADING:
Online trading is simply buying and selling assets through a
brokerage’s internet-based proprietary trading platforms. The
use of online trading increased dramatically in the mid to late –
2
’90 with the introduction of affordable high-speed computers and
internet connections. Stocks, bonds and mutual funds, ETFs,
options, futures and currencies can all be traded online. Also
known as e-trading or self-directed investing. The advent of
online trading has reduced costs for both investors and discount
brokers.
5G NETWORK:
5G is the perpetual buzzword in the technology community. It’s
being hailed as the latest industrial revolution and proponents
are around every corner to advocate for the speed and new
capabilities it will provide.
AI:
Artificial intelligence (AI) refers to the simulation of human
intelligence in machines that are programmed to think lie humans
and mimic their actions. Researchers and developers in the field
are making surprisingly rapid strides in mimicking activities such
as learning, reasoning, and perception. The term may also be
applied to any machine that exhibits traits associated with a
human mind such as learning and problem-solving. AI being used
across different industries including finance and healthcare. AI is
continuously evolving benefit many different industries. Machines
are wired using a cross-disciplinary approach based on
mathematics, computer-science, linguistics, psychology, and
more.
FRANCHISING:
Franchising is an arrangement where franchisor grants or
licenses some right and authorities to franchisee. It is a well-
3
known market strategy. This right allows the beneficiaries to sell
the products and services of these manufacturers or parent
business. For example, several fast-food chains like Dominos and
McDonalds operates in India through franchising.
Features of Franchising-Firstly, under the agreement, the
franchisor grants permission to the franchise to use its
intellectual properties like patents and trademarks. Secondly, the
franchise in return pays a fee to the franchisor and may even have
to share a part of his profits. On the contrary, the franchisor
provides its good, services, and assistance to the franchise.
Finally, both parties sign agreement.
CONTACTLESS PAYMENT:
Contactless payment is a secure payment method using a debit or
credit card, smartcard, or another payment device by using RFID
technology and near field communication. To use the system, a
consumer taps the payment card near a point-of-sale terminal
equipped with the technology. Contactless payment is considered
a quick and easy way to pay since it doesn’t require consumers to
input a PIN. With the rise in wireless technology and the
popularity of smart devices, consumers can also connect their
credit cards to a device. For instance, google and android
introduced pay systems compatible with their devices.
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 creates engaging contents with
ample brand-related usage. They grow their followers to a point
4
where their content creation sponsored by brands that want to
penetrate their communities. Influencer marketing has become a
very viable strategy for different brands out there. The pandemic
increased the power of influencers.
CONTENT PERSONALIZATION:
Content personalization is strategy that relies on visitor data to
deliver relevant content based on audience interests and
motivation. In the ecommerce industry, personalized content has
a good impact on consumers.

Recent Trends in Modern Business

Uploaded by

Copyright:

Available Formats

Recent Trends in Modern Business

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

Recent Trends in Modern Business

Uploaded by

Copyright:

Available Formats

RECENT TRENDS

COLLABORATION WITH INFLUENCERS:

You might also like