Owning a business, especially in 2020, was not easy and basically anything that could boost profit was a good idea to implement. A number of trends had to take a back seat while there have been new emerging trends all over with businesses trying to hold on to any idea that works. It is, however, important for businesses to carry out adequate research on emerging trends, such as competitive intelligence, before implementation.
One of the emerging trends for the shared- office model of business is ghost kitchens. Ghost kitchens are spaces where two or more restaurants prepare food and deliver it to customers outside. The spaces have no front and are situated at any convenient place for delivery pickup.
Ghost kitchens have been a good emerging trend for restaurants that closed dine- in services and also for commercial real estate businesses who rented their space out as ghost kitchens. Through this competitive intelligence, numerous businesses have remained active.
The impact that the coronavirus pandemic has had on the business sector shows the need for emerging trends and technology. The flexibility of a business is to adapt to change has proven to be an important factor in 2020.
Adapting to emerging trends fast
Adaptability became the key to survival in 2020 for most businesses. There are times when calamities are inevitable and emerging trends are a way to caution a business during such times. For brands involved in persistent market research, it is easier to know about emerging trends and act. The businesses that have a good balance of finances right now are few while most were adversely affected with their business models not surviving either.
For companies that foresaw the pandemic, the effect was not so huge. One of the companies that prepared for the tough times right from the start of infections is the giant taxi company, Uber. When lockdowns were initiated worldwide, there was little need to cabs as majority of people were not moving much. The pandemic forced many restaurants to close and offer delivery services. Uber quickly switched to Uber Eats and this not only helped the Uber Company in terms of revenue, it also helped the restaurant industry though the aspect of competitive intelligence.
We can also learn adaptability as a new emerging trend from AirBnB. When the travel sector got so affected by lockdowns, the company swiftly shifted focus to their AirBnB online services and this has helped the company remain afloat. Through this, hosts that were offering their homes for rent as a sourced of income were able to survive by offering online classes on their talent. There were also those who used the AirBnB online platform to offer virtual tours. Again, from competitive intelligence, the company’s revenue remained safe.
If there is something that covid-19 has taught many business owners is that there is need for quick adaptability. Many companies have seen changes in their baseline metrics during the pandemic and many got affected as they had no emerging trends or competitive intelligence on standby.
Currently, economies are reopening, learners are resuming school and other factors such as elections are impacting the economy. It is a good time for businesses of all kinds to review their metrics and understand where the business stands in relation to emerging trends and market intelligence. Ensure that you have up to date market research in the event that a pandemic or sudden change occurs.
There are companies that help businesses in conducting effective market research. Such companies also help businesses to identify emerging trends that would help them remain effective should things get tough. Ensure that your business is always ready to adjust in case things go wrong.