Dec 27, 2020 01:58 PM EST
Over the past year, many businesses became on a trend that will undoubtedly accelerate as we turn the calendar into 2021. One of the trends will be the vaccine for the coronavirus. It will definitely pent-up demand for consumers who want to get back to normal as they miss traveling, concerts, and various social gatherings.
Remote work and leaner workforces will also continue to accelerate. Therefore, finding ways to capitalize on both is essential for entrepreneurs. If you are looking for a product to launch or to start a business in 2021, here are three significant trends that would encourage you to keep a close eye, according to Fast Company:
A significant push will happen with health and wellness products in 2021. All these businesses quintupled in revenue in the last six months, as per FC. The COVID-19 vaccine will soar with even more sophisticated products.
According to PRNewswire, a modern certified home care agency, Prime Health Services has launched at-home monitoring of COVID-19 patients. They could track patients' health remotely through MonitorMe technology, an all-in-one health and wellness concierge monitoring program.
The coronavirus pandemic has shown society several ways to take care of ourselves that can be done at home as more people have found it to be a convenient option on certain days.
Read also: 7 Biggest Dominant Consumer Trends in 2020
Businesses outsource manufacturing to other countries, but depending on how trade wars continue between different countries and America will impact many companies in the states. Supplying large organizations has many benefits as per Supply Chain Digital. However, many industry insiders have highlighted the increasing advantages of sourcing from smaller and medium-sized enterprises to a diversification of the supply chain.
The emerging trend is the increasing numbers of entrepreneurs starting to realize the risk in having their business reliant on one supply chain or one manufacturing partner. FC encourages you to at least have other supply chain options if you are launching a new venture product. You should also know the possible outcomes of something were to go wrong.
E-commerce establishes itself quickly as the best and easiest way to launch a business or product. According to new data from IBM's U.S. Retail Index, the COVID-19 pandemic accelerated the shift from physical stores to digital shopping within five years. As a result, department stores sought significant declines. In 2020's first quarter, non-essential retailers and department stores declined by 25% and grew to a 75% decline in the second quarter. For entrepreneurs who look for a new product or venture to launch in the world today, starting online is far better and then pursuing any kind of brick-and-mortar distribution later.
Read also: World's Most Expensive 'Weird' Sculptures
Following the pandemic, natural calamities, and major employment shifts, a startling new study on the online news site News Nation shows that 1 in 4 Americans don't have an emergency fund.
Generational wealth is a facet of wealth management that is often misunderstood. Labeled trust fund babies, rich kids, and lucky breaks, those who receive an inheritance from families are rare.
Social media has successfully made it to the mainstream consciousness of over half the global population. DataReportal's latest study shows that over 4.33 billion people worldwide are using some form of social networking site this year. That's why it's no wonder many tech companies are interested in investing or forming the next Facebook, Twitter, or YouTube to capture the hearts and minds of the general population.
Ease of access, freedom to choose in which to invest the money and lines of credit designed according to the needs of consumers, are some of the characteristics that have made consumer credit one of the most important financing products in the world’s market.
While researchers have suggested that individuals who base their self-worth on their financial success often feel lonely in everyday life, a newly published study by the University at Buffalo and Harvard Business School has taken initial steps to better understand why this link exists.
The younger generations are willing to put their money where their mouth is when it comes to sustainable living.
An international research team led by NUST MISIS has developed a new iron-cobalt-nickel nanocomposite with tunable magnetic properties. The nanocomposite could be used to protect money and securities from counterfeiting. The study was published in Nanomaterials.
Bank credit officers are more likely to approve loan applications earlier and later in the day, while 'decision fatigue' around midday is associated with defaulting to the safer option of saying no.
After graduating or leaving college, many students face a difficult choice: Try to pay off their student loans as fast as possible to save on interest, or enroll in an income-based repayment plan, which offers affordable payments based on their income and forgives any balance remaining after 20 or 25 years.