Permit me to use the common expression that the only constant thing is change. For entrepreneurs, this is a most fitting statement. The reason is that the entrepreneurial ecosystem is always evolving. If you are an entrepreneur, you would agree that what was considered a trend yesterday isn’t guaranteed to continue tomorrow.
Hence the need for forward-looking entrepreneurs, especially those operating within the technology sector, to keep abreast of digital transformation if they want to stay relevant in their target market.
Take the Coronavirus outbreak for instance. In a globe that is still rocked by the ongoing pandemic chaos, businesses are reevaluating their strategies and altering or completely changing their business model to get ahead of the game.
Although many business trends have been around for years allowing many innovators to reap first-mover advantage, in the African context, however, there are still incredible business potential.waiting to be tapped. In this piece, I will share some growing business trends for 2022 that tech entrepreneurs can explore or incorporate in their businesses as the case may be.
Since the COP26 summit, the race for sustainable solutions to the current climate crisis has become a matter of survival not only for the human race but our very planet.
From a social perspective, creating innovations that can help keep the earth’s warming at a balance is an admirable cause. Yet, we cannot write off the economic advantages such inventions can bring. In case you are not aware, climate change has created a billion-dollar industry such that a growing number of venture capitalists and ESG-focused corporates are now investing in climate adaptation and mitigation solutions.
As an innovator, perhaps you’re wondering which climate tech areas you can look into. Well, a recent PwC report highlights five important climate tech solutions: food waste technology, solar power, wind power, green hydrogen production, and alternative foods/low greenhouse gas proteins as opposed to dairy and meat production.
The fact that the entire world is scrambling to combat climate change makes a strong case for the growth of this sector in 2022 and coming years.
Granted, not every entrepreneur will troop into this sector. But at this point in human existence, it is now more important than ever to do business in a green and environmentally-friendly way. From reviewing your supply chain to recycling your packaging, practising sustainability can have a significant impact on the environment as well as improve your bottom line.
As you may already know, blockchain is one of the most exciting tech trends in recent times. While many people generally know it as the technology that drives Bitcoin and other cryptocurrencies, its potential uses extend beyond this. From digital “smart” contracts to logistics and supply chain provenance, security and protection against identity theft, Blockchain technology can be applied in major fields of human endeavours.
In 2022, spending on blockchain solutions by businesses is predicted to reach $11.7bn. If you are already a player in this space, you know, potentially, what this could mean for your business.
Another interesting trend is the development of Non-Fungible Tokens (NFTs). Considering all the rage in 2021, NFTs are also expected to expand beyond online art. Already, the use of NFTs has gained ground in the Western music industry, with artists including Kings of Leon, Shawn Mendes, and Grimes all releasing tracks in NFT form.
As Covid-19 drags on, blockchain technology continues to provide several important potential use cases, one of which is in vaccine tracking and distribution, especially to address cases of counterfeit vaccines.
Virtual care and telehealth
In the last few years, pundits have been predicting the accelerated growth of telehealth. Unsurprisingly, the inclusion and implementation of telehealth options have witnessed great uptake during the outbreak of the global pandemic. It must be said that the difference between then and now, as far as telehealth is concerned, is that consumers and healthcare professionals alike are getting over their reluctance to use the options offered by telehealth services.
As the healthcare landscape continues to tilt toward a digital model, we can expect that medical wearable devices such as those that help patients to monitor their health and keep track of their vital signs, voice assistants, and increased connectivity will become the norm.
No doubt that the more patients adopt these technologies, health care professionals, assisted by AI, also will be able to provide tailor-made, virtual care to patients —empowering them to offer more accuracy and better outcomes for patients.
Especially in Africa we do need telehealth for obvious reasons some of which include poor public health systems. Telehealth startups that boast affordable services can implement both remote inpatient hospital rounding care and remote home-based care.
In our era of short attention span, businesses are shifting from the traditional way of creating product awareness. As more digital content becomes available to consumers, brands, irrespective of their size, need something that will stop people in their tracks and encourage them to buy their products or services. This is where video marketing comes in.
In 2021 alone, HubSpot reports that 96 per cent of consumers increased their online video consumption. As such, by 2022, videos are predicted to rise to 82 per cent of all online consumer traffic. Is the hype justified? Think of how videos can attract customers and influence their purchasing decision. Even more, effective video marketing can rank businesses higher in search engines, putting relevant businesses in the face of prospective consumers. Think SEO! If you have not already done so, you could make 2022 the year
you revamp your video marketing strategy.
At this juncture, let me reiterate that staying up-to-date with business trends in 2022 and beyond is imperative for your business to grow. The entrepreneurial space is a fiercely competitive one. Only those who are one step ahead in the game, either because of having a first-mover advantage or excellent business acumen, will always dominate the business realm.
Remember, 2022 is the time for your business to shine. So, why not take some time to study these business trends some more and see which, if any, could work for you.
ICT Clinic by CFA is published weekly in the Sunday Punch