The next decade continues to bring with itself a promise of a better future. As humanity develops, we can see more and more advancements, which can help our standard of living across sectors. Technology is sure to develop incredibly and touch our lives in newer ways than ever before.
However, while we continue to look to the future, it is also important to harp back on the past. In terms of businesses, every single year can be an era in itself. This is why, in this article, we would like to look at the major trends in business, which characterized the last decade.
This past decade was incredible as it was the first decade of the 21st century for humankind. Moreover, if the last decade showed us anything, it is that the next decade is going to be incredibly awesome.
Top 5 Business Trends of the Last Decade: The List
The rise of Women in Corporate Circles-
It was essential that women break the hold and monopoly of men when it came to higher management roles in corporations. For a very long time, positions like the CEO, CXO, CFO, MD, Chairman, etc. have become the monopoly of males.
The first decade of the 21st century saw smart, educated, qualified and accomplished women rising to positions of power and dominance. Whether it was Indra Nooyi at Pepsi or Mary Barra, CEO of General Motors, women in positions of power started becoming an accepted reality.
Smartphones, Internet Penetration and Social Media-
While I could have listed all these three elements as separate points, I felt that the last decade saw a combination of these three factors felt in a major way. Rising economies like India saw a major growth in the number of smartphone users in the last decade.
In addition to this, internet data became a very cheap commodity thanks to ‘Data Wars’ between telecom providers. Social Media also became a common source of spending time thanks to YouTube, Facebook, Instagram and Twitter becoming our second nature.
The Rise of Cryptocurrencies as an alternative Financial Asset-
Very few asset bases and conversations have gained as much currency in the last decade as has cryptocurrencies and Blockchain technology. With Bitcoin becoming a mainstream financial asset thanks to credible trading platforms like the bitcoin aussie system website, many people are now using it as an asset to hedge against the rising inflation.
The shift towards making cryptocurrencies a viable financial model to counter the ill effects of fiat currencies will certainly grow in the coming decade. More so because of the problems caused by the Coronavirus pandemic.
The shift towards Alternative Sources of Energy-
With Climate Change and Global Warming destroying our planet every day, the demand for moving our energy needs to renewable sources of energy has been increasing. We are talking about EVs, Hydro Power and Solar Power forming a bulk of our energy needs.
Heavy investments are being made in the alternative energy sector, and companies are moving towards abandoning traditional sources of energy like oil and gas. The next decade is going to be very crucial as the world makes the shift in order to protect itself.
The emergence of a New Middle Class in Developing countries-
The population of the USA and other advanced Western countries does not fuel global consumption anymore. Rather, it is countries like India, China, Vietnam, Thailand, Indonesia and Bangladesh, which are seeing a resurgence in their middle classes.
In the coming decade, it is this middle class, which is going to be the major drivers of the economy. They are not only going to be the major earners, but also the biggest spenders.
FYI, the Middle Class in India is expected to overtake the entire population of the USA in the coming decade if growth rates continue as they are.