Entrepreneurships COVID-trends

Considering that megatrends show us changes and trends in people’s attitude and behavior, and also impact the world in a spectrum of sectors, this is a base input for entrepreneurs because it allows them to visualize the markets and bet on solutions that satisfy certain needs. These megatrends show us possible paths or movements from different industries and thus product or service demands. In our current environment, coronavirus era, consume behavior has been impacted, establishing a direction for some megatrends, knowing and anticipating the evolution of global markets.

There are many engines that determine the megatrends: economic power, population change, environment, values, and technology being the ones with higher impact. COVID-19 is affecting these engines defining the courses and intensities on the long term, accelerating the effects in some areas and in others, changing their priority on the eyes of the individual. Setting up a horizon towards the next decade, we could comment on some megatrends that will shape a new world and will be inputs for entrepreneurs.

Since consumers will be more connected through the use of different devices such as tablets, smart phones, locators, etc., Internet will cause them to be on-line all the time. Lifestyle changes, where shopping is made online, telework, streaming platforms entertaining… we will be permanently on-line. Innovation will be the key to access to the consumers through internet content, and considering this, the base for any entrepreneurship. In this era, consumer prioritizes experience over things and is willing to commit with a product or service if this gives them an improved and unique interaction. Products or services should achieve an emotional connection with the consumer, which can be done through interaction and a customized experience. Renovation as an ingredient for the development of new entrepreneurships where this emotional connection is present will be part of the experience.

Midclass, its economic level and lifestyle have been strongly affected by the pandemic and economic recession. This segment of the population has developed a consume behavior that stands out for demanding products from smaller stores and more economical businesses, and for seeking discounts on products and services. Thus, entrepreneurships have the big opportunity to focus on this segment, reinventing and offering products and services adapted to their needs.

Geographical areas have reached their potential from being overexploited and overpopulated. On the contrary, other midsized cities start to have a fast growth and represent investment and expansion opportunities for businesses. Entrepreneurships must adapt and identify the needs of growing towns.

Nowadays, consumers and companies pay more attention to ethical values that ensure respect for the environment, animals, sustainability, social responsibility, etc. It is more important every day for the consumer to have transparency and traceability on their products. Entrepreneurships must take advantage of the growing social consciousness to access new consumers and markets. Changes, in the wake of the contingency, open up an outlook of opportunities for entrepreneurships based on attitude and behavior trends from these new reality consumers.

Translated by I2T2

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