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Business Trends to Watch for in 2021

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Posted: Thursday, December 10, 2020. 1:27 pm CST.

By BBN Staff: It’s been an unpredictable year for businesses on both the local and global stage. While there were some unforeseen challenges, there were also quite a lot of opportunities for certain industries.

2021 is guaranteed to bring a lot of new changes in the marketplace, and there are many industries poised to make a big move this decade. Let’s take a look at crucial trends and markets that we can expect to make a splash in the new year and beyond.

Online Sports Betting

The online sports betting market has been steadily growing year after year. Technology has been advancing rapidly, and the prevalence of mobile apps and advanced streaming technology have been some of the biggest factors in the rise of online sports betting. As favorable regulations worldwide emerge, this is one market that will only grow over time.

Legal betting is finally taking off in places like the US as well, where there are 85 sports betting sites opening across 12 states where it has become legalized. This promises to be a lucrative new industry for participating states. It is likely that the US and other countries worldwide will follow the

Real Estate

In November, we outlined why investing in Belize real estate was a sweet prospect. The real estate market globally has been growing despite economic challenges and uncertainty. The data suggests that many people are opting to leave condensed and busy cities and instead move to more suburban areas.

Belize is a country that relies heavily on tourism and thus, the real estate market was affected heavily here over the past year. However, developers and investors are already looking at opportunities to take advantage of when the market rebounds. Expect real estate investing to be a big trend throughout 2021 as investors begin to understand where the value lies.

E-commerce

E-commerce may have seen steady progress over the last two decades, but 2020 was the biggest year to date for this industry. Every year consumers become more comfortable shopping online for everything from groceries to clothing and expert market analysts have stated that total retail e-commerce sales will reach $4.3 trillion by the end of 2020.

The reasons behind this growth are clear to see. Besides the necessity of online shopping throughout 2020, consumers have made the switch to online shopping to save time, money, and for the convenience of home delivery.

What’s startling is that the data suggests that many more purchases are being made via mobile devices as compared to PC or laptop sales. This goes hand in hand with companies investing in mobile apps and spending more of their marketing budget on social media platforms like Instagram and Twitter.

Local Sourcing

With global supply chains in disarray, local sourcing is expected to be a topic that is frequently discussed heading into 2021. Depending on your business, this can mean many things, from individual components to locally produced bulk materials like plastics, cloth, or produce. The benefits can be enormous for certain businesses.

Besides reducing reliance on global supply chains, and saving on logistics costs, local companies are effectively reducing carbon footprint and taking full control over their products. One of the biggest benefits however is growing food or producing goods closer to local communities. This creates a positive loop where local companies are helping other businesses grow while benefitting everybody around.

Working Remotely

Another trend in the workplace that is expected to become much more commonplace in 2021 is working remotely. Many massive companies led the charge in adopting this trend, and thus far the results have been extremely positive. It has been regularly reported that after implementing work-from-home policies, productivity has risen, as well as lowering costs that come from keeping the office.

This could be a massive change that becomes the standard in coming years, so keep an eye on more remote working opportunities in the future.

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