Judy Sahay

Thought Leaders & Game Changers

2025: What the business world will look like in 10 years time

The future of business in 2025

The future of business in 2025

Anyone engaged with business on any level can see how the world is already changing. Just a few years ago, the idea of transactions being made on iPads and tablets seemed impossible, but as technology has changed, the business world has adapted to keep up. Now, with consumer intelligence and awareness at an all time high and technology continuing its rapid developments, businesses need to start preparing for what their world will look like in 2025, lest they be left behind.

CONSUMER INTELLIGENCE

We are at an age where customers are at their most intelligent, and a lot of businesses seem to suffer under the wrath of the informed consumer. As people become more aware of the products they are investing in and spending their money on, they become pickier and more concerned with what they are buying. It’s almost impossible for businesses to try and dupe their customers in any regard, because that sort of information is available at everyone’s fingertips.

Now is the time for businesses to start advancing the production of their products in order to appeal to their customers. Ideas need to be bigger, smarter, and more enticing, and with that, the level of trust between business and customer needs to grow. The consumer needs to know what they are getting themselves into without feeling like they are being tricked or deceived in any way. In 2025, there won’t be anywhere for businesses to hide, as information about their new products becomes a lot more readily accessible.

But, if customers do run into any problems with their products, the businesses of the future need to be equipped to deal with them. Customers are no longer content to be put on hold and many resent having to return to the place of purchase if they are struggling with a product. By 2025, most (if not all) companies will have a team of customer service representatives working digitally around the clock, to connect with consumers across all forms of social media to offer assistance when necessary. There will be no more wait times for a response, and as such, trust and rapport between businesses and consumers will be at an all time high.

            THE SKILLS LANDSCAPE

As times change, so will the skills, and businesses need to adapt now if they have any hope of keeping up with the new skill sets that will be necessary in 2025. We are already seeing how important it is for businesses to connect with the digital world, and as physical retail spaces start to dry up, being aware of the digital landscape is crucial. By 2025, a huge proportion of businesses will have moved online, and new ventures won’t even consider a brick and mortar startup.

Alongside the turn to digital will be the necessary social media abilities that every business owner in 2015 should start developing. Though we might have moved on to the next incarnation of Facebook and Twitter will have gone through several upheavals by 2025, social media will continue to play a huge role in the business world. It will allow instant connection with the customer, and in 10 years time, social commerce (or s-commerce) will be taking over the Internet, giving consumers a much easier way to shop online. Businesses need to be aware now of the influence social media has over their customers, and should learn to harness the related skills if they want to ensure their continued survival.

Though plenty of businesses might not be tech-based, there are now no more excuses as to why you shouldn’t be linked up to the technological world. By 2025, an understanding of the changing climates of technology will be integral to the success of business, as we being the transfer over to an entirely digitised retail space. While there will still be room left for analogue methods, digital has always been the way of the future, and developing an understanding of technology now will get you on the right path for future learning and skills development.

CHANGING TECHNOLOGIES

While we all know the dangers of trying to predict the future and we may lament our lack of jetpacks and hover boards, there are a few pieces of technology that are almost guaranteed to be in practice by 2025. Thomson Reuters, a world leading information and media firm, released their 10 Predictions of Innovation to try and determine what the business landscape will look like in 2025 with the changing technology, and alongside developments for solar power and dementia treatments, they also made a few predictions that will change the way businesses around the world interact.

By 2025, Thomson Reuters believes that every device and almost every single thing around the world will be connected digitally, in what is known as the Internet of Things (or IoT). Everything will become digitally ultra-responsive, and microchips will be embedded into almost everything so that we can remain totally connected. The Internet will no longer be restricted to tablets and computers, but will exist in almost every facet of our lives, so that the world around us will respond to our every wish. With IoT, inanimate objects will be able to communicate directly with us, in a way that will change the way we interact with everything. Products will need to be developed with the requisite changes in technology if they have any hope of keeping up.

Alongside the move to digital elements of every product we use, our office spaces themselves will change. We are already seeing a mass move to the cloud for digital storage, and this will only continue in the next 10 years. Physical servers and hard drives will be a thing of the past and businesses will be run solely online. Alongside the move to the digital space will come the ability for businesses to be run entirely on the go, through mobile devices like phones and tablets, as we carry on the move to a virtual and mobile workspace.

Communication between businesses and customers will also continue to develop to encompass a global audience. By 2025, gone will be the days of difficulty time delays and struggles in communicating with consumers and other businesses overseas. Whilst there is no way of getting rid of time zones, releases like Facebook for Work will serve to connect companies who have staff working overseas. This ease in communication will also help lead to the rise of all-virtual companies, employing people across the world in the same business, no matter the size.

For businesses of today who are looking to stick around for at least another 10 years, adapting and preparing themselves for these changes in technology will be crucial to their longevity. For anyone preparing a product now, consider what its uses will be like ten years down the track, and see how well it is going to age. Training staff now to understand social media and keep track of technology will mean they are prepared for the changes that are going to take over the world, and change how we do business in 2025.

 

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