Trends in International Business

A compass needle points to the word trend. With summer right around the corner, and as we move toward the middle of 2023, it’s a great time to explore emerging trends in international business. Below we touch on just a few of them. The Rise of Artificial Intelligence Artificial Intelligence, or AI, has been all over the news recently as Chat GPT and Google’s BARD AI become prevalent forms of content generation. AI is already having a major impact on many industries, and its use is only going to grow in the years to come. AI can be used to automate tasks, improve decision-making, and create new products and services. Businesses all around the globe that embrace AI will be at a competitive advantage. Growth of the Gig Economy The gig economy is characterized by short-term, contract-based work by companies like Airbnb, Door Dash, and Instacart. This trend is being driven by several factors, including the rise of online platforms like Upwork and Freelancer that make it easier for people to find and work with freelance contractors. Businesses that can effectively manage and utilize the gig economy will be able to save money and gain access to a wider pool of talent. Sustainability The Importance of Sustainability Consumers are becoming more and more concerned about the environmental impact of their purchases. Businesses that can demonstrate their commitment to sustainability will be more likely to attract and retain customers. Despite political pressure in the US, sustainability remains at the top of even the largest corporations’ action lists, while globally the drive to increase sustainability continues to make huge strides. The Rise of E-commerce E-commerce is growing rapidly, and it is now the preferred way to shop for many consumers. International businesses that want to stay competitive must have a strong consumer and industrial e-commerce presence. The Need for Diversity and Inclusion A diverse and inclusive workforce is essential for any business that wants to be successful in the global marketplace. Businesses that can create a culture of belonging and respect, even with hybrid or remote employees, will be able to attract and retain top talent. A world of data available in your computer International businesses that can adapt to these trends and embrace change will be well-positioned for success in the years to come. In addition to the trends mentioned above, here are a few other trends that businesses should keep an eye on as we move through the year: The Growth of the Digital Economy The digital economy is growing rapidly, and it is now responsible for a significant portion of global GDP, Global businesses that want to participate in the digital economy must have a strong online presence and be able to effectively use digital marketing and sales tools to capture the interest of global consumers. A row of hard drive data storage towers The Increasing Importance of Data Data is becoming increasingly valuable, and global businesses that can collect, analyze, and use data effectively will have a competitive advantage. The Need for Security The threat of cybercrime is growing, and businesses must take steps to protect their data and systems. As coding and tech jobs continue to explode around the world, and the number of people who can code rises, international businesses have a greater responsibility to stay on top of online data and storage security protocols. By understanding the latest global business trends, businesses can position themselves for success in 2023, and in the years to come. Written by Victor DePasqual