Six megatrends responding to changes in the business world in the next three years

Six megatrends responding to changes in the business world in the next three years

          The concept of “Industry 4.0” is being accelerated by the government in order to drive business sectors that are aiming to restructure their production into an innovation-based economy driven by knowledge and advanced technology, creativity, and innovation. This is to ensure increased product value and environmentally friendly practices, in order to develop Thai industry and help it move forward in a steady and sustainable manner. 

          Therefore, business owners or operators should develop their products and services in line with changing consumer behavior in order to create business growth opportunities. In the next three years, six megatrends will play a role in business operations, which can be divided into three groups:

1. Two megatrends to be accelerated

1)  Digitalization. Every business has to adapt to online commerce through various platforms, because consumers nowadays can buy products faster, resulting in faster product turnover, and the market for goods and services has become a “consumer market.” This has forced business owners to quickly adapt their products to the online stores in order to meet the needs of consumers who prefer faster service;

2) Globalization connects everything together, so it provides the opportunities and challenges that every business faces. Entrepreneurs should study the methods to enter the international online platform market in order to increase growth opportunities and expand the market, while carefully managing risks and controlling production factors.

2. Two Megatrends to be promoted

1) Technological advancements (new technologies) in terms of digital data transmission technology and energy-saving and environment-saving technologies that facilitate efficient business operations in both speed and accuracy and save costs;

2) Collaborative Business Models. For business sustainability, cooperation and interdependence are important to diversify the risks and profits of the business between activities, which will benefit all sectors.

3. Two Megatrends to be aware of 

1) Aging Societies. According to the United Nations, it is estimated that by 2050, the world’s elderly population will increase twofold from the present, or more than 3,400 million people, representing 30% of the world’s population. The business sector should therefore not overlook market opportunities that meet the needs of the elderly or products for the elderly;

2) BCG Economy Model is a new business trend. Businesses should develop products and services and set the goals of business growth by taking into account environmental protection and global warming reduction. This business model will receive both direct support from the government and indirect support from consumer awareness of environmental conservation, thus promoting sustainable business growth.

          To create opportunities for growth and success, businesses need to adapt to the new trends. This is a challenge that entrepreneurs must realize, so they will need to adjust their production of products and services to be in line with these six megatrends to ensure their business growth, along with the growth of the Thai economy.