• Global eCommerce markets are set to reach more than 2 billion shoppers in 2021.

• Market competition helps organizations to think more open mindedly. 

• Targeted marketing using AI makes it easier to sell to a global customer base.

The global market of online shopping is estimated to reach more than $4.8 trillion in annual sales according to a Statista report from 2017. The recent economic and social developments have pushed organizations to become more global, and more connected with customers around the world. With more than 2.14 billion online shoppers expected for this year alone, competition in the world of eCommerce and business is becoming increasingly challenging. Besides knowing which are the most profitable eCommerce segments, understanding competitiveness is crucial. 

In business, competition has always driven organizations to become more innovative and forward-thinking, pushing the boundaries of their market, and the globalization of goods and services. In 2018, more than 87% of customers and clients started their product search online, and with projected sales to hit $6 trillion by 2024, business owners will need to rethink and strategize their business models to remain relevant. 

As businesses change and adapt to market trends, and consumer needs – being competitive help thought leaders and innovators find new ways to solve global issues. In many ways, competition helps drive our desire to be better, faster, and stand out from the crowd. So what are some ways businesses can be competitive in 2021? Here’s a look at some of the current market trends. 

Improved customer services

Artificial Intelligence has made it easier for companies to track and understand customer data. Using AI means companies can now be more in the know about what customers need, their desires, and more so, enhance the customer service experience. 

Targeted marketing 

As with customer service, AI has empowered a whole new generation of marketing. Using these adaptive learning tools allows companies to create new trends. By filtering data, and allowing machines to study the target audience – products and services can now be shopper-specific. 

Be adaptable 

A key instrument in driving a competitive and successful business is to be adaptable and agile. Using new tools, such as software and advanced technology has helped a lot of small businesses become widely popular. Being present in the current marketplace, but also looking towards new changes helps to fuel innovative business mechanisms and drive better ways of adaptability. 

Encourage employees to be better 

Not only do employees enjoy feeling valued in any type of organizational setting, but it also helps the business to be more competitive if employees are encouraged to be upskilled. Offering learning programs that they can benefit from is an investment that helps both the business and the employee. 

Hire consciously 

Employers are constantly on the lookout for employees and new talent that will fit in with the vision of the company. Allowing employees on board who are adaptable, interchangeable, and garner a willingness to learn can push the business in different directions of growth. Thus making sure the right people are hired and assigned to positions and projects within the company can give you the edge your business might need. 

Approach challenges with an open mind 

Whether you’re a multinational company or an LLC in Texas, remain firm in your understanding of business operations, and approach challenges with an open mind. Some instances will encourage you to be more open-minded than anticipated, but thinking differently and using new scopes of doing business helps you understand where future business ventures can lead to. 

To finish off

Business strategies work, it’s proven. Having a clear-cut strategy won’t always present itself, but remaining firm in what you set out to do, while also infusing the market with competition puts your business in a different light for not just yourself, but your employees and above all your customers.