In today’s world of business and commerce the marketplace is both highly competitive and globally connected. Key world events such as the ongoing war in Ukraine and the problems posed by the Covid-19 pandemic have the power to affect many other countries regardless of their physical distance from the centre of these events. The war in Ukraine in particular has had the effect of raising commodity prices on a global scale as a result of interconnected global trade. Whilst these situations have undoubtedly caused problems for millions of people, a globally connected trade and business model is one that shares certain trends and characteristics. Three key trends in business that have been replicated across multiple countries will be discussed in detail in this article.
1. The rise of online casinos
There has been a phenomenal rise in both the number of online casinos globally and the revenues that are generated by such businesses. It is difficult to accurately count the total number of online casinos, but recent estimates put the figure at approximately 10,000 sites worldwide. The rise of real money online casinos has been partly due to the increasing abundance of fast and reliable internet infrastructures in most parts of the developed and developing world. This, combined with most of the world’s population owning a smartphone capable of accessing the internet has resulted in a surge in online gambling. In 2022 forecasts predict that the global value of the gambling market is set to reach $565.4 billion and will continue to increase at a growth rate of 5.9% during this year. Key trends in the online gambling industry that are enticing more customers include the rise of live dealer games that are operated by human staff. In addition, the move towards VR gaming promises a fully immersive gaming experience that is as close to a physical casino as possible.
2. Data analytics across sectors
Less than a decade ago, concepts such as “big data” and advanced business intelligence modelling were simply concepts and buzzwords understood by a select few. Today data analytics is a field of its own and many businesses harness computer technology and analytics software to provide valuable insights into the running of their organization. Even the agricultural industry is adopting big data and analytics to accurately predict crop yields and understand weather patterns more effectively. Globally, business analytics is now viewed as an integral part of the success of any company. The nature of this field of information technology allows a level of accuracy in business modelling that simply was not able to be accomplished by humankind previously.
3. Eco-friendly credentials
As the millennial generation become more dominant in the workplace and begin to have increasing levels of purchase power, they wish to see organizations demonstrating visible eco-friendly business practices. This generation wishes to work for organizations that show a keen regard for the environment and sustainable practices in general. In addition, they are likely to “vote with their wallets” and choose to buy from businesses that can be seen to be taking steps to minimize their carbon footprint and reduce waste whilst operating in an ethical manner. As such global corporations must be able to demonstrate such credentials to encourage trade from an increasingly environmentally and socially aware population.