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Tag: social media trends

What can business owners learn from Patagonia’s hand over vs. Starbucks’ reinvention plan?

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A lot of high-profile business decisions were published in the recent weeks, most notably Patagonia’s handover which sparked widespread support for the brand. 

 

Patagonia’s founder – Yvon Chouinard announced in a personal letter, [1] the handover of the company to two non-profit organisations and that going forward, 100% of revenue will go towards protecting the environment, supporting thriving communities and fighting the climate crisis [2]. 

 

They have experimented with ethical business models for years and this radical decision sets a new bar for corporate sustainability. Patagonia has consistently evaluated their impact and made steps to improve including becoming a B corporation. However, Chouinard addresses there were “no good options available” going forward for generating more money to fight the climate crisis while maintaining company values, so they “created [their] own” path. 

 

Going public with the company was not an option due to the pressure it would bring to “create short term gain at the expense of long-term vitality and responsibility”. This shows the commitment to maintaining the company’s values and staying true to what he’d envisioned the company to be. 

 

In contrast to another company in recent news – Starbucks have announced their “reinvention plan” for the coming years entailing aggressive growth targets, a 450-million-dollar investment into North American branches and intent to open thousands more across the US and China [3]. This demonstrates how far Starbucks has and will be straying from its roots. 

 

Howard Schultz’s vision for Starbucks was a place for people to experience the “purity of Italian coffee” that he’d fallen in love with [3] and he admits in certain ways, the company has “lost its way”. Most consumers now view Starbucks as a quick coffee stop as opposed to the authentic Italian coffee experience Schultz had envisioned. 

 

Starbucks has been a public company for 30 years and as a result, their immense growth has largely aligned with the goals of shareholders. While the reinvention plan is great for shareholders, current fans of the company will either love or hate the growth trajectory. 

 

So, what can business leaders take away from this? 

Growth should be considered with intention. 

 

While expanding is a long-term goal for many entrepreneurs, business owners need to be careful of how their plans align with their vision for the company. It can be easy to get caught up in the pursuit of major development milestones and lose sight of the intention behind building your business. This is especially true of public companies whereby the only goal then becomes creating massive returns on investment for shareholders. 

 

When this becomes the primary goal, it can lead business owners to cut corners and undertake unethical business practices in order to shape the company to the visions of shareholders. With pressure like this on leaders, there are high chances of making business decisions that end up being met with widespread distaste.

 

By taking a more thoughtful approach with consistent consideration of how your company impacts its community and prioritising your audience, your company will likely grow into one that sets examples for future entrepreneurs while staying true to your vision. 

 

References: 

[1] https://www.patagonia.com/ownership/

[2] https://www.upi.com/Top_News/US/2022/09/15/patagonia-outdoor-retailer-yvon-choulnard-climate/8801663251152/

[3] https://www.inc.com/justin-bariso/starbucks-howard-schultz-patagonia-how-big-should-my-business-grow.html?utm_medium=browser_notifications&utm_source=pushly&utm_campaign=2385105&cid=pushly

 

Five Digital Trends to Watch in 2022

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Keen to know what digital trends await us in 2022?

Look no further… Here are the top five digital trends to look out for in 2022!

The Digital Transformation

2020 was the year the world stood still, the pandemic forced the world to lockdown, keeping people indoors and focused on survival. 2021, however, was a year of transformation; according to research done by The McKinsey Global Institute, people, businesses and society as a whole, transformed entirely, not just surviving the present, but anticipating and enhancing the future.

The pandemic has forced the world to adapt to a ‘new normal’, in which we rely on technology to work, connect with family and keep up with news. The digital world is constantly growing and adapting to make our lives easier; here are the top digital trends to watch out for in 2022.

1. The Metaverse

In October 2021, Mark Zuckerberg announced the new name of Facebook, ‘Meta’. Indicating a transformation into the ‘metaverse’, a virtual reality space in which users can live and interact with other users in a completely virtual landscape, essentially a fictional world.

This new trend in technology opens the doors wide open to endless possibilities of virtual and augmented reality, which many of us are unfamiliar with. This shared ‘virtual world’ can be reached by using VR headsets, AR glasses and smartphone applications.

People are already predicting that 2022 will be the year of the Metaverse. Not only will it be a space for users and gamers to live and play, but also holds the possibility of becoming a space in which brands can market themselves and create brand awareness.

Perhaps the Metaverse will be the new way we consume content, shop and live; one cannot be certain of the direction it will go, however, it is definitely a top trend to watch in 2022.

 2. NFTs

The digital economy is not a new concept, as cryptocurrency is widely used across the world, with currencies like Bitcoin or Litecoin. Cryptocurrency is any form of currency that exists online, in the virtual space, that uses cryptography to complete transactions.

The new cryptocurrency to watch in 2022, however, is NFTs (Non-Fungible Token). NFTs are the digital equivalent of non-fungibles, such as any singular digital asset, like a GIF, meme or digital artwork. NFTs can be bought and sold just like any other cryptocurrencies, used to buy both physical and digital things.

2021 saw a boom in NFT sales, hitting nearly three billion dollars in sales in the first six months. However, many tech companies have stated that NFTs are underused in the digital world, particularly in the gaming industry.

Jessica Rovello, the CEO of Arkadium, claims that gaming platforms, such as Ubisoft, should embrace the untapped market of NFTs. Rovello argues that 2022 will be the year the value of NFTs will truly be understood and take off.

The avenues for NFTs are limitless, starting with gaming, there are no restrictions on where they can take us. The Frankfurt School Blockchain Centre, for example, has predicted a market of roughly £1.1 trillion for tokenized assets, in industries beyond gaming, such as real estate, business and retail.

3. Connection

The rise in these major digital developments place more pressure on connection across the world. Digital trends rely on a faster connection, something that cannot be compromised in 2022.

5G and WiFi 6, according to Jerry Paradise, who works at Lenovo, is the future of high speed connection, also ensuring internet safety and reliability.

Some of us may already have noticed 5G popping up on our phones, however, it is not the mainstream. But, in 2022, we can expect 5G to become the standard for our phones. By 2030, it is predicted that, according to Statista, 5G technology will be marketed in the billions. 2022 is the time to embrace 5G connection, bringing you faster internet, faster data transfer and less delay.

4. Social focus on Mental Health and Digital Burnout

As the digital space grows, as does the pressure to stay digitally present and relevant. 2020 and 2021 have been years of ongoing lockdowns, forcing us to spend more time online, and constantly supply new content, resulting in digital burnout.

Vibely, a new social platform, reported that 90% of creators subscribed felt the effects of burnt out, significantly so that 71% thought about deleting their social media completely.

In 2022, we will see a continuation of a trend seen in 2021, in which content creators and brands on social media pay attention to self-care and the importance of setting digital boundaries. There is no doubt that a big digital trend of 2022 will be reassessing our relationship with social media and how to navigate healthier practices within the digital world.

For example, we have already seen Instagram testing out a new feature, called ‘Take a Break’; that has been trialled in the US, UK, Ireland, Canada, Australia and New Zealand. The ‘Take a Break’ initiative is a feature that gives users a reminder to have a break from using the app, for periods of time they chose; this will also be paired with tips from Instagram on what you can do during the break to increase your mental health.

It is certainly an interesting feature and, perhaps, the beginning of a new, healthier way we interact with technology.

Read more about burn out, and practices to avoid it, here: https://devyce.com/2022/02/09/how-to-keep-your-work-and-personal-life-separate/

 

5. VoIP systems

There is no doubt that the digital world has expanded and will continue to do so in 2022. The mobility of digital technology has greatly transformed the way we use our phones, tablets and computers, in our work and personal lives; technology is not limited to one single use, you can use your TV to make calls, and your phone to watch TV.

For businesses, big and small, digital mobility has allowed companies to optimise efficiency and productivity, particularly through communications. Not only can colleagues communicate more effectively, but teams can serve customers or clients to their best ability. Spending on communication is predicted to reach a new high in 2022, as the demand for effective and wireless communication solutions continues to grow. Business Wire, in 2020, reported that the VoIP market is predicted to grow to $183.7 billion by 2027, (roughly 137 billion pounds).

Businesses are switching to VoIP systems simply because of the digital benefits they offer. VoIP systems support the digital transformation and trends of recent years, with features such as AI for customer service, virtual receptionists, call forwarding and call recording.

Also, landlines are becoming more and more obsolete over the last ten years, giving rise to VoIP systems in the home, not only in businesses. VoIP systems are definitely a trend to watch in 2022 and beyond.

Explore Devyce’s plans here to get started using a VoIP system for personal or work use: https://devyce.com/pricing/

Sources
https://whatsnewinpublishing.com/6-big-digital-trends-to-watch-in-2022/
https://bigthink.com/the-present/digital-trends-2022/
https://later.com/blog/social-media-trends/
https://saucelabs.com/blog/2022-is-coming-eight-mobile-app-development-trends-to-look-for
https://financesonline.com/voip-trends/
https://www.exchangewire.com/blog/2022/01/14/predictions-2022-next-wave-blockchain-the-metaverse-and-more/

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