Business throughout the globe, including in Asia, always gives birth to trends that will be significantly influential to how the world runs.
Especially, in Asia, businesses has lately been resulting in impacts to the world. Asia, being the most populous continent, has been witnessing exponential economic and industrial growth in the last decades.
With such rapid growth, it is no wonder that business trends in Asia are continuously evolving; thus making it influential to even the global scope.
The trends, furthermore, can occur because of either innovative breakthroughs or problematic situations. Despite the cause, a trend is still a trend, and it will change how the global business flows.
Analysts have been predicting several Asia’s potentially emerging business trends caused by recent phenomena. They, moreover, will trigger mass-adjustments of industries in the region and the world.
Also Read: Green Predicted as One of the 2020 Business Trends
A Change in the Supply Chains
Despite having sporadic economic growths, Asia’s supply chains are still dominated by China. In Asia, China, being Asia’s biggest economy, is playing an integral role in supply chains.
However, last year events, starting from worsening pollution, US-China trade war, to coronavirus outbreak, have started to make companies consider to also establish supply chain locations outside of China. This, accordingly, is part of business continuity plan, enabling companies to still be able to operate.
Also, the rise of AI and blockchain technology will notably improve supply chains. By allowing better traceability and transparency, business will be able to create a more efficient and effective supply chain management.
The Formation of Automation
Indifferent from the rest of the world, Asia is also beginning to shift to automation. This novel technology will not only be limited to particular fields of industries.
Automation will revolutionize how industries operate in Asia. Starting from the work cultures up to the performance, many things will undergo significant changes due to the implementation of the technology.
Specifically, Asia, which have a vast amount of labor workers, will greatly experience considerable adjustments with its integration. This is in line with the fear that automation will result in mass-unemployment.
Local Will be More Vocal
In the past, multinational or international companies were the dominant players in business. However, recent development suggests that local businesses will be a challenging competitor in the following years.
The swift emergence of local companies have, to some extent, provided challenges to multinational companies trying to penetrate Asian markets. In some cases, locals win, but, in other cases, they lose.
For example, the business battle between Grab and Uber resulted in Grab being the winner in the SEA. However, the contrasting scenario happened between HOOQ and Netflix.
