The Roaring 2020s: A Decade of Unprecedented Innovation, Revolution, and Disruptions?
Are we on the cusp of another roaring 20s? Is it the beginning of a global economic boom now that the pandemic is over? Or are we staring at another “once-in-a-lifetime” recession in just two decades? We’ll explore these questions against the broader context of technology and global economic changes.
The human brain is wired to seek patterns in information that come its way. This pattern-seeking tendency allows CEOs to identify emerging business trends and the average Joe to see conspiracy theories where none exist. In other words, sometimes, patterns are real, and some other times, they aren’t. With that in context, entrepreneurs, business leaders, and economists alike are drawing strong parallels between the 1920s and the 2020s.
A century ago, a global pandemic that killed 5% of the world’s population was dwindling; industrial economies were experiencing exuberant activity; new tech like radio was being hijacked into mass social manipulation tool for selling products and services. Fast forward 100 years, and it appears that the same script is being played out today.
Here’s how the macroeconomic forces, socio-political developments, and technological advances are changing the world today.
The Invisible Customer and the Rise of Personalization
The digital revolution and ensuing unfettered data collection have allowed businesses to collect a vast amount of information on their customers and even identify them personally in many cases. Although this capability has allowed them to target their customers and sell their offerings more effectively, it has long been considered an invasion of consumer privacy. Fortunately, laws like GDPR in the EU and CCPA in California are limiting the ability of organizations to collect and use data. However, these laws come at a critical juncture when personalization takes over consumerism.
Over 91% of consumers are more likely to shop from a brand that personalizes its communication, products, and offers to them. The modern consumer has grown out of mass communications. Indeed, a staggering 84% of them want to be treated like a human being and not a number. In other words, consumers want…