Top 5 Business Trends in Kenya to Watch Out For in 2021
Kenya is a country experiencing significant growth, with its economy rising over the years. As we move further into 2021, we can expect to see different business trends emerge. In this article, we’ll delve into the top 5 business trends in Kenya to watch out for in 2021.
1. E-commerce taking center stage
The COVID-19 pandemic has accelerated the adoption of e-commerce in Kenya. With the government’s push towards a cashless economy, more businesses are moving their services online. Companies like Jumia, Kilimall, and Masoko have already set the pace, and we can expect to see more e-commerce startups emerge in 2021. This trend is likely to continue even post-pandemic, as people’s online shopping habits have shifted.
2. Increased adoption of digital marketing
Kenyan businesses are now embracing digital marketing more than ever before, realizing the potential of online advertising. With Kenyans being among the most active social media users in Africa, platforms like Facebook and Twitter are providing businesses with opportunities to reach their target customers effectively. Digital marketing agencies are also cropping up to cater to the high demand for online advertising services.
3. Rise of remote work
The coronavirus pandemic brought the concept of remote working to the forefront. In Kenya, we have seen businesses implementing this model, and it’s highly likely that it will be embraced further in 2021. This trend is not only beneficial to businesses as it reduces operational costs, but also to employees as it provides them with a better work-life balance.
4. Fintech innovations
Kenya has been at the forefront of fintech innovation in Africa, with M-Pesa’s success story known globally. In 2021, we can expect to see more innovative solutions in the space. Digital lending platforms, mobile banking, and insurance are some of the areas where Kenyan fintech companies are making their mark. With a high level of financial inclusion in Kenya, the fintech industry is a significant growth driver.
5. Increased focus on sustainability
Environmental sustainability is becoming increasingly critical for businesses in Kenya. Consumers are now more environmentally conscious, and they expect the same from the companies they interact with. In 2021, we will see more companies embracing environmentally friendly practices to reduce their carbon footprint. This trend is also being driven by sustainability-focused investors who are emphasizing “green” investments.
Conclusion
Kenya is a country with a vibrant business ecosystem, and its future looks bright. As businesses continue to adapt to changing consumer behavior and technological advancements, we can expect to see more e-commerce, digital marketing, remote work, fintech innovation, and sustainability in 2021. By keeping a close eye on these trends, businesses can position themselves for success in the coming year.
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