Feature/OPED
How Technology is Pumping up Business in 2021: 3D Offices, 4G on the Moon, Gamification of Everything, and 6 More Hot Trends
Research firm Wunderman Thompson Intelligence has released its 2021 trends report.
The report contains 100 predictions about how technology will affect different areas of life and business: culture, commerce, sports (for example, how the best online sports betting apps will change), and others. We have selected the most interesting of them – let’s see how the world has changed and will change this year.
A Revolution in the Gaming Industry and the Rise of Cloud Gaming
The consumer gaming industry is growing rapidly – the market is expected to reach $198 billion by 2024, and that’s not including sales of augmented and virtual reality hardware. Digital games are beginning to be used at events and concerts as an element of audience engagement. Traditional gaming spaces are turning into places where people can gather and communicate remotely, including solving business issues.
For example, Unconventional launched in 2020 as a virtual event space with 3D participant avatars and game worlds, and it now has 50,000 users. It is widely used, from business meetings to birthday parties. Since offline events are inaccessible because of the pandemic, people have developed a demand for online events that involve unique user experiences they previously had in games.
Games could change the world over the next decade and become the dominant technology platforms as social media used to be.
Meanwhile, big companies are betting on cloud gaming. For example, Facebook has added cloud games to its gaming platform, and China’s Tencent (the developer of the messenger WeChat) has teamed up with telecommunications company Huawei to develop its own cloud gaming platform.
Tech companies are investing in cloud-based streaming games because they are the future: It is more convenient for users to access the game on-demand and from any device. Companies save on deploying their own infrastructure to host gaming applications.
Virtual Sports and Gamified Fitness
In 2020, due to the pandemic, many sports competitions were cancelled and live sports events disappeared, which led to the convergence of real and virtual sports with cybersports.
For example, racers were already using simulators to train, now brands are entering the market with solutions for virtual races in which amateurs can participate. Aston Martin released a $76,300 AMR-C01 racing simulator in September.
Zwift, an online cycling and running training platform, held the first Tour de France international cycling race in virtual mode. Professional and amateur athletes participated. Athletes competed for prizes, while amateurs were able to compare their strengths with the professionals by competing with them on the same courses.
And Adidas released a smart sneaker insole that records physical data while playing real soccer: the number and strength of kicks, running speed, and so on. These stats can be uploaded to the EA Sports FIFA Mobile game and compare your results with other players.
In 2021, this trend will continue and traditional sports will continue to merge with virtual sports.
Fitness, too, is moving from the real world to the virtual. In April 2020, Oculus and Within released a new VR fitness app, Supernatural. It provides users with personalized virtual workouts surrounded by stunning scenery.
The Future of Mixed Reality
Mixed Reality (MR) is the union of virtual and real worlds. Virtual objects are added to the world around you that look like the real world. For example, a virtual painting on a real wall in a room is a mixed reality.
Adaptability and ease of use have made mixed reality a new trend in the gaming industry. Virtual reality (VR) equipment is expensive and cumbersome, and augmented reality (AR) is dependent on mobile devices. According to Mordor Intelligence, the mixed reality market was valued at $382.6 million in 2019 and will grow further.
In October 2020, Nintendo released a new game called Mario Kart Live: Home Circuit. Participants in the game compete on remote-controlled cars inside their homes, interacting with elements of the virtual and real worlds.
Indian telecommunications giant Reliance Jio announced Jio Glass mixed reality glasses, and Facebook and Google have already invested in the company. Judging by the patents filed, a similar device will soon be released by Apple.
Mixed reality is an attractive solution for enhancing the user experience. It may soon be used in most entertainment spaces and events.
Contactless Air Travel
Airlines and airports are adopting contactless ways to interact with passengers wherever possible. They’re aiming for passengers to use mobile apps instead of publicly available touchpads and contact airport staff. This avoids queues and crowds.
For example, more companies have begun sending advance notice of flight delays or cancellations, introduced contactless check-in and luggage tag printing, and implemented meal pre-ordering and online payment. And some airports are introducing a system that allows boarding passes to be scanned at a distance of more than 1.5 meters.
Companies are also thinking about places on the plane where you can’t do completely without touching, such as restrooms and in-flight entertainment systems. There aren’t any innovations yet, but designers are trying to rethink these approaches and keep the number of touches to a minimum.
Technology Conquers Space
The leading technology brands are beginning to explore space. NASA and Nokia are planning to deploy a 4G network on the Moon. This will improve data transmission and help astronauts control moonwalkers, navigate in space, and broadcast video in real-time.
Cloud technology is also moving beyond our planet. Analysts predict that by the end of the decade, total revenue from space-related cloud services could be about $15 billion. New cloud computing services can be deployed using low-orbit spacecraft and traditional satellites.
Virtual Offices Instead of Real Offices
Remote working is becoming the norm. Many companies are rethinking this work format, offering new and unusual solutions.
For example, Dropbox announced that it is now becoming virtual-first, meaning that it is primarily focused on virtual workspaces and is abandoning its real offices. This is unusual because the company signed the largest lease in San Francisco history in 2017, and will now rent out the space itself.
Other companies are creating virtual offices where employees can walk around familiar spaces, attend meetings and just gather for coffee and conversation.
In April 2020, Sine Wave Entertainment launched Breakroom, a virtual world product for remote workplaces that provides 3D offices for companies such as Virgin Group and Torque Esports. Italian energy company Enel gathers employees as avatars in virtual meeting rooms using a combination of augmented and virtual reality technology.
Experts believe that the time of large offline offices is a thing of the past, the time of distributed work is coming.
The Virtualization of Stores Continues
Digital fashion and virtual closets are one of the trends gaining popularity. For example, digital virtualization allows fashion houses to showcase their collections, and brands can create virtual spaces with unique designs.
Virtual fashion house The Fabricant creates unique designs that exist only digitally. Using 3D modelling, they design outfits for customer avatars that can only be worn in digital environments such as games or social media.
Also, the pandemic has led to fewer visitors at car dealerships, so innovative companies are changing the car-buying process by making it easier to choose online.
Buyers of Volkswagen Australia can visit a virtual showroom where they can see how a car would look in different conditions, open and close doors, interact with the interior and, of course, make a purchase. Ford has launched a similar AR service, which allows you to explore the new F-150 car in augmented reality: see it inside and outside, assess how it would look in a parking lot near your home.
Retail continues the transition to online, offering a personalized experience for shoppers who prefer digital technology. Live Commerce is an online sales model where influencers showcase items for sale in real-time. The format has been popular in Asian markets for several years and is now experiencing a global boom. This format now sells everything from doorbells to makeup products.
In June 2020, Canadian e-commerce platform Livescale announced a partnership with Shopify, a popular e-commerce platform in North America. According to Livescale, the number of business inquiries has increased fivefold since March 2020.
The Emergence of Stores Without Shoppers
Retailers are shifting to a store format without shoppers. Such outlets are being served by online retailers. In September 2020, Whole Foods Market opened a store in New York City that is closed to the public. It is for delivery and pickup only. Walmart is repurposing four of its U.S. stores for e-commerce. Other chains are adopting similar solutions.
Those retailers who are still serving customers are challenged by people’s desire to limit contact when they buy. That’s why contactless technology will be developed to simplify the choice of goods.
For example, cosmetics stores already offer customers virtual makeup: mirrors allow them to “try on” lipstick, and artificial intelligence will help pick out shadows that best match the shade of the buyer’s skin.
Developments in Delivery Technology and Electric Transportation
Thanks to the growth of e-commerce in 2020, the delivery industry has also seen rapid growth. According to a study by the World Economic Forum, the growth in e-commerce demand will lead to a 36% increase in delivery vehicles in the world’s 100 largest cities by 2030.
The Consumer Electronics Show was held in January 2021, where companies showcased their new developments in delivery:
- Skyward and UPS Flight Forward organized drone delivery.
- Cenntro Automotive Group unveiled the CityPorter electric vehicle, which is designed to drive around town and deliver goods to customers.
- General Motors has launched a new business line for delivery, BrightDrop. It is an entire ecosystem of electric vehicles, through which companies can reduce costs and be more environmentally friendly. The first customer is FedEx Delivery Service, which will get BrightDrop EV600 electric vans in late 2021.
- FedEx Express CEO Richard Smith said the pandemic has greatly accelerated e-commerce and door-to-door delivery. He believes the sector will continue to grow and by 2023, 100 million parcels a day will be delivered to U.S. residences. Before the pandemic, that growth was projected only by 2026.
There is other evidence that the electric transportation market will grow. For example, in January 2020, the British company Arrival received an order for 10,000 electric vehicles from UPS, and also hopes to receive an $85 million investment from Hyundai to develop production. And in December 2020, U.S.-based Canoo published plans for an “all-electric multi-purpose delivery vehicle,” expected to be released in 2023.
By Luke Kyohere
The global payments landscape is undergoing a rapid transformation. New technologies coupled with the rising demand for seamless, secure, and efficient transactions has spurred on an exciting new era of innovation and growth. With 2025 fast approaching, here are important trends that will shape the future of payments:
1. The rise of real-time payments
Until recently, real-time payments have been used in Africa for cross-border mobile money payments, but less so for traditional payments. We are seeing companies like Mastercard investing in this area, as well as central banks in Africa putting focus on this.
2. Cashless payments will increase
In 2025, we will see the continued acceleration of cashless payments across Africa. B2B payments in particular will also increase. Digital payments began between individuals but are now becoming commonplace for larger corporate transactions.
3. Digital currency will hit mainstream
In the cryptocurrency space, we will see an increase in the use of stablecoins like United States Digital Currency (USDC) and Tether (USDT) which are linked to US dollars. These will come to replace traditional cryptocurrencies as their price point is more stable. This year, many countries will begin preparing for Central Bank Digital Currencies (CBDCs), government-backed digital currencies which use blockchain.
The increased uptake of digital currencies reflects the maturity of distributed ledger technology and improved API availability.
4. Increased government oversight
As adoption of digital currencies will increase, governments will also put more focus into monitoring these flows. In particular, this will centre on companies and banks rather than individuals. The goal of this will be to control and occasionally curb runaway foreign exchange (FX) rates.
5. Business leaders buy into AI technology
In 2025, we will see many business leaders buying into AI through respected providers relying on well-researched platforms and huge data sets. Most companies don’t have the budget to invest in their own research and development in AI, so many are now opting to ‘buy’ into the technology rather than ‘build’ it themselves. Moreover, many businesses are concerned about the risks associated with data ownership and accuracy so buying software is another way to avoid this risk.
6. Continued AI Adoption in Payments
In payments, the proliferation of AI will continue to improve user experience and increase security. To detect fraud, AI is used to track patterns and payment flows in real-time. If unusual activity is detected, the technology can be used to flag or even block payments which may be fraudulent.
When it comes to user experience, we will also see AI being used to improve the interface design of payment platforms. The technology will also increasingly be used for translation for international payment platforms.
7. Rise of Super Apps
To get more from their platforms, mobile network operators are building comprehensive service platforms, integrating multiple payment experiences into a single app. This reflects the shift of many users moving from text-based services to mobile apps. Rather than offering a single service, super apps are packing many other services into a single app. For example, apps which may have previously been used primarily for lending, now have options for saving and paying bills.
8. Business strategy shift
Recent major technological changes will force business leaders to focus on much shorter prediction and reaction cycles. Because the rate of change has been unprecedented in the past year, this will force decision-makers to adapt quickly, be decisive and nimble.
As the payments space evolves, businesses, banks, and governments must continually embrace innovation, collaboration, and prioritise customer needs. These efforts build a more inclusive, secure, and efficient payment system that supports local to global economic growth – enabling true financial inclusion across borders.
Luke Kyohere is the Group Chief Product and Innovation Officer at Onafriq
In a heartfelt statement released today, the Conference of Nigeria Political Parties (CNPP) has extended its warmest congratulations to Ghana’s President-Elect, emphasizing the importance of learning from Ghana’s recent electoral success as Nigeria gears up for its 2027 general elections.
In a statement signed by its Deputy National Publicity Secretary, Comrade James Ezema, the CNPP highlighted the need for Nigeria to reclaim its status as a leader in democratic governance in Africa.
“The recent victory of Ghana’s President-Elect is a testament to the maturity and resilience of Ghana’s democracy,” the CNPP stated. “As we celebrate this achievement, we must reflect on the lessons that Nigeria can learn from our West African neighbour.”
The CNPP’s message underscored the significance of free, fair, and credible elections, a standard that Ghana has set and one that Nigeria has previously achieved under former President Goodluck Jonathan in 2015. “It is high time for Nigeria to reclaim its position as a beacon of democracy in Africa,” the CNPP asserted, calling for a renewed commitment to the electoral process.
Central to CNPP’s message is the insistence that “the will of the people must be supreme in Nigeria’s electoral processes.” The umbrella body of all registered political parties and political associations in Nigeria CNPP emphasized the necessity of an electoral system that genuinely reflects the wishes of the Nigerian populace. “We must strive to create an environment where elections are free from manipulation, violence, and intimidation,” the CNPP urged, calling on the Independent National Electoral Commission (INEC) to take decisive action to ensure the integrity of the electoral process.
The CNPP also expressed concern over premature declarations regarding the 2027 elections, stating, “It is disheartening to note that some individuals are already announcing that there is no vacancy in Aso Rock in 2027. This kind of statement not only undermines the democratic principles that our nation holds dear but also distracts from the pressing need for the current administration to earn the trust of the electorate.”
The CNPP viewed the upcoming elections as a pivotal moment for Nigeria. “The 2027 general elections present a unique opportunity for Nigeria to reclaim its position as a leader in democratic governance in Africa,” it remarked. The body called on all stakeholders — including the executive, legislature, judiciary, the Independent National Electoral Commission (INEC), and civil society organisations — to collaborate in ensuring that elections are transparent, credible, and reflective of the will of the Nigerian people.
As the most populous African country prepares for the 2027 elections, the CNPP urged all Nigerians to remain vigilant and committed to democratic principles. “We must work together to ensure that our elections are free from violence, intimidation, and manipulation,” the statement stated, reaffirming the CNPP’s commitment to promoting a peaceful and credible electoral process.
In conclusion, the CNPP congratulated the President-Elect of Ghana and the Ghanaian people on their remarkable achievements.
“We look forward to learning from their experience and working together to strengthen democracy in our region,” the CNPP concluded.
By Kenechukwu Aguolu
The proposed tax reform, involving four tax bills introduced by the Federal Government, has received significant criticism. Notably, it was rejected by the Governors’ Forum but was still forwarded to the National Assembly. Unlike the various bold economic decisions made by this government, concessions will likely need to be made on these tax reforms, which involve legislative amendments and therefore cannot be imposed by the executive. This article highlights the purposes of taxation, the qualities of a good tax system, and some of the implications of the proposed tax reforms.
One of the major purposes of taxation is to generate revenue for the government to finance its activities. A good tax system should raise sufficient revenue for the government to fund its operations, and support economic and infrastructural development. For any country to achieve meaningful progress, its tax-to-GDP ratio should be at least 15%. Currently, Nigeria’s tax-to-GDP ratio is less than 11%. The proposed tax reforms aim to increase this ratio to 18% within the next three years.
A good tax system should also promote income redistribution and equality by implementing progressive tax policies. In line with this, the proposed tax reforms favour low-income earners. For example, individuals earning less than one million naira annually are exempted from personal income tax. Additionally, essential goods and services such as food, accommodation, and transportation, which constitute a significant portion of household consumption for low- and middle-income groups, are to be exempted from VAT.
In addition to equality, a good tax system should ensure equity and fairness, a key area of contention surrounding the proposed reforms. If implemented, the amendments to the Value Added Tax could lead to a significant reduction in the federal allocation for some states; impairing their ability to finance government operations and development projects. The VAT amendments should be holistically revisited to promote fairness and national unity.
The establishment of a single agency to collect government taxes, the Nigeria Revenue Service, could reduce loopholes that have previously resulted in revenue losses, provided proper controls are put in place. It is logically easier to monitor revenue collection by one agency than by multiple agencies. However, this is not a magical solution. With automation, revenue collection can be seamless whether it is managed by one agency or several, as long as monitoring and accountability measures are implemented effectively.
The proposed tax reforms by the Federal Government are well-intentioned. However, all concerns raised by Nigerians should be looked into, and concessions should be made where necessary. Policies are more effective when they are adapted to suit the unique characteristics of a nation, rather than adopted wholesale. A good tax system should aim to raise sufficient revenue, ensure equitable income distribution, and promote equality, equity, and fairness.
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