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Declining public trust in institutions, evolving work dynamics and rising digitalisation among key 2020 trends predicted to shape 2021: Blackbox Research

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4 years ago

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The decline of public trust in government and private institutions, the evolution of work dynamics, and the rise of digitalisation — particularly in e-commerce and digital banking — are among key 2020 trends slated to shape 2021, according to Singapore-based market research firm Blackbox Research.

The COVID-19 pandemic has redefined and revolutionised the way people live, and this is particularly evident in how people turn to e-commerce to make purchases — from essentials and groceries to entertainment — in an era where safe distancing has become the norm and anxieties about the virus linger.

“Shopping is now “click-and-mortar”, as modern retail blurs the digital divide. Consumers are growing impervious to binary channel segmentations, making it less about where a purchase journey begins and more about what drives a purchasing decision,” said Blackbox Research.

Satisfaction levels with the e-commerce experience, however, were consistently low, which has prompted consumers to call on e-commerce players to drastically improve user experiences, the firm observed.

Source: Blackbox Research

The pandemic has also turned many people into anxious germophobes — leading to record-breaking sales of cleaning and disinfecting products, as well as transforming the way we greet, mingle, and interact with one another, Blackbox Research observed.

Source: Blackbox Research

Blackbox Research noted that while essential workers and frontline officials who dealt with the pandemic up-close are valued by respondents, many large institutions — from governments to Fortune 500 companies — have failed the litmus test for leadership from the perspective of the public.

“The pandemic revealed the limitations of many respected institutions,” the firm said.

Blackbox Research’s data shows that 56 per cent of respondents were of the view that their country’s response was not swift enough in responding to the threat of COVID-19.

54 per cent of respondents were surprised at how poorly prepared their country was in handling COVID-19, while 39 per cent of respondents said that their country was not prepared for such a major health crisis.

Most notably, data from Blackbox Research shows that 31 per cent of people felt that the World Health Organization (WHO) performed below expectations, and 36 per cent expressed the same sentiment towards the United Nations.

Organisations, said Blackbox Research, can overcome the trust gap by walking the talk, breaking away from superficial messaging, and by taking swift, tangible action.

Source: Blackbox Research

Safe distancing measures have also reinvented work and labour dynamics as working from home becomes a cornerstone in business continuity mechanism — redefining notions of workspace, collaboration, and productivity, said Blackbox Research.

Thus, in 2021, it is likely that “work from home” will become “work from anywhere”, and that technology-driven innovation will play a major role in the future of workplace dynamics.

“Data from Blackbox Research found that 9 in 10 workers are not rushing to resume office life, having fully adapted to working remotely,” said the firm.

Source: Blackbox Research

Beyond discussions on the new Zoom economy and how future home design will give rise to workspace
planning, the rise of flexible work arrangements, however, will have wider repercussions.

Indeed, employers now have the ability to hire well beyond the cities in which they operate, making remote locations much more attractive than big cities where talent, taxes, and real estate are infamously expensive, Blackbox Research noted.

The digitalisation of banking and finance services, Blackbox Research, is also slated to become one of the key trends this year that will influence consumers’ spending methods in 2021.

“The financial advisor gets the app treatment. The pandemic has accelerated the rise of digital platforms for everything from financial advice to retirement planning,” said the firm.

Blackbox data reveals a 6 per cent to 8 per cent growth in the use of digital financial services platforms, suggesting that people may be hedging against future crises by taking more control over their finances.

The pandemic has also taken fintech start-ups “from the fringes of finance to mainstream name recognition”, it added.

“Neo-banking is now on the horizon, not beyond it,” Blackbox Research said.

Blackbox Research founder and CEO David Black said: “The pandemic’s most enduring impact will be its role as catalyst and accelerant.”

“As this year comes to a close, there is a sense of hope and opportunity – however tenuous – that comes with the dawning of 2021.

“It is up to us to figure out how we can build ourselves back up to not only survive, but thrive, in the new normal,” said Black.

Black added that everyone – citizens, communities, businesses, and governments – “needs to understand and anticipate the new dynamics that the pandemic has set in motion” to “emerge from the crisis stronger and more resilient”.

WATCH: Blackbox Research on 10 key trends that will shape 2021

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Temasek in negotiations for over US$1 billion stake in India’s largest snack maker

Temasek Holdings is in talks to acquire a minority stake in Haldiram Snacks, India’s largest snack manufacturer. This potential transaction could value Haldiram at around US$11 billion (S$14.3 billion). Temasek is considering buying 10% to 15%, with an investment worth over US$1 billion (S$1.3 billion), possibly paving the way for an IPO.

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7 hours ago

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4 October 2024

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SINGAPORE: Temasek Holdings is reportedly in discussions to acquire a minority stake in Haldiram Snacks, India’s largest snack manufacturer.

As reported by Bloomberg news, sources familiar with the matter have indicated that the transaction may value Haldiram at approximately US$11 billion (S$14.3 billion).

The Singapore’s sovereign wealth fund is contemplating purchasing between 10 per cent and 15 per cent of the company, which could equate to a stake worth over US$1 billion (S$1.3 billion).

The potential investment could serve as a stepping stone towards an initial public offering (IPO) for Haldiram, though the discussions are still at a preliminary stage and may not culminate in a deal.

The company, also known as Haldiram’s, has attracted interest from various other bidders, underscoring its significant market position.

A representative for Temasek has declined to provide any comments, and Haldiram has not responded immediately to requests for information.

Established by Ganga Bishan Agarwal in the 1930s in northern India, Haldiram’s offers an extensive range of products, including sweet and savoury snacks, frozen meals, and breads.

The company also operates 43 restaurants in and around Delhi, as detailed on its website.

The Agarwal family is reportedly considering various options, including a potential sale of the business or an IPO, as noted by Bloomberg News.

The growing interest of global investors in India has been fuelled by the nation’s rapid economic expansion, making it a prime location for significant deal-making.

Over the past two decades, Temasek has invested nearly US$37 billion in India, according to Mr Vishesh Shrivastav, the managing director for India investments at Temasek.

In July, Mohit Bhandari, Temasek’s Managing Director for India, during an interview with Reuters, indicated that Temasek Holdings plans to invest up to US$10 billion (approximately S$13.4 billion) in India over the next three years, with targeted investment areas including financial services and healthcare.

As Temasek becomes more cautious about investing in China, it is leaning towards increasing its investments in India.

India’s economy is growing rapidly, with its stock market near historical highs, and there is a boom in initial public offerings and mergers and acquisitions.

Bhandari stated that India currently accounts for 7% of Temasek’s global investments, and the company intends to increase this proportion.

Approximately 22% of Temasek’s investments are in the US, while 19% are in China. In the last fiscal year, for the first time in a decade, Temasek’s investments in the Americas surpassed those in China.

Temasek has been focusing on acquiring minority stakes in companies, assisting them in their growth, while largely avoiding the trend of securing majority holdings in Indian firms.

Its primary areas of interest include digitisation, consumer trends, and sustainable living.

Notable potential minority investments are said to include VFS Global, which is valued at about US$7 billion, including debt, according to Bloomberg News.

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WP Engine banned from WordPress.org amid escalating legal fight with Matt Mullenweg

Following Matt Mullenweg’s ban on WP Engine from accessing WordPress.org resources, many WP Engine customers are left vulnerable, as they can no longer access plugin updates or security features. Mullenweg urged users to seek alternative hosts, escalating the legal conflict between the two companies.

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1 week ago

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27 September 2024

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In a sharp escalation of tensions, WordPress co-founder and CEO Matt Mullenweg has publicly criticized WP Engine, a popular hosting provider, while also cutting its access to WordPress.org’s resources.

The dispute centres on legal and trademark issues, with Mullenweg accusing WP Engine of both profiteering off WordPress’s open-source platform and damaging its community.

On 25 September, Mullenweg posted a scathing blog on WordPress.org, stating that WP Engine no longer has free access to the platform’s resources and calling for customers to avoid the service.

He also detailed that WP Engine’s recent actions disrupted thousands of websites. “WP Engine broke thousands of customer sites yesterday in their haphazard attempt to block our attempts to inform the wider WordPress community,” Mullenweg claimed.

The conflict appears rooted in WP Engine’s use of WordPress’s open-source platform while allegedly not contributing to its development or upholding community standards.

At the core of the dispute is WP Engine’s practice of locking down a WordPress feature that tracks revision history for posts. According to Mullenweg, this undermines a crucial aspect of WordPress’s promise of data transparency and protection.

WP Engine, in turn, has argued that Mullenweg is trying to coerce them into paying millions to license the WordPress trademark, a claim Mullenweg denies.

The host provider WP Engine has faced harsh criticism for disabling certain features in WordPress core, which, according to Mullenweg, is central to protecting user data.

“WP Engine wants to control your WordPress experience,” Mullenweg wrote, accusing the company of exploiting WordPress’s free services while making billions of dollars in revenue.

WP Engine’s inability to provide security updates and other resources leaves customers vulnerable, Mullenweg suggested, urging users to consider alternative hosting options.

Additionally, Mullenweg argued that WP Engine would need to replicate WordPress’s security infrastructure independently.

He emphasized that WordPress.org has collaborated with hosting providers to address vulnerabilities at the network layer, a service WP Engine can no longer access freely. “Why should WordPress.org provide these services to WP Engine for free, given their attacks on us?” he asked.

The ban leaves WP Engine in a precarious position, as customers who rely on WordPress plugins and themes may face significant difficulties accessing the latest updates.

These restrictions have raised alarms in the community, as outdated plugins are often the target of cyberattacks. Hackers frequently exploit vulnerabilities in WordPress plugins, potentially compromising millions of websites globally.

The dispute between WordPress and WP Engine has been simmering for some time.

Earlier in September, Mullenweg described WP Engine as a “cancer to WordPress” during a speech at the WordCamp US Summit, accusing the company of profiting off the platform without giving back.

In response, WP Engine sent a cease-and-desist letter to Mullenweg and Automattic, claiming that Mullenweg’s comments were an attempt to extort the company into paying for a trademark license.

WP Engine’s legal team also accused Mullenweg of threatening a “scorched earth nuclear approach” if they refused to comply with his demands.

The cease-and-desist letter was swiftly countered by Automattic, WordPress’s parent company, which asserted that WP Engine had violated WordPress and WooCommerce trademark policies.

The updated trademark policy on WordPress.org explicitly cautions users against assuming WP Engine is affiliated with WordPress. “Many people think WP Engine is ‘WordPress Engine’ and officially associated with WordPress, which it’s not,” the updated guidelines explain.

The legal dispute has thrown both companies and their customers into uncertainty.

While WordPress operates under a GPL (General Public License), which makes the software free for use, hosting providers like WP Engine must offer services beyond the core platform, such as user login systems, update servers, and security monitoring.

Mullenweg’s decision to sever WP Engine’s access to WordPress.org resources has already caused disruption, with many sites reporting functionality issues and concerns about security vulnerabilities.

WP Engine has pushed back against Mullenweg’s actions.

In a public statement, the company accused Mullenweg of abusing his influence over WordPress to disrupt WP Engine customers’ access to WordPress.org, calling the move “unprecedented and unwarranted.”

The company argued that the ban affected not only its users but also developers who rely on WP Engine’s tools to build and maintain WordPress plugins.

As the dispute unfolds, the wider WordPress community is left to grapple with the implications. Developers and hosting providers have expressed concern over the trademark battle, fearing that similar restrictions could extend to them.

The WordPress Foundation, which holds the trademark, has already filed to trademark “Managed WordPress” and “Hosted WordPress,” sparking debate about how this might affect commercial users.

For now, the WordPress ecosystem is in flux as users, developers, and hosting providers wait to see how the legal battle will unfold and whether WP Engine will regain access to critical WordPress.org resources.

Until then, Mullenweg’s message is clear: if you want the true WordPress experience, WP Engine is no longer the place to find it.

Editor’s note: This publication was previously hosted on WP Engine.

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