2020 is here, and it’s time to watch out for all the buzzing future business trends that can help your organization to gain a competitive advantage. The business landscape is extremely ambitious nowadays – most small businesses need to put in a lot of extra work to penetrate through their target market.
Entrepreneurs and small business owners need to get innovative and adopt efficient technologies that can enable them to surge ahead of rivals. There is competition everywhere –right from the local store next door to online Ecommerce websites or even multinational corporations in various corners in the world.
It is vital for small business owners to keep a keen eye out for small business trends 2020. Emerging business trends can help them adapt to unexpected changes in the business environment and take calculated risks that will yield high return investment. Here are nine upcoming business trends that will surely shake things up for entrepreneurs and escalate them to the top of the success ladder in 2020:
Getting Personal With Customer Service: It’s time for entrepreneurs and small business owners to understand that every customer is unique; hence they cannot use a one-size-fits-all policy for their service standards. Organizations have started personalizing customer service by providing them with exactly what they want.
Machine learning, artificial intelligence, and automated customer relationship marketing software help managers to capture essential details such as demographic information, past purchase history, and product preferences. This makes it easier to predict consumer behavior accurately and give them personalized service. Small details such as recommending a product for their requirements or remembering their last purchased item can go a long way in enhancing customer delight. It is hence no surprise that a survey by Gartner revealed that an automated personalization engine will be able to recognize customer intent and this will lead to an over 15% increase in revenues by 2020.
More Emphasis On Big Data: We live in the 21st century and it is high time for small businesses to harness the power of data. There has been a tremendous rise in the use of analytical and statistical applications- this enables businesses to capture critical real-time information. Armed with data, organizations will gain access to actionable insights and make smarter decisions that will enable them to achieve long term goals faster.
Access to up-to-date business intelligence levels the playing field for new ventures and small businesses. It allows them to engage with customers in a more meaningful way, and tailor-make products or services for them. Analyzing huge heaps of data is bound to reduce the manual workload for staff members and lead to a massive jump in overall productivity.
Focus on Employee Wellness and Happiness: Your human resource is your biggest asset. You need to let your workforce know that they matter and are an integral part of your success story. Organizations need to adopt the best work practices such as equal pay for equal work, telecommuting, workplace diversity and focus on better work-life balance for their employees.
It is important not to discriminate or exploit employees at any level. Treat them as family members so that they are willing to go the extra mile to achieve targets, and recommend your organization as a great workplace. Happier employees are more engaged in their jobs and are far more productive than dissatisfied employees.
Remote Workplaces: Companies are moving towards flexibility in all realms of business operations, hence the remote workplace is no longer a dream, rather a reality in the current scenario. Small businesses are often constricted by budget, hence they cannot invest in real estate or manage the infrastructure to set up a big office space. Remote work instantly solves this problem as it gives you access to the best talent in the market, yet they can work from any place such as their common working area or even their home.
There is no need for employees to work in cubicles all day long; rather they can remain connected through modern telecommunication technologies. Virtual and remote teams can collaborate effectively through emails, phone calls, instant messages, and video conferencing. It gives access to a wider pool of talent and keeps workers motivated as they can enjoy flexible job arrangements.
Automation And Virtual Assistants: Small businesses need to move fast to leverage the power of automation software. A survey by Gartner has revealed that over a third of web browsing will be activated through voice; hence there is tremendous scope for virtual assistants. Chatbots with in-built machine learning capabilities will rule the customer service experience, as they will be able to provide speedy and agile support through self-direction. Small businesses should also invest in virtual assistants as they greatly reduce the load on manual workers – all mundane and routine work can be delegated to automated AI-powered virtual robots.
Automation software can take over your business, whether is it handling your social media accounts or managing your marketing campaigns. So move over from traditional methods and get automated technology to expand your operations, without lifting a finger.
Rule of Mobile Applications: The current consumer generation is smart and informed; in fact, they take the majority of purchase decisions on their smartphone. This has led to an increase in mobile applications, as small businesses want to showcase their products and services to consumers through refined mobile phone applications. Digital marketing has taken over all industries, and small businesses will find it exceeding simple to construct their own mobile application. The market has many no-code platforms that make it possible for non-technical businesspersons to just drag and drop with ease to create a mobile application without coding.
The Gig Economy Will Take Over: This is one of the biggest trends of 2020. In recent years, work is decoupling from being associated with a single owner, hence there is an increase in freelance contracts and self-employment. The gig economy is coming up in a big way – a survey by Gallup has revealed that 36% of American workers are already involved in the gig economy. It is immensely useful for small budding businesses as they can hire some firm for a time-bound contract to perform specialized operations. This provides professionals to sell their skills in the market, and take up projects that spark their interest.
User Reviews Will Gain Importance: 2020 has arrived with a bang, and one thing that rules supreme these days is user reviews. No one buys a product or service without reading online reviews – they are the biggest source that helps in making the final decision. If your valued customers give positive reviews for your brand, it will reassure potential customers and make your business appear trustworthy. Small businesses need to invest time and money in managing user reviews. Getting automated tools that measure and gather data on reviews is helpful as organizations can take the required action to provide quality service.
Rise of 5G: The world is all set for the launch of 5g in 2020. This radical technology is going to bring about a world of transformation and open new doors like never before. 5g wireless networks will lead to a significant increase in accessibility and connectivity. They will improve the speed and quality of business communication for small businesses. With high-speed internet connections, managers will have real-time data at hand – this will provide for smarter business decisions. There will also be an increase in the use of virtual reality applications and the Internet of Things due to the introduction of 5g networks.
The corporate world moves fast and there are always new business trends emerging on the horizon. It’s time to get active and update our knowledge about the small business trends 2020 that can give any organization a strong competitive advantage.
So, go through our curated list of the top nine business trends 2020, and prepare for the future. It will definitely help your business increase all bottom-line results and surge ahead of all competitors in the rat race!