10 Business Trends to Follow to Defeat the Competition in 2020
The best way to keep your business ahead of the competition is to keep an eye on any new business trends that spring up or gain popularity. Here are some of the latest business trends to add to your next growth and strategy meeting.
- Chatbots
Machine learning is utilized to better respond to customer requests, making these interactions even more efficient. The benefits of chatbots are numerous. Chatbots increase the conversion rate for business websites. They generate more qualified leads by using advanced qualification logic to do lead qualification as well as improve sales acceleration. Chatbots also combat high volume support inquiries.
- AI Advances
Both businesses and consumers will benefit through the use of smart technology. The artificial intelligence (AI) industry is continuing to expand and will make a considerable impact in the future for the world economy.
- E-Commerce
Every year, more and more of the 30 million small businesses in the U.S. are moving from investments in the brick and mortar storefronts to online stores. By the year 2023, retail e-commerce in the U.S. is estimated to reach 6.5 billion dollars, with worldwide estimates in the around five trillion. In the coming years, businesses will need to leverage social media to its fullest potential to gain more sales.
- Mobile as the Primary Communication
Over the next ten years, the Millennial population will reach seventy-eight percent in the U.S. alone. Being a very tech-savvy generation, the Millennials utilize their phones and tablets to their fullest potential. Therefore, it makes sense for companies to start using communication apps to strengthen their productivity and engagement with their employees through such direct and immediate channels.
- Working Remotely
U.S. remote workers work remotely full-time 66% more frequently than the global average. And 34% of U.S. workers would take a pay cut of up to 5% to work remotely. With all of the new telecommunications technology (skype, communication apps, etc.), workplace collaboration between remote workers and employers has become much easier and more direct. With employees working remotely, they will not have to spend time and money on commuting. Instead, they save money and are able to work more flexible hours.
- Going Green
Being Green is not just a trend in the business world nowadays. Instead, it has become a way for small businesses to lower the carbon footprint of their businesses by using natural materials. Businesses are playing up their efforts to reduce their packaging, use more sustainable materials, reduce carbon dioxide, and save energy.
- 5G is Here
It's all about the 5G trend. In 2020, 5G networks will likely be worldwide and will open up endless possibilities we haven't seen before. With a 5G network, internet interactions are much more instantaneous. They have download speeds of approximately 1 Gbps and high upload speeds. The speed with which small businesses will be able to get things done will be a huge benefit.
- In Touch with the Younger Generation
Today's younger generation is all about being connected. In order for businesses to stay in touch with the younger generation, they need to up their presence on social media and the internet in general. Social networking sites such as TikTok, Twitter, Snapchat, LinkedIn, Pinterest, and Facebook have become a must for businesses if they want to gain a foothold in the younger generation.
- User Reviews
In 2019, e-commerce reached a staggering 3.53 trillion dollars worldwide. With those numbers, it's safe to say that online purchases have become mainstream. And when shopping online, consumers feel more confident about purchasing something that another individual has already bought and tried. User reviews can make or break a product, service, or brand. Businesses actively seek out and will go the extra mile to get positive user reviews.
- Voice Recognition
Over the past couple of years, Alexa and Google Home have gained popularity in consumer's homes. It's estimated that by the year 2020, nearly 30% of all web browsing will be voice-activated. This means that any business that wants to stay ahead of the competition will need to create a “voice” presence online.
Conclusion
As the consumer market changes every year with new technology and innovations, it has become essential for businesses to adapt in order to gain new customers. Staying in touch with what consumers want and where they are spending their money is crucial for businesses when looking ahead to the future. Paying attention to current business trends is the first step in the right direction for business success.
