As an entrepreneur, you should always be on the watch for the latest trends in the business world. Being constantly on the lookout for what’s next can bring great benefits to your company, no matter how big or small.
If you keep up with the latest business news and innovations, you’ll operate more effectively and stay ahead of the competition.
If you don’t, you are likely to miss good opportunities and be crushed by your competitors. The year 2019 is almost over, which means it is time to get familiar with the 2020 predictions and prepare for the new year. With that in mind, we have selected five business trends for 2020 every entrepreneur should be aware of.
Top Five Business Trends For 2020
These are the top five business trends for 2020
1# Businesses will focus more on customer reviews
The price and the product’s features are no longer the most important factors buyers take into consideration before making a purchase. Other customers’ opinions and experiences matter as well.
Buyers are starting to pay more attention to customer reviews when choosing a product or service. If a product has no reviews, good or bad, most customers won’t buy it. They simply won’t feel comfortable spending their money on something no one has reviewed.
If you haven’t started selling your products online yet, you should consider doing it as soon as possible. Also, make sure customer reviews are available, especially if you run a small business with a limited marketing budget.
In the future, many companies will start review forums and publish customer reviews to make their business more trustworthy. They will use these forums for marketing campaigns with the aim of attracting their targeted audience and increasing sales.
2# Stories will be more important than news feed
Social media has already become an important tool in the business world. Social media marketing helps you boost sales, promote your brand, improve your business reputation, and connect directly with your customers.
Stories are short videos that are only available for 24 hours. Debuted by Snapchat back in 2013, they gained huge popularity over a short period of time. Thanks to their success, they are now part of most social media channels.
News feed posts used to be the most effective way of connecting with customers. These days, stories grow much faster than news feed posts.
Stories and live streaming are predicted to become the most common means of promotion on social media. Therefore, one of the top business trends for 2020 is using stories to gather followers and boost sales.
You can use stories to post how-to tutorials or pictures of your products. However, putting stories to good use is not as easy as it may seem. Since they have a short life, you need to find a way to make them effective and memorable.
3# Top business trends for 2020 include personalized customer service
Businesses are working tirelessly on improving customer experience. To keep your current customers and gain new ones, you need to offer them a customized experience by addressing their personal needs. To make customer service more personal, make sure you use smart personalization engines.
Showing everything you offer to every customer is no longer advisable. Today’s buyers are overwhelmed. Consequently, they turn to the sellers who offer exactly what they want.
For example, product suggestions should be similar to the products a customer has ordered previously, not some random products. So, if someone purchases school supplies, there should be more school supplies among the suggested products.
4# There will be more remote workers
Businesses, especially smaller ones, cannot afford to be held back by issues such as the lack of space and rising real estate prices.
Thanks to modern technology, remote working is becoming the new norm. Video conferencing, instant messaging, smartphones and laptop computers are making that possible.
Many companies already allow or even require their staff to work remotely. Employees can now do their job from home or any other place where they have internet access. Owners can even manage a business remotely.
Another problem remote work solves is the lack of talent in the area. With remote working, companies will be able to hire workers from across the country, even across the world.
This trend has numerous benefits for the employees, too. For instance, they have more free time since they don’t have to commute on a daily basis, which makes it easier to achieve a good work-life balance.
Remote work has its challenges, too. With everyone working from a different location, business owners will have to reconsider the communication strategies they choose. Moreover, they will have to find the best way to stimulate collaboration among employees when they aren’t working under the same roof.
5# There will be more gig workers, too
The number of remote workers grows together with the number of gig workers. Many companies have already recognized the advantages of hiring expert freelancers. By 2020, almost half of the total workforce will be part of the gig economy.
Employees need more than a good salary and promotions to be satisfied with their job. They often choose gig work over a traditional 9 to 5 job because it gives them more freedom and flexibility. Gig workers have more control over their personal and professional life.
Hiring new staff members is one of the biggest challenges small businesses deal with. If you own a small business that lacks the financial means to hire permanent workers, this is definitely one of the business trends for 2020 you should follow.
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Author Bio: Rosalie Wilson works as a content writer at Evolution Moving Company NB. She holds a degree in Marketing and Communications. In addition to doing research on the latest marketing trends, she likes to travel with her husband and play blues harmonica.