In 2020, a lot of small business owners that sell either products or services, face a problem every single day of their lives. Their business falls behind because they are not in time to follow the trends that can help them reach the next level. As a small business owner, you might find yourself in the same situation.
It is essential for you to remember that keeping an eye out on social media, internet news and business magazines, is a great way for you to be one step ahead. Knowing what the trends are for the year to come, knowing what you should watch out for, for the next few months and so on.
With this article, we are going to attempt to give you a list of ten (10) different trends that appear to be dominating the world of small businesses for the year 2020. Some of them might seem familiar, as they were equally important for 2019.
If you did not follow them back then, you have the opportunity to do it now. Let’s see the list.
Personalized customer services
Your customers are not just wallets. They are not money-making machines. They are people and they want to be treated as such. Nowadays, customers have no tolerance for faceless interactions. They demand a complete customized customer experience and you will need to provide them with that.
Take some time to think about some of the world’s largest corporations. Amazon. Amazon offers its customers with a personalized environment that makes it a lot easier to browse products they are interested in. This is what you should do for your customers as well.
In 2020, smart personalization engines are going to help businesses increase their profit all the way up to 15%. You can no longer just showcase your products and expect the customers to come to you. Give them what they want directly, even before they know it.
Don’t focus on AI
It was believed during the decade that, in 2020 AI is going to take over the world market. Everything was going to be done by machines and we would not have to lift a finger. For some, that would even lead us to a dystopian future where robots would control the world by taking over our jobs.
This is of course, not the case. No, 2020 is not going to be overrun by machines. We are not going to lose to AI, and unfortunately for many business owners, an AI system is not going to take over all the processes of their business for them.
There are techniques that business owners can apply that will include AI, of course. But the result remains the same. There are still massive limits that will need decades to be surpassed. And it is recommended for most business owners to use these techniques in 2020. AI might not take over the world but you can still use it to simplify processes and prepare your business for the next step.
Reviews will dominate the internet
AI might not be the leader of the world in 2020, but reviews definitely will. Websites with now review sections are not going to be very well-liked by the customers. Right now user reviews play a very important role in the influence your business has and can affect the selling power of your products.
People are always looking for reviews before they buy a product or hire someone to provide them with a service. Small businesses need reviews, especially if they do sell high-quality products.
Reviews can work great, especially when a business is on a tight budget. If a business does not have the money to advertise then what better way to promote products and services other than reviews?
Social media stories
When stories on social media first appeared they were not really that popular. Most people did not really care to learn about them or use them. Now stories are more popular than anything else. People want to post something temporary and the story is much faster than an actual post. At the same time, it is a lot easier to check out stories than the newsfeed.
Stories are shorter and they contain much more important information. People will focus on them so if you want your social media to be successful, then you need to start using your stories more, in 2020.
Remote work is the new trend
Renting out offices is now more expensive than ever. Infrastructures are not like what they used to be. Nowadays people demand more money, more guarantees and other things that small business owners cannot provide.
At the same time, the budget is restricted and the low budget cannot support salaries and utility expenses easily. This is why remote work appears to be the new and most important trend for 2020. Nowadays everything is down through a computer of a smartphone. No one needs to be constricted in one area to work. Remote work promotes a healthy way of working. It allows companies to hire talented employees from all over the world. Most importantly it allows for a faster and easier development for the employees, seeing as they can work in a friendly and familiar environment!
Short-term work arrangements in business
A massive trend that started around 2017 and appears to be growing larger and larger every single year. Also known as the Gig Economy, these short-term arrangements are giving small business owners the opportunity to hire freelancers, consultants, temporary contract workers, and independent contractors and professionals to complete projects.
In most cases, these types of arrangements complete important processes in a shorter amount of time and cost less than a full-time employee. They can be beneficial for both the employer and the employee seeing as the second has the opportunity to work on multiple projects at the time. That way employees gain more money, more experience and more expertise in a shorter amount of time and businesses save money while completing important tasks.
Businesses focused on the well-being of employees
Although this is something that should be a priority for employers no matter what, it appears that in previous years, most employers viewed their employees as nothing more than money-making machines. This is no longer the case.
According to studies businesses that prioritize employee happiness are able to increase their profit almost all the way up to 20% every single year. Of course, there is a cap but a steady slow increase is better than no increase at all.
Treat your employees the way they deserve to be treated. If your employees are happy then your customers will be happy. This can only mean a good profit for your business.
Give small businesses a voice
And we mean that literally. Think about Siri, Alexa and Google Home. All of these speakers gained massive popularity that started over ten years ago because they were the first. They were something new and exciting. Something that no one had ever seen before. Now they have grown on us and people see them as nothing short than something common and ordinary.
Now they are coming back in fashions, as many companies out there are trying to develop their own speaker systems to provide their customers with the support they need. Small businesses with a speaker option are bound to gain more traffic and sell more products in 2020. If you want to increase your profit and your clientele then, follow this innovative trend in 2020. The results are going to amaze you.
Use Big Data
Everyone has heard about Big Data but not everyone knows what Big Data is. In most cases, small business owners believe that it is only meant to be handled by big companies. Well, we can safely tell you that this is not the case. Not for 2020 at least.
In 2020 the new trend is Big Data in small businesses. Big Data makes analytics applications a lot easier to use. Analytics applications can give your small business a competitive advantage. By default, your small business does have a large base of Big Data that is just not being used.
Start 2020 by creating a Big Data strategy for your business and get your clear competitive edge in the labor market. There are, of course, a few things that can restrict the use of certain Big Data portions in a business. It would be for the best if you were to talk to a professional about the strategy that you want to adopt. At the end of the day, Big Data can give you the opportunity to move ten steps ahead of your competition which could eventually make you a leading force in the labor market. In your sector at least.
There is no business out there, big or small, that can survive without at least a 4G internet connection. Everything nowadays is done online. Businesses want a strong digital footprint. The internet connection speed actually plays a very important role in the strength of that footprint.
Don’t you want a fast website that services your customers fast and easy? Don’t you want to gain a few great reviews due to your system alone? Customers nowadays demand fast services. They demand speed that will save them time and effort when it comes to buying products or hiring services.
At the same time, the 5G network can make your own work a lot easier. The processes within the business are going to be completed faster. You will no longer have to waste precious minutes or even hours at a time, uploading and downloading files from your servers. Everything will be done fast with the click of a few buttons.
All businesses want profit
What is one thing that every business owner out there wants? That is fairly easy to answer. Profit. Profit will always be a number one priority, whether you own an SME or a big business. The trends that are being announced for businesses every single year only have one axis in mind. That would be a higher profit.
These trends, as well as many more that are bound to emerge during 2020, will aim at increasing your business’s outreach. This will result in a bigger clientele and more profit that will take your business to the next level.
It is a big possibility that not all of those trends will be fit for your business. As the business owner, it will be your responsibility to do research and apply the trends that will suit your needs and your preferences the most. You may find more trends that are not as popular but could be equally important.
Take your small business to the next level. These trends could be the key to make you one of the most important stakeholders in your field of action.