Every business must follow trends in order to stay profitable. Nowadays there are constant changes in the economy with the development of new technologies and finding new ways to interact with customers. In order to stay profitable you must anticipate changes and quickly react to them. There are many companies who decide not to infuse their business with new technologies and follow new trends, which eventually will end badly.
Considering that the market is more competitive than betting on horse races, you have to work smart and always try to be unique bringing a new way of working that will attract customers. In this article, we will go through some of the business trends to look out for in 2020.
01. Accent on customer service
Even though customer service is constantly ranking higher on crucial business standards, in 2020 businesses will have to put even more accent on people’s satisfaction. This is the way that customers will select which company to buy from and it is going to separate the good and bad. Customers nowadays will naturally go for businesses that offer more personalized service and pay attention to their needs. Since the internet shopping is growing day by day, this is going to bring huge benefits to the eCommerce businesses, just because they can apply smart automated personalization engines to recognize customer needs and changes in order to suit them. This will eventually increase their profits by about 15%.
Unfortunately, AI will not be able to take over customer service. In order to fulfill true customer satisfaction, you need a human that has emotions and connections with the customer.
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02. The importance of reviews
Selecting an option depending on the reviews is common today, but in the future will be much more important for making a decision. In a recent study, we can see that about 92% of the people hesitate to buy something if it does not have any reviews. This will become the future of marketing and businesses will focus their marketing budgets on attracting good reviews.
03. Stories will dominate the Newsfeed
Firstly, stories were introduced by Snapchat, and know it has become one of the most common sharing methods on social media. They include a picture or short video content that lasts for 24 hours. Stories are growing at much faster rate than the newsfeed and in 2020 they will become the main way of promoting content on social media.
04. Remote workplace
With the development of the new technologies and internet access over the world, now people are able to live in one country and work in another all from their computer at home. Businesses are constantly searching for highly capable workers that they can use in their company from all around the world. This is very good news for small business owners as not they will be able to expand their markets even more.
05. Focus on employee happiness
In recent years, companies started realizing that the happier their employees were, the more efficient the job they are doing. That is why more businesses start to follow this trend and allow employees to put ping pong tables, colorful walls, fun areas where they can blow off steam and etc. at work. This trend will continue to grow and business owners must forget about the strict days where they were not allowed to do anything, and put some flexibility into their business.
06. Big Data in small businesses
Until now, big data was only used by large companies that can afford the process. However, since the data is now available, it will be also used by small businesses in order to improve their processes and competitive edge. Be aware that even the biggest data in the world will be useless if it does not provide some necessary information.
These are some of the trends that you should look out for. Every business owner must anticipate some of these changes and start to apply them in their business in order to get prepared when this time comes.