5 business trends to think about in 2020

If you are an entrepreneur, you know how competitive the business world can be. In order to stay fresh and current, you need to keep on top of modern technology and keep up with the latest innovations. With that in mind, here are five trends that are expected to drive business growth in the coming year and beyond.

Capturing the Youth Demographic:

Older readers may remember a time before the internet, but for younger generations, it's an essential part of everything they do. As they age and make up more of the consumer market, companies must do their best to relate by moving their marketing to a digital platform. TikTok, the mobile-centric video platform that has experienced increased growth in the past few years. With 500 million active users worldwide, it ranks ninth in that category among social-networking sites, ahead of LinkedIn, Twitter, Pinterest and Snapchat.

Going Green:

More people are adopting a green lifestyle. Beyond Meat, maker of plant-based proteins, has increased its stock prices by more than three times since its launch. For consumers, the eco-conscious lifestyle doesn’t stop at vegetarian diets and organic hygiene products. Lunya, a popular women’s-clothing maker, constructs its products from natural fabrics and fibers, and its sleepwear and intimates lines use Pima cotton for durability and comfort. Using natural materials lowers the carbon footprint of their business, as well as that of the individual consumer.

According to Small Business Trends, when it comes to tapping new consumers in an already-crowded green market, “The answer may lie in supplying consumers with details -- and authenticity.” It’s not enough to be green anymore; you have to detail to the customer and help them understand what making eco-friendly choices means for you and them.

Artificial intelligence:

The artificial-intelligence industry is continuing to grow and will have a significant impact on the world economy in the coming years. Even smaller uses of AI and algorithms can improve the user experience in nearly all industries. Spotify, for one, uses artificial intelligence to make the listening experience more personal by creating customized sessions for each user.

Through the smart use of technology, business and consumers will all benefit; in considering technology and ensuring you are ahead of competition, you keep your business fresh, current and on trend.

E-Commerce Will Continue to Dominate:

In the coming four years, global e-commerce is expected to reach around $5 trillion, as reported by Statista, causing many retailers to move investments to developing online stores. Fashion Nova has utilized the power of online shopping with only a small handful of physical locations, utilizing celebrities as Brand Ambassadors and social media to generate hundreds of millions in sales. They even created a state-of-the-art warehouse that can ship out orders faster. As more specialized retailers appear on the market, there seems to be no limit to what can be sold online and more importantly, how it can be sold!

The Rise of Digital Platforms:

As companies look to provide more services and options to their customers, demand has risen for all-in-one platforms to handle financial transactions, security and banking needs. Consumers and business owners alike appreciate the ability to accomplish more than one of their goals with a particular vendor, and these comprehensive systems are gaining popularity.

Competition for new customers is always high, so adapting to the changing consumer market is vital for the success of any business. It is essential to know what your customers are demanding and where they are spending their hard-earned money. To help your business make the right decisions for the year ahead and beyond, these trends are some that are likely to influence business growth into the coming years.

Other Recent Posts