https://fonts.googleapis.com/css2?family=Montserrat:wght@400;500;700&display=swapstylesheettext/css

New Business Trends in 2020

  • Jan 27, 2020
  • By Miles Malferrari

#


Business trends are the great tidbits of information that help entrepreneurs and businessmen make smarter decisions. These can help improve output efficiency, quality, revenue, social presence, among other things. So without further ado, let’s take a look at new business trends in 2020 to start off the new decade as well informed as you could be.


Personalized Customer Service


In this day and age, people no longer like browsing through an entire catalogue of kitchenware just to look for a knife of a particular shape and make. Especially in online shopping stores like alibaba or shoppee, the product catalogue is “tailor-made” to what each customer already has a predisposition to buying. Studies show that this approach to sales can boost profits by up to 15%, and is made possible by smart personalization engines that take advantage of user data and history.


Large Growth in Industry-Specific Startups


Niche market serving startups are seeing huge growth in their businesses. These are typically markets that provide products and services you normally won’t find in large and diverse retailers like Amazon.


Customer Reviews and Testimonies are Important


Is your make or break for deciding on a purchase the comments or review section of the store or product? You’re not alone.Almost everyone hesitates to follow through when there aren’t any positive real world reviews from other humans, and this is especially important for smaller businesses that don’t have a pre-existing reputation to back them up.


Increasing Preference for Remote Work

With the premium for real estate going up as we run out of space, smaller businesses are having a harder time finding ways to get office space for their employees. Good thing strides in technology have made remote work more accessible. Remote work is now at a point where both sides win as employers save on overhead costs while employees can enjoy more flexible work arrangements without sacrificing communication and ability to deliver. There is also the added benefit of seeking out talent or work from beyond your nation’s borders.


Increasing Preference for Contractual Work


Freelance contractual work, more commonly referred to as ‘gigs’, are becoming more and more fashionable as workers are looking for more flexible options for their work arrangements. As many small businesses may not be able to accommodate full-time regular employees, temporary employment options are preferred as it also allows them to filter through the talent pool without spending too much.



And there you have it, new trends for 2020 that you can use to your advantage and get ahead of the curve. As the times keep changing, it is critical to always keep an ear to the ground and stay informed. All that’s left to do is get to it and hustle!




Related Articles



Best and Worst Ways to Deal With Stress
Best and Worst Ways to Deal With Stress
Nov 07, 2019
  • BY Miles Malferrari
  • It’s Stress Awareness Week and apart from being stressed and loving it, we’re about to show you the best and worst wa...
    7 Habits of a Successful Entrepreneur
    7 Habits of a Successful Entrepreneur
    Nov 16, 2019
  • BY Miles Malferrari
  • Being your own self-made businessperson can be unnerving with all that uncertainty hanging around every corner. There...
    The Perfect Formula for a Business
    The Perfect Formula for a Business
    Oct 22, 2019
  • BY Miles Malferrari
  • Guidelines on Workplace Prevention and Control of COVID-19
    Guidelines on Workplace Prevention and Control of COVID-19
    Jul 10, 2020
  • BY Miles Malferrari
  • Make sure your workplace is ready to welcome back your workforce by following DTI and DOLE’s minimum required guideli...
    The Freelancer Christmas Shopping Guide
    The Freelancer Christmas Shopping Guide
    Dec 24, 2019
  • BY Miles Malferrari
  • if you still haven’t figured out what presents to get yourself or your freelancer friends, this guide is for you. Bei...
    MECQ Guidelines for SMEs
    MECQ Guidelines for SMEs
    May 22, 2020
  • BY Miles Malferrari
  • With the Modified Enhanced Community Quarantine (MECQ) put into place, more stores like yours can now flip back your ...