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!