Top 6 Business Trends In 2020 That You Need To Keep An Eye On
It is quite obvious that with trends come opportunities and that is the reason we have this post on leading business trends in 2020. No matter how you may want to see it, the “twenty-tens” are over and we are stepping into a new decade. You need to ask yourself if this outgoing decade unveiled the way that you expected it. Were you hoping to achieve certain goals but you didn’t quite get to it? Now is the time to see the new decade as the fresh start for your business, personal development, career, and financial goals.
We have considered emerging business trends in 2020 and have come up with amazing tips that you must pay attention to. As an entrepreneur, you don’t anybody to tell you how competitive the business world can be. To be on top, you must have a good hold on the pulse of modern technology. Also, you need to keep up with the latest innovations. Having said that, here are the top unique business trends in 2020 expected to drive business growth.
The Top 6 Business Trends In 2020
Machine Learning and AI Proliferation
With the way things are going, the artificial industry has been growing and it will have a huge and significant impact on the world economy; especially in the coming years. By using little AI algorithms, you can improve user experience in nearly all industries. A very good example is the use of artificial intelligence by Spotify to make the listening experience more personal. They were able to achieve this by creating customized sessions for each user.
In the customer care service industry, there is a visible transformation by AI. Today’s chatbots and virtual assistants can handle more tasks and efficiently facilitate the customer journey. People now utilize machine learning to better respond to customer requests. Businesses and consumers will benefit from the smart use of technology.
The shift to a freelance workforce
There have been lots of freelance platforms like Fiverr, Upwork, Freelancer, etc where people access jobs and get paid online. It would be very hard for you not to not the workforce shift from traditional employees to a freelance model. A Gallup study revealed that about 57 million people in the United States are in the gig economy. Lets us consider the statistics below:
- More than 90% of self-employed workers believe their job is making a worthwhile contribution to the world.
- 82% of freelancers and contractors are very proud of their career, and
- 97% of contractors report that they are much happier than their permanent counterparts.
Well, you can see the reason why the freelance workforce is expected to jump to 43% come 2020. So if you have been contemplating having a side gig to save up for investments or pay off debts, 2020 will surely make it happen. If you are the type that wants to leave your corporate life behind and become self-employed, then the freelance market is your best pick.
You should know that it does not only entail delivering packages for Amazon or Alibaba. You can build a career in the freelance economy as a writer, designer, web developer, and countless others. Another good thing about freelancing is that it allows you to pursue side businesses because you have control over your time and schedule.
Freelancing also allows new mothers to earn a flexible paycheck without any reliance on full-time office jobs.
A rise in Business consolidations
If you are looking for more reasons to pursue self-employment in 2020, well let me give you one. There is a very high chance that we will have a string of major business acquisitions in the coming year. Taking a cue from what happened in the last two years, AT&T acquired Time Warner, Walt Disney Company purchased Twenty-First Century Fox Inc., and the Meredith Corporation acquired Time Inc.
This year alone, there was a meager between United Technologies and Raytheon, the same happened between Bristol Meyers Squibb and Celgene. If you don’t think that there will be such things in 2020, then you need to think again. Please, you must take these business trends in 2020 seriously so you don’t get caught in the middle.
Should such things happen to the company that you work with, you might find yourself taking a pay cut or even getting laid off. In an event that you are retained, there is the possibility that you will not like the culture or the new boss. You must understand that there is really no such thing as job security unless you are self-employed.
E-Commerce will continue to take the lead
A report by Statista revealed that in the coming four years, global e-commerce is expected to hit around $5 trillion dollars. This would cause most retailers to move their investments from brick-and-mortar storefronts to online stores. You can look at what Amazon, Alibaba, etc are already doing in the industry. These companies have utilized the power online shopping, leveraging social media to generate billions of dollars in sales.
With the rate at which more specialized retailers appear on the market, there seems to be no limit to what can be sold online.
The Rise of All-Encompassing Digital Platforms
In recent years, companies have been trying to provide more services and options to their customers. There has been an increasing demand for all-in-one platforms to handle financial transactions, security, as well as banking needs. Business owners and their consumers appreciate the ability to accomplish more than one of their goals with a single vendor. In recent years, these comprehensive systems are gaining popularity and they will surely be an increase in their demand by 2020.
We have seen businesses and companies like Cyfe with massive IPO create central business-intelligence platforms. These platforms have great APIs and integrations that will continue to push the tech pace. Prime Trust also offers a one-stop-shopping for business owners by providing financial services and infrastructure solutions. This creates a better customer experience.
With the growing demand for diverse payment methods, these types of full-service banking and financial platforms will be a necessity for even small businesses and storefronts. Many customers desire contactless credit options as well as the ability to pay with Cryptocurrency or their phone. The demand for high security and 24-hour access to funds will certainly increase in 2020.
Blockchain technology and Cryptocurrency advances
Mainstream adoption of Blockchain technology has been on the rise in recent years and it will definitely continue in the coming years. Conglomerates like IBM, Microsoft, JP Morgan and many more have all cued into this disruptive technology. The cryptocurrency which is the first “birthchild” of Blockchain technology will also enjoy more patronage in 2020.
With the Facebook Libra to be launched next year, more people around the world will get to be more involved with Cryptocurrency.
These top business trends for 2020 will help you shape your mindset as you prepare to enter the New Year. As an entrepreneur, you already know that adapting to the changing consumer market is crucial for the success of your business. You have to know what your customers are demanding and where they spend their money. To be in a better position to help your business make the right decisions for the coming year, you need to seize on these leading business trends in 2020 that are likely to influence business growth.