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Business Trends in 2020

Carol Evenson Oct 17, 2019
Owning and operating a small business can be rewarding, but it can also be difficult. One of the things you must constantly do is keep up on all the latest trends. Keeping up on such trends allows you stay competitive. So, what are the top trends of 2020 to pay attention to?

Reviews

Customer product reviews are playing a key role in other customer's purchasing products. Customers read reviews to see what past customers think about the product's quality, durability and usefulness. Ensure you have a way for customers to leave reviews in order to generate higher customer traffic. Reviews will be essential in customer purchase decisions.

Communication Apps

The people that are joining the workforce in the next five years will be extremely tech savvy millennials. Gone are the days of sitting around a table and having a meeting. This workforce will want to communicate electronically. That means using mobile communication and apps to communicate with all of your employees.

Remote Employees

Physical space can cost a lot for a small company. Families forced to have two jobs to make ends meet still want to be at home with their children. They also want the convenience of being their own boss and not leaving home. These are reasons why remote work are becoming more popular and will continue to do so.

Customer Service

Today, customers want to feel like they are appreciated. It is essential to offer personalized customer service. For instance, enhance your website to recommend products based off of their previous purchases. This also means getting the product to the customer fast and efficiently. This can be done by finding ways to upgrade your supply chain management.

Employee Happiness

Keeping employees happy is key. Employees do not simply want to show up, do a job and get paid. Quality employees will want to see a company who offers them downtime to relax and unwind during the day before returning to do their job. They also want recognition for the hard work they do. These two elements will be essential for future business growth.

5G Is Coming

Be prepared to overhaul your internet to a 5G connection. It is already present in some big cities throughout the country, but in the next year or so it is likely to be available everywhere. It will make internet speeds faster than ever, which means you will need it to compete with other small and big businesses alike.

AI

There have been many developments in AI over the last few years. While AI can enhance efficiency, it is not a priority. Right now it is something to watch very closely. As AI continues, employees need to know that it won't completely replace human workforce. Therefore, businesses should focus on proper interaction with AI to prevent resistance in the future.
These are some of the top business trends to watch out for as we roll into 2020. Keeping up with them will ensure you keep up with your competition.