Savvy business leaders and executives pride themselves on their vision. Great leaders continually look ahead to see how markets, technology, and consumers’ behavior will shift over time. An excellent leader also embraces the fact that things are evolving continuously. They utilize it to their advantage and don’t resist the change.
You are aware of the fact that the marketplace is highly competitive these days. To stay ahead of the competition, entrepreneurs must keep their finger on the pulse of modern technology and stay up-to-date with the latest innovations. Machine learning and AI advances are significant trends to watch out for in 2020 and beyond. Besides, there are various other business trends 2020 that entrepreneurs should never ignore. Here, we have highlighted the top business trends 2020 to help you gain a competitive advantage in today’s hyper-competitive marketplace.
Business Trends to Keep an Eye on in 2020
#1: Machine Learning and AI Advances
Today, AI is everywhere, as its applications are limitless. Besides, the AI industry is anticipated to continue to grow and have a powerful impact on the world economy in the coming years. Continuous machine learning and AI advances can improve the user experience in nearly all industries.
You may be familiar with the fact that AI-powered chatbot are capable of managing major customer service tasks than ever before to facilitate the customer journey better. Other significant AI applications include self-driving cars, smart assistants, and chatbots.
#2: Voice: the way ahead
You may already know that Alexa and Google Home have already attained tremendous popularity over these years. Recent studies reveal that nearly 50% of web browsing would be voice-activated by 2020. This is because voice searches are much easier to do, mainly when we are on the go like in a car.
As such, organizations will need to take this into thought while attempting to build an online presence. Besides, companies will require to put out content online that is not just keyword optimized but is voice optimized. If used rightly, it’s a golden opportunity for small businesses.
#3: Harness the power of Big Data
Big data has been so far employed only by businesses to enhance the way they do business. But this is not the same anymore. We are seeing a trend where small firms are commencing to utilize the power of data. As such, every company must have a big data strategy, which will give them a clear and competitive edge.
However, one must also be very cautious with data; we have already seen some controversies surrounding it. Many limitations are being imposed on how and what kind of data can be gathered. These will only increase in the future, so companies will have to identify a way to work with these constraints.
#4: Emphasis on personalized customer service
Marketers need to provide their consumers with customized experiences. For instance, Amazon is one of the companies which provide customized solutions. When you visited Amazon’s homepage, you might have noted product suggestions similar to what you had purchased earlier.
Two out of five successful entrepreneurs say that smart personalization has helped them increase profits by over 25%! So, it’s a fact that those days of showcasing products and services to all customers is over.
#5: Bots to Boost the Business
When it comes to business trends 2020, bots are also a significant focus. The rising uncertainty has made it difficult for customers to visit business premises physically. This eventually turns to higher call volumes or tickets for companies as customers ask for help through virtual channels.
Nowadays, there are various channels through which customers can reach a firm online. However, the primary challenge for companies is to watch all their channels 24×7. This is where bots can come to the rescue. Particularly in times of crisis where customer requests can be high, bots can be used to address customer queries. This helps customers get an instant response and businesses can free their employees from repetitive questions. Companies must be cautious while using bots as certain circumstances demand a human touch.
#6: Gig economy is a boon
This is rising in popularity these days as the gig economy provides workers flexibility and the chance to be their own boss. Indeed, many small companies might not be in a place to hire permanent labor. This business trend is a blessing in this situation as you can tap into the most skilled expertise from a pool of freelance workers. Also, recent studies show that around 40% of the total workforce will be taking part in the gig economy by 2022.
To succeed in the long run, seize on these business trends 2020 that are likely to influence business growth into the coming years. In case you’re looking to start a business, consider these trends to satisfy your customers’ needs and requirements. Always keep an eye on the future, and you’ll have a better chance for success.