At the start of every new year, there are trends that can make or break your business. Being informed of the latest trends in your industry, as well as overall emerging business practices, will give you a slight edge over your competition. If you aren’t ahead of the game, then you will, unfortunately, lag behind. In 2020, be sure to understand and incorporate the most innovative and effective trends in your business.
Personalized Customer Service
In 2020, customers can expect the rise of smart personalization engines, recognizing customer intent. For example, it is no mistake that Facebook recommends sweaters similar to the one that you were googling earlier in the day. It is not a surprise that Amazon’s recommendation page is based on your recent purchases or searches. Instead of showing your entire shop to every potential customer, this trend highlights customization, ensuring that your customer saves time while landing on the right purchase.
The Power of Voice
With the rise of Alexa and Google Home, smart speakers have been dominating the market. Approximately a third of web browsing is expected to be voice-activated by 2020. Because talking is the best way of communicating for most people, it allows Voice to continue to succeed. Voice searches also offer consumers an easier, faster way of getting things done. Whether you’re in the car, have your hands full, etc., in many cases, utilizing Voice is more convenient for the user.
Because of laptops, smartphones, conference calls, video conferencing, etc., many jobs have become remote. Sitting in a cube from 9-5 isn’t the most necessarily the most efficient way of working for the employee nor the employer. In today’s society, working remotely may cut costs and provide more flexibility for both parties. Businesses who offer “work from home” or “working remotely” options are better positioned to obtain top-notch candidates to fulfill the role.
Stories in Social Media
The Stories feature was originally on Snapchat. Then, Instagram started their own Stories feature. Now, Stories can be found on Facebook as well as YouTube. Customers love this feature because it provides quick, informative snapshots. If you are selling a product, using this feature will also help customers to learn within seconds about your product as well as any upcoming discount or promotion. In a society where everyone thrives on convenience, the Stories feature allows people to save time by not monopolizing attention, while still acquiring it for a brief moment. For example, Dr. Brandt Skincare drove sales up by 500% by utilizing Instagram Stories and using the Swipe Up feature for linking.
When was the last time that someone purchased an item that had no reviews? If they even have, it’s most likely because they desperately needed the product and couldn’t find one that had reviews. Customers in 2020 will be less likely to purchase an item that does not come with endorsements. Buying is much easier when there is confidence in the product. Reviews will remain important in 2020 as social media and the internet continue to reward customer feedback.
Gigs, Freelancing and Consulting
The days of traditional work-life are over. With the growth of remote working, many people are opting to become their own boss and gain more freedom. Instead of working for an employer, many are choosing to obtain gigs, taking advantage of independent contractor jobs using apps, such as TaskRabbit, Rover, Uber, etc. More experienced professionals are also making the transition by consulting full time. As the style of work-life changes, consumers will also change as their wants and availability will change with the switch to entrepreneurship.
In 2020, 5G networks are expected to launch, opening avenues for new possibilities. 5G will offer average download speeds of approximately 1 Gbps, which will change the way consumers interact on the internet because of the velocity. This is also a technology that supports audiences who crave videos versus written words. With the 5G, people will be able to watch videos more instantaneously. Additionally, this product will allow new technologies, such as virtual reality and the internet of things, to explode on the market with speed.
About The Author
Yuri Vanetik is an Entrepreneur, Private Investor, Coalition Builder, and Philanthropist in Orange County, California. He is the Managing Partner of Vanetik International, LLC, a management consulting firm which offers advisory services and strategic planning to businesses and industries. He is also the Managing Partner of Dominion Asset Management, a technology-driven opportunity real estate fund that invests in undervalued real estate throughout the United States. Yuri Vanetik brings over 20 years of professional experience in a variety of roles, and has been featured in notable publications, including the Wall Street Journal, California Business Journal, Forbes, and Bloomberg Law.