We all know very well that 2020 did not turn out the way most companies expected, due to the pandemic situation. However, we can provide you some trends, which will offer you an opportunity to move the needle in the correct direction. As an entrepreneur, you are required to accept the change to not only become successful but find ways to be on top during unpredictable times. One of the finest ways to achieve a competitive advantage is to stay on top of trends so that you can generate new opportunities and stay ahead of your opponents. Below are some of the small business trends 2020 you should embrace as an entrepreneur in 2020 and beyond.
- Make employee’s health and wellness a priority: Due to the covid-19 pandemic we are facing so much challenges. Therefore, from now on it is time to prioritize the wellness and health of employees. Allow your employees to work from home even after the social distancing requirements end. If that is not an option, at least offer more flexible working arrangements.
- AI will endure to change the business world: AIhas already changed the world and further it can be used to prevent cyber-attacks. AI and machine learning can also help you plan your employees’ schedules, mainly if they shift workspaces or projects recurrently. AI can also help isolate when you should have meetings by going through past data and observing how people within your organization spend their time.
- Marketing through mobile will be used more creatively: With the pandemic going on it is expected that everyone will stay more connected through their phones. It is also expected that by 2021, there will be 3.8 billion smartphone users globally. You should take advantage of the popularity of mobile and through geo-targeting you can provide targeted ads to customers who are close to your business. You can also leverage SMS or text marketing to stay in contact with your customers.
- It is high time to go cashless: It is not a new concept, but with each passing year, cash-less transactions are increasing at higher speed. From 2016 to 2017, around 10% increase have been seen in cashless transactions. Even if you have an e-commerce website, you should expand your options of payment method by accepting payments through Amazon Pay, PayPal, Google Pay, Apple Pay, Square, Stripe, or even cryptocurrencies. Furthermore, look into options that allow your customers to pay via text.
- Consider younger generation preferences: The younger generation is not only entering the workforce during this unpredictable time, but they are also representing a huge potential customer base. For this, you need to cater to their unique preferences and values if you want to see your fan base grow in the coming decade.
Change is unavoidable, but it does not mean it is always bad. We predict that not all of these trends will be helpful to your business during this pandemic time; however, each one of the small business trend is worth exploring if you want to see growth in your business.