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Small Business Trends of 2020
Keeping up with small business trends is essential to gain competitive edges if you're a sole proprietor or have limited staffing. Here are key small business trends to look for in 2020.
C O N S U M ERS ARE EM B R AC I NG S U S T AIN ABLE AN D S O C IALLY R ES P O N S IBLE O R G AN I ZAT ION S Environmental concerns are growing among all ages, especially with millennials and the younger gen Z population. Going more green and adopting principles of sustainability are becoming concerns of investors, since these concepts point to greater financial efficiency. Giving back to the community and striving for employment diversity are key components of social responsibility that businesses of all sizes are embracing.
A primary reason for the closing of thousands of brick-and-mortar retail outlets in recent years has been the growing popularity of online shopping. Consumers find shopping with their smartphones to be more convenient than visiting malls, so small companies have taken notice and are moving toward e-commerce solutions. Local restaurants have expanded revenue streams by taking online orders.
E-COMMERCE IS BECOMING MORE IMPORTANT TO INDEPENDENT BUSINESSES
CREATIVE NEW IDEAS FOR MOBILE MARKETING ARE EMERGING The popularity of the smartphone is driving consumer spending these days, which is why small businesses need to develop more mobile marketing techniques in their business plans. Using geo-targeting helps attract customers who are physically near your establishment, which is why you should develop an interactive app for your business. The app will allow you to stay in touch with target customers and keep them updated on your latest promotions.
MANY BUSINESSES ARE PREPARING FOR 5G We've already seen how 4G changed the world and now 5G is about to do the same as it is unveiled in 2020. This new networking backbone technology will make download speeds much faster, which will allow internet activity to become more powerful. Furthermore, it will boost the quality of online video, audio and other types of media, encouraging marketing through expanded channels.
GREATER OPPORTUNITIES THROUGH CLOUD SERVICES The expansion of the gig economy through cloud technology will continue to create online jobs and digital lifestyles. Although California recently passed a law that restricts certain types of independent contracting work, the national trend is toward more ways of making money online through the cloud. Small businesses can grow to reach global audiences by embracing the cloud with remote workers who contribute from anywhere at any time. The cloud also allows for more customization and personalization of services.
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