The companies benefit from the enhancements every year; however, collective efforts of the management team are needed to determine crucial factors like revenue growth, customer and employee satisfaction, etc. Small businesses and startups invest as per future trends to ensure that their business grows smoothly.
This blog post presents the ten leading small business trends to consider in the year 2020.
1. More stress on personalized client service
The customers expect that your company pays special attention to them individually, so you have to provide them customized consumer experience. Amazon is a fantastic example of a personalized service provider. You can note while visiting your homepage there about the relevant product suggestions identical to your previous purchases. It is what the customers want, and this is helpful for you to grab more leads.
2. AI will assist but not dominate the customer experience.
Any robotic reply system can’t replace the work efficiency and intelligence of human beings. It can merely assist in doing so. AI-based chatbot system will undoubtedly help in customer support and is very useful to answer FAQs. But it is quite evident that automated responses can’t replace human workers. Human beings can give thoughtful replies in many situations that chatbots cannot.
However, using automation software and automating your social network accounts with high-quality content can highlight your organization’s reputation for performing much more extensive operations. Incorporating chatbots and virtual assistants will be excellent for small business owners.
AI will continue to an essential small business trend in 2020 and will help startups to serve customers in a better manner, thereby generating more revenue.
3. User reviews will be considered prime
User reviews matter a lot in pursuing other customers to purchase a product. Users are more likely to buy a product if it has multiple good user reviews. Usually, four or 5-star ratings for a product in reviews are sufficient to make it more tempting for customers to buy the product online.
Since the budget of small businesses is quite limited, it becomes more imperative for them to concentrate on user reviews.
4. Boost in the number of remote workers
Infrastructure and space are significant limitations for small businesses. Still, expansion is vital, and small businesses can’t lag because of this. Remote working solves a lot of problems because a regular job by employees within the office premises is not a compulsion. Other than the permanent staff of a company, remote workers having laptops and smartphones can easily add a lot to boost the revenue.
Moreover, video conferencing is readily available to conduct meetings with remote employees and give them the necessary instructions. So, small businesses have to increase the number of remote workers to accelerate their business. It also allows them to hire the most exceptional aptitude from distant regions.
5. Big data for small businesses
Big data is a term often used by large enterprises to analyze and enhance their business by taking advantage of the might of data. Due to readily available big data analytical applications, it would be easy for small business also to utilize them and get a leading edge in the continuously growing competitive market.
The bulk of data alone does not provide any competitive lead, but the apparent actionable insights offered by big data makes it useful. There are some limitations on collecting the kind of data required, and businesses have to discover a means to work with such restrictions.
6. Women in management
The economy continues to be quite stable in the US, and this trend is expected to continue in various other regions across the globe as well. According to Intuit, the leadership of women, particularly in rising markets, will be a foremost strength in the international market.
This trend shows that small businesses are moving in the right direction, and their trading landscape is varying for the better.
7. Platform consolidation
This term appears to be technical, but small business owners need not worry about it as platform consolidation means the infrastructure that businesses are putting together to hand out as full small business platforms.
When small business owners can manage the whole lot, including social media marketing, coordination with remote employees, customer experience and reviews, etc. from fewer platforms, their pending work list gets smaller. This leads to an easy way to intermingle with your business and find everything required to grow your business.
In 2020, you need to adopt just one or two particular platforms, which include all the features of platforms already used by you.
8. Stories take over the news feed
Stories i.e., short videos content that vanishes after 24 hours, feature instant content, which makes them genuine and grab the attention of more people. Snapchat initially introduced this concept; after that, it emerged as a default social media facet due to its enormous success.
Before stories, news feed posts were used by small businesses to promote their brand on social media, but now the trend of stories is rising 15 times quicker than the news feed. Small business owners need to focus on quality stories for promoting their brand. Short and sweet stories engage more audiences, and they are more effective in boosting sales.
9. User review management
E-commerce drives a lot of sales, and positive user reviews are vital for it. Usually, most of the people read reviews of local businesses before buying anything. It would help if you used a user review management tool to check user reviews and their feedback quickly. These reviews are essential in a small business environment and are necessary to run a business smoothly.
10. Mobile apps
The data revealed by Statista shows that e-commerce is one of the significant areas of augmentation at present. Mobile apps have further enhanced e-commerce, and numerous small businesses are taking advantage of these apps to drive more sales. It hardly matters whether it’s a startup or you are going for digital marketing for the first time.
There are many IT companies having a team of reliable mobile app developers in India, and you can get the required app developed for your purpose at quite economical rates. However, in 2020, reaching a mobile app developed for your goal has become much more comfortable than before. There are online no-code platforms that allow you to quickly build an app using drag drag-and-drop features instead of extensive coding. This also minimizes the expenditure and effort required to develop a mobile app for your business.
The competitive market is growing continuously with technology enhancements. It is necessary for small businesses to stay updated with the latest market trends. Implement these above mentioned small business trends to promote your brand and grow your business.