If you own a small business, then hopefully you’re aware that business growth methods change over time. The way that business was conducted 20 years ago is certainly not the same way that we do business today.
Over the years, business growth trends have shifted into a whole new methodology that caters to today’s technological advancements. With social media and the development of mobile devices, businesses everywhere have had to adapt to the digital times.
Investing in future business growth trends today ensures that your small business reaps the benefits for tomorrow. Let’s take a look at 5 small business growth trends for 2020 to help you stay ahead of the game.
Personalized Customer Service
In a dystopian world where AI (artificial intelligence) has seemingly taken over, it’s refreshing to be offered customer service where we can actually speak to an individual, and not a machine.
AI should not be used to replace the human worker, but rather, it must be seen as more of a co-worker or assistant that helps to create a more efficient customer experience. Small business owners should NOT consider AI to be the enemy, but rather, a valuable ally.
Your customer is an individual, which means that you should always aim to provide them with customized customer experiences. A great example of a customized customer service is Amazon.
When you visit the Amazon homepage, you see a list of product suggestions that are similar to the products that you purchased prior. For instance, if you bought a new pair of headphones, Amazon will display a list of products that are relevant to your headphones purchase, such as headphone carrying cases, earbuds, speaker systems, Bluetooth wireless adapters, and more.
Smart personalization engines are used to recognize customer behavior and intent. This enables digital businesses to increase their profits by up to 15%. This way, you don’t have to showcase your entire inventory to the customer all at once. It’s best to show them what they’re most likely to be interested in.
Pay Attention To User Reviews
User reviews play a significant role in influencing customers’ purchasing decisions. Reading customer reviews can help to put other customers at ease when deciding whether or not to make a purchase. It puts readers at ease and helps them feel more comfortable about the product or service if they’ve seen that others have used it before.
According to a recent report, approximately 92% of people hesitate to make a purchase when there are no customer reviews listed about the product or service online.
Reviews are absolutely essential for online businesses, especially small businesses. Positive customer reviews and 5-star ratings make the business much more trustworthy in the eyes of the customer. We’ve been seeing a lot of this leading up to 2020, and it keeps becoming even more apparent that user reviews are one of the most important trends to watch in 2020.
Social Media Stories & Newsfeeds
Older, more seasoned readers may remember a time where there was no Internet to keep us busy. They reminisce the days where we’d have to knock on each other’s doors or call via rotary dial telephones.
However, for the younger generation, these times seem like ancient history. For these readers, the Internet is an essential part of everything that we do. We use the Internet to communicate, gather data, and entertain ourselves on-the-go.
Because of the recent developments in the latest new-age technology, businesses everywhere have had to adapt to these digital times. Social networking sites are the most effective way of capturing the youth demographic, as well as other demographics that small businesses are targeting.
Social media stories, first introduced by Snapchat, has now become a default social media feature for regular status updates. Stories are shorter than most videos and encompass the “capture the moment” concepts that the youth demographic has gravitated towards.
Stories are a more authentic way to connect with an audience. Along with news feed posts and live streaming, stories have become the primary way for brands to convey messages. Now is the time for digital marketers to get as creative as possible to get the attention of the view before the next story arises.
Profit From the E-Commerce Revolution
According to a Statista report, global e-commerce is expected to reach around $5 trillion in the next coming 4 years. This exponential growth is causing retailers to move their investments away from traditional brick-and-mortar storefronts and onto online stores.
Many small businesses have utilized the power of online shopping, leveraging their social media networks to generate increased sales and business growth. As more specializes retailers appear on the market, the limits are becoming endless.
Learning to profit from the e-commerce revolution is a great way to expand your small business without the need for more warehouse space. After all, who needs more space when you have the infinite space of the Internet?
Mobile is one trend to watch in particular for 2020, as well as into the far future. Small businesses are taking more advantage of the popularity of mobile connectivity. Now, businesses everywhere are accepting mobile payments through mobile apps such as Google Wallet, Visa Checkout, Apple Pay, and others.
Some businesses have even created their own apps to accommodate customers’ needs, desires, and concerns. These apps allow businesses to leverage text message marketing to stay in touch with customers, as well as offering promotions, discounts, and the latest business news.
Many of these apps are very user-friendly, in which even those that aren’t the most tech-savvy could wrap their brains around the navigational features.
Understanding the Remote Worker & the Gig Economy
Oftentimes, small businesses are unable to afford the extra cost of more space and infrastructure. Real estate costs have become a big constraint for small businesses, though, with remote working, this problem can be solved. The remote worker works from their home or home office, allowing small businesses to free up their budget on other aspects of their business rather than an increased workspace.
Remote workers are becoming a quickly emerging business trend. This also allows small business owners to hire the best-in-class talent from across the globe without any added expenditure. Many of these remote workers have also capitalized on the gig economy since remote workers have the flexibility in their schedule.
Many small business owners might not be in the position to hire certain permanent employees. Perhaps they just need someone to come in for a brief period to run a website audit, provide SEO feedback, or work on a big project with the rest of the team.
The boom of the gig economy allows businesses to hire freelance employees to assist them in their efforts. Lots of companies have a lot to gain from working with an expert freelancer. Perhaps, you could benefit from it as well!
The Takeover of 2020 Small Business Trends
Businesses in 2020 are continuing to grow every year. With specialized customer support measures and the mobile marketplace, customers are getting the ultimate customer experience. Business leaders are taking full advantage of the remote labor market, gig economy, and all of the digital marketing trends of the century.
No matter what your small business is, these 5 small business trends of 2020 will help you elevate your business to new heights. With the rise of digital times, the world is your oyster. The endless are boundless for a small business trying to edge its way into the large enterprise sector.
Remember, just because you’re a small business doesn’t mean that you have to stay in “small” thinking. Even small fishes can thrive in big ponds. Practice these 5 small business trends and you’ll start seeing a major difference in your revenue!