words Al Woods
Over the last ten years, the business world has gone through some dramatic changes. Developments in technology, as well as social and economic changes, have transformed just how businesses build and sell. While many of the trends that dominated the noughties are set to remain highly influential in the business world, there are also those trends that have so far had minimal impact.
It’s those trends that are set to continue having a direct influence on the ways that businesses manage their marketing, HR, and customer service. If you want to stay ahead of the curve, here are the four essential business trends that you need to know about as we burst into the 2020s.
The increased use of automation has changed the way that forward-thinking brands manage their manual processes. Automation is fast-becoming a crucial technology for businesses of all sizes and sectors. If you are still manually entering inventory data or accounting figures, then you are wasting the time of your employees. Look at how your business can start to make use of automation, or you are going to fall behind.
2. The Growth of Data
Real-world information has always been critical for businesses. In the digital age, businesses have access to massive amounts of data and analytics. Make sure that you know how to use that data so that you can make more effective business decisions. Methodologies like 6Sigma training from recognized expert Peter Peterka, can ensure that your business uses data to “…achieve both hard and soft money savings, while increasing customer satisfaction.” If you are still making business decisions based on gut-feeling then you are not prepared for the 2020s.
3. App Development
While not every business needs its own dedicated app, they are quickly becoming a vital stream of revenue for those brands that take the time to develop and market them. Apps come with a variety of benefits, and with the importance of brand awareness being so critical in the modern age, having a dedicated position on the smartphones and tablets of your consumers can have a considerable effect on your bottom line. Evaluate your options when it comes to an app, and consider how the right app can disrupt entire industries.
4. Mobile Payments
Consumers want to pay in the ways that they find the most convenient. If you only accept one form of payment then there’s a good chance that you’ve noticed a high bounce rate or a dangerously high level of shopping cart abandonment. Open up your payment methods, making sure that you have identified the preferred ways that your customer demographics want to pay. Make those options available to your customers and 2020 could be the year that your bounce rate drops. If you don’t let people pay how they want, then they will simply head elsewhere out of convenience.
The next decade is set to become even more disruptive for business than the noughties. If you want your business to survive into the 20s then you must take the time to understand the top trends that are expected to have the most impact. Make sure that you evaluate each new trend and its relevance to your brand. Failing to adopt and integrate these trends into your business management could leave you vulnerable to rapid changes, and that could be fatal for the future of your brand.