There are several trends for entrepreneurs in 2020 that have been predicted by industry experts. Many of these are similar to trends of previous years, but they are being built upon, not simply rehashed. As such, here are eight specific trends that are sure to pave the path of first-year entrepreneurs:
- Culture Consciousness
Today’s companies realize that the only way to appeal to a diverse audience is to employ a diverse workforce. The advantage is in developing and sharing a wide variety of ideas that come to a plethora of minds with multiple points of view.
- Winning over the Youth
Generations Y and Z look to the internet for everything and can’t imagine a world without it. If you are a part of previous generations, just think of a world without TV. It’s unfathomable, isn’t it?
That is how they feel about their laptops and smartphones. That means that the way to their hearts is through social media and YouTube videos. This is a crucial thing to remember going forward as these generations continue to account for more and more of the consumer market.
- Niching Down
Though it worked well for Amazon and Walmart, being everything to everybody is not always the wisest business plan. It is much better to pick one thing you are great at and stick with it.
For example, if you are a designer of fishing lures, being the absolute best designer of fishing lures in 2020 is a safe bet. Don’t go off on a tangent and start selling lingerie. That may be an extreme example, but you still shouldn’t even expand into related items like fishing poles. The best businesses offer one product or service and do it well.
- Employing AI
With the advent of AI in the home, it is only a matter of time before AI starts to take over the business world. In the past, AI systems have been incorporated to take customer service calls and handle assorted virtually-assisted tasks, but now the technology is becoming much more pervasive. For example, the use of AI is already using algorithms to customize user experiences.
- Entrepreneurship will Grow in the Non-tech Sector
Many of the recent startups have been technical companies or those relying on tech to thrive. Unlike the last few years, you will see significant growth outside of the tech world. More focus will be put on the creative process and making things from scratch. This includes food and beverage companies. When technical expertise becomes crucial, these services will most likely be outsourced.
- E-commerce will Stay Prominent
Most retailers have decided to move investments from brick-and-mortar stores to their online alternatives. This is because global e-commerce sales are expected to top $5 trillion this new year! Some new stores are opening only a few select physical locations to get a bit of a foothold in the market while almost exclusively relying on online sales. This means leveraging social media and sponsored blogs for advertising purposes. Another consideration is building specialized warehouses with state-of-the-art logistics.
- Digital Platforms will be Further Developed
As part of the effort to provide further options to customers, there may be comprehensive, all-in-one platforms in the coming year that handle banking needs, financial transactions, and security. Consumers want to pay with a variety of credit and debit cards, e-checks, Google or Apple Pay, PayPal, or cryptocurrency. Having a multiple-payment platform will make this much easier.
- Going Green and Staying that Way
Going green has been a theme for many companies as of late, but the trend will remain for the better part of this new year and beyond. The key these days is to produce products outside of food that is all-natural and also educating customers on why such a sustainable product is a good choice for them and the planet as a whole.
Since trends come and go, it can be difficult to predict the year’s trajectory so far in advance. However, based on what we are currently experiencing, the advents we are predicting are both uplifting and likely to occur. As such, it looks like 2020 will be a great year for small businesses.