24 Mar Small Business Trends of 2020

Each year reveals different trends, behaviors and interests among the general public. Business owners must pay attention and adapt accordingly to keep up with connecting to their consumer and keeping up with competitors. The top trends expected for 2020 include:

Going Green

Few topics were as frequently discussed in 2019 as environmental concerns, making consumers more conscious about where they choose to spend their money. Companies that are eco-conscious in how they operate gain greater credibility and respect among the public. Efficient recycling schemes, energy efficient light bulbs and sustainable products are the way forward for businesses to grow.

Ecommerce

Small businesses that provide a service are becoming more involved in building a brand by selling promotional products.  A small food retailer could reach a wider clientele by selling original recipes on the web, or a gym could expand by offering supplements and gym wear. If a company is not in a position to manufacture products, affiliate marketing is also making a trend and is easier than ever with online social media platforms.

Social Media Stories and Live-streams

A large portion of any customer base will spend time on social media. Live-streaming on Instagram or Facebook is a great way to increase visibility and engagement. Keeping connected to customers using online platforms is vital for any business growth. Combined especially with the roll out of 5G, an increasingly large amount of people expect instant communication. Having social media channels active 12 hours a day to answer queries or complaints, as opposed to standard 9-5 working hours will guarantee a more satisfied customer base.  

Transparency and Privacy

GDPR rules have become stricter and the forecast for 2020 will see businesses continue to take a more considered approach when it comes to data protection. Companies need to stay transparent about how data is used and have a more ethical approach to collecting it. Mass marketing is expected to take a decline and be replaced with more personalized and strategic marketing.

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