Entrepreneurs know how competitive the business world can be. In order for them to always stay on the top, they need to keep up with the latest innovations and latest technologies. With that in mind, here are five trends that are expected to drive business growth in 2020 and beyond.
Capturing Youth Demographics
The youth became a huge consumer segment. As they age, they make up more of the consumer market, companies must do their best to relate by moving their marketing to a digital platforms, the mobile-centric video platforms that has experienced crazy growth in the past few years such as TikTok that gained 500 million active users worldwide and now it is ranked ninth among social media platforms, ahead of Twitter, LinkedIn, Snapchat and Pinterest.
Machine Learning and artificial Intelligence
The artificial-intelligence industry is continuing its growth and will also have its significant impact on the economy worldwide. Since AI and algorithms can improve the user’s experience in nearly all industries. For instance, Spotify uses artificial intelligence to make the music listening experience more personal by creating customized sessions for each user, and this is one of the things that makes Spotify as a leader in the market.
In the past few years, more people are adopting a green lifestyle, makers of plant-based proteins, has increased its stock prices by more than three times. The eco-conscious lifestyle became a trend recently as more people are adopting vegetarian diets and using organic hygiene products. Therefore, it is very important for businesses to help their customers to understand what making eco-friendly choices means for the business and them.
Digital Platforms Will Keep Rising
As companies look to provide more services and options to their customers and to enhance the users experience, the demand for all-in-one platforms that also handles banking needs, financial transactions and security has risen. Consumers and business owners alike appreciate the ability to accomplish more than one of their goals using a comprehensive platform, these platforms and systems are gaining popularity since it makes the consumer journey easier.
Domination of E-Commerce
Global e-commerce will continue its domination, causing many retailers to shift their investments from brick-and-mortar storefronts to online stores and by leveraging social media to generate a very high amount of sales. There seems to be no limit to what can be sold online. Thus, it will continue its growth in the coming years.