As we welcome the year 2020, we gear up for upcoming changes and movements that will rock various sectors, from retail to science and technology.
A huge arena made up of large corporates to small and micro enterprises, business is an ever-evolving field. It covers a lot of ground and is therefore vulnerable to the changes.
Here are some trends to watch this coming year, including among those earning a degree or diploma in business administration:
1. Leaps of Improvements in Mobile Internet
Smartphones are increasingly getting integrated into marketing and advertising roadmaps. This year, there will be more advances in the way e-commerce and marketing are done through mobile phones. The advent of 5G technology, for example, is expected to accelerate internet speed further and even completely change the way people use their phones for their personal affairs or business.
2. Brick and Mortar Businesses are Shifting to E-Commerce
E-commerce is expected to continue being successful and booming in the upcoming years, with the amount of traffic and real-time business that it has generated through recent years. More and more traditional businesses are trying to adapt and jumping into the trend, now hiring and commissioning third-party providers to integrate e-commerce systems into their websites and online platforms. It will be no surprise that you may purchase from your trusted brands with just a click and a virtual swipe.
3. Customers Will Have More Share Of Voice
Since more and more businesses will be going the virtual route, the most effective trust evaluator will be customer reviews. One of the disadvantages of going online is that there is no way to see the product face to face, affecting product credibility. Due to this, customers will turn to other customers to assess the goods they are looking to purchase. Reviews and testimonials on products and services will be more significant and influential.
4. Social Media Will Be a Bigger Marketing Tool
Social media has largely evolved from just being a form of communication and entertainment across age groups and demographics. Now, it has also integrated functions that allow businesses to use it to the fullest. Facebook has added Facebook Market to its services, which affords sellers and buyers a focused community where they can interact with each other. If you are an entrepreneur, having a good grasp of social media or having a dedicated team will be important if you want it to thrive in the upcoming years and take advantage of social power and influence.
5. Customers Will Lean Toward Businesses With Social Awareness
Information has become so readily available to everyone because of the internet. People will now look for and support businesses that are socially aware and responsible, including brands that are going green and actively reducing their carbon footprint, as well as those that don’t practice animal testing. There will also be solid support for businesses that support meaningful charities and causes. Social consciousness will become a crucial marker in businesses’ bid for relevance and customer orientedness.