Transformation of Small Businesses in 2020

2020: Shaping new trends for small businesses

2020 is going to be a totally different year for small businesses. With the slowdown caused due to Coronavirus lockdown and companies re-strategizing the way they function, small business trends will be all about efficiency and productivity in the minimum cost. These are some small business trends that will change the face of business in the coming years:

1. Use of Artificial Intelligence (AI)

AI is becoming an integral part of our life as its opportunities and applications are virtually limitless

Artificial Intelligence is being used in every sector be it healthcare, manufacturing, banking, retail or even education. You name it and AI has an application that a sector can use 

For e.g. Chat Bots to help get initial information from customers, Virtual Assistants to delegate your mundane tasks, smart cars for unique driving experience and many more

2. Rise of Remote Working 

The coronavirus lockdown has definitely taught us to be more productive while working from home where employees are multi-tasking and working beyond capacity to fight difficult times

Less of overhead costs will be the priority of employers. This will lead to saving costs, time and resources for many sectors

Remote working is going to see a huge rise as one of the small business trends for 2020

3. Leveraging Technology

The competition today is cut-throat not only amongst businesses but also when you are competing with big players and it is only through tech especially the digital tools available that can help you scale

Analytics, CRM tools, Social media marketing, ERP tools- all these tools you can ditch traditional methods of spreadsheets 

Small business trends for 2020 is going to be all about using technology to increase productivity and best employee outcomes

4. Personalized Customer Service & Customer Reviews will be the king

Smart personalized engines will be able to analyze and understand the consumer in a far more efficient manner giving digital side of the business a good boost

Customers will move towards businesses that offer personalized services, give them what they want in the fastest time possible

Another small business trend would be of user reviews or using the a customers as an influencer for others to buy that product

Since small businesses have small marketing budgets, it becomes paramount to focus on user reviews and use this tool efficiently

This will also help build trust of other potential customers who are on the line to get converted into buyers

5. Story Driven Marketing

Social media marketing is going to be all about stories- Compelling stories that connect with the consumer emotionally 

Direct News feed style marketing will be absolutely irrelevant 

Use more visuals that too much text to convey your messaging. This will help in the retention of your brand as well as the brand message

Customer engagement in a savvy and relevant way will be the new small business trend for 2020

6. Millennials will reshape the Workforce and Workplace

Millennials work differently; they bring with them the zeal of new ideas and new ways of doing things. They are going to form an integral part of the workforce in organisations

Millennials prefer to use better tech with better working tools, hence digitization at the workplace will be the norm for them to function properly

The tradition of working 9-5 every day at a cubicle is no longer the norm, with laptops and smartphones, video conferencing and team messaging — technology has made remote work easier than ever

7. Leverage highly motivated employees

Coronavirus crisis has made employees handle multiple functions, different teams and sometimes even work with new skill sets

This time will help businesses identify motivated and highly productive employees and leverage them to the best of their abilities 

 With 2020 looming under the corona crisis, the second half of the year will need companies to bounce back and stand up on their feet. They need to look out for these small business trends in order to rekindle their energies and move on the path to gaining growth.