Meta description: Technology is changing almost everything. Click here to know more about the 4 business trends that will prove to be big hits in 2020.
As we’re heading in the second decade of the 21st century, business is soaring as a combination of changes in society and technology have come together. Some of these changes are global, such as you can now play casino games UK from your mobile phone. Other changes affect us on a personal level. Here are some trends that are expected to drive business growth in the following year.
Capturing the Youth Demographic
There are 1.8 billion young people in the world today and the internet has become an essential part of their lives. From shopping to ordering food, the internet is a part of everything they do. With unlimited access to current events, young people are more socially conscious than ever before. Companies need to find new ways to tap into this demographic. Businesses that move their marketing to a digital platform will have a distinct advantage over those who ignore this opportunity. Take Instagram, the social media app that has experienced tremendous growth in the past few years. The social media platform has more than 1 billion active users every month.
Born between 1995 to 2010, Gen Z has spent their entire lives adapting to new technologies. This is the generation that watches Netflix twice as much as cable TV which shows that this market is just getting started.
Machine Learning and AI Advances
Start-ups and legacy players alike are investing in machine learning and AI technologies. Artificial intelligence technology is evolving daily and it will shape the future of a variety of industries, such as digital health, Internet of Things (IoT) and many more. According to a report by the Boston Consulting Group, the implementation of AI has helped retailers to increase their sales by 6-10%.
AI and machine learning can help in reducing human errors and create more precise analytics. Take smart watches and fitness trackers, devices which play a major role in managing personal health by providing data to the consumer.
E-Commerce Will Grow Even Big
The worldwide retail e-commerce sales are projected to reach a new high of $5 trillion by 2021. This will cause many retailers to move their brick and mortar store online. As the lines blur between the physical and digital environment, multiple channels will be accepted by customers. Social media platforms, such as Facebook and Instagram are now more than just advertising channels. As more retailers continue to come online, there seems to be no limit to things that can be sold online.
All-Encompassing Digital Platforms Will Continue to Rise
As companies are trying to provide more services to their customers, demand for all-in-one platforms is on a tremendous rise. Business owners and consumers appreciate the ability to accomplish more than one of their goals with a particular provider and these systems are becoming popular. These types of platforms will be necessary even for businesses as the demand for diverse payment methods continue to grow. They also demand high security and instant access to funds. Taking the help of experts to guide your business through this ever-changing financial maze will be crucial in moving forward.