We are in the second decade of the 21st century and no doubt businesses are accelerating with the combination of changes in the society and technology. New ways of wrangling data will take center stage in a business. Innovations in AI, edge computing, and software robots will leverage the competitive edge to organizations. They will be using data quickly and efficiently to make business decisions.
Small, medium, or large, regardless of the size of your business; if you fail to adopt these emerging trends, this could accelerate your existential crisis. It’s as mandatory as having an Internet subscription - you would definitely question someone who doesn’t have a charter spectrum tv packages in today’s digital times! So what are these technologies that every business in 2020 needs to adopt? The list below reveals that...
#1: Mobile Commerce
It has been a few years since mobile commerce is edging into our lives. People are now well-accustomed to shopping on their phones using the mobile-friendly website and intuitive apps.
But the ability to pay for products using Google Wallet or Apple Pay at brick and mortar stores will be a game-changer. Want to see a glimpse of a cash-less and card-less world? Check any major Chinese city. They use WeChat and Alipay to make payments. QR codes for shopping are the new and emerging facility that has offered more financial independence to consumers.
#2: 5G Network
Although its full-stack version isn’t out yet, lots of users have embraced 5G. You can expect more of this in the future. Faster Internet speed and higher bandwidth will be simple to set up and process. Moving forward, 5G networks will facilitate the use of drones and driverless cars for seamless communication. It’s going to be an essential component of smart cities.
#3: AI as a Service
SaaS business model combined with AI services could help bring AI to the masses without having to pay a heavy price tag. The advancement in AI is racing in some areas and lagging in others. In 2020, more and more SMBs will be investing in AIaaS. The global revenue for Artificial Intelligence software is expected to grow from $9.5 billion (in 2019) to $11.86 billion by the year 2025. Companies will be able to outsource tasks at a monthly subscription in the coming months to boost their productivity.
#4: Data Analytics
How can we forget about Big Data and data analytics? Data is vital for business growth. But there is one problem. It’s challenging to sift through so much data. Deloitte says cloud-based cognitive services have become popular among SMBs. Instead of using data to talk about the sales and marketing plan, companies are using this technology to share their strategies at a granular level.
#5: Collaboration Tools for Better Communication
These days more and more small businesses rely on the remote workforce for scaling their businesses. They need collaboration tools more than ever.
The Gensler US workplace survey reported that 43 percent of respondents consider the best workplace to be the one that supports collaboration and promotes team building. The communication gap is something you can’t tolerate in 2020. SMBs need to invest in Social media tools that connect in-house staff with the remote team spread across the globe for better productivity.
#6: Blockchain Remains the Topic of Interest
Giant firms like Walmart, IBM, Mastercard, and FedEx have continued to invest in blockchain. This shows this technology is not subsiding. Small businesses might not consider buying or selling bitcoins but they would certainly turn to blockchain for secured transactions.
Consumers are likely to face ongoing security concerns and adopting blockchain would alleviate some of these issues.
#7: Social Media Still Remains
Social media management is difficult when there is consumer privacy involved. Plus, you would require a marketing budget for that. To balance customer concerns without exceeding the budget, SMBs will have to focus on data-driven decisions. In 2020, these are the key areas businesses would have to watch out for:
- Social Proof
An easy solution to outperform and steer through competition is to provide value and win customer trust. How to do that, you ask? Through customer interactions, leveraging employee advocacy, and developing online communities.
- Use popular channels
Starting from Pinterest to TikTok, make sure you are where your customers are. There are other platforms besides Instagram and Facebook to grab customer attention.
- Customer service through social channels
45 percent of customers go to social media when they have a question. While lots of businesses are using social media for brand visibility, it’s also a good time to support through social channels. Imagine getting support on the Charter’s Facebook page instead of calling spectrum com support by phone! More and more customers would love that.
These tech trends prove that 2020 is going to be an interesting year for SMBs, budding entrepreneurs, and major tech companies alike.