Like it or not, digital will continue to lead the way in 2020. And it will affect your business in many ways.
This could be as simple as the software you use in your business, from bookkeeping to tracking workflow, from digital communications to management tools.
Competition for new customers will come down to who uses technology best to ensure they are happy.
Adapting to changing customer demands will be crucial for the success of any business. This includes knowing what your customers are demanding and where and how they are spending their money.
To help your business make the right decisions for the year ahead and beyond, have a look at these trends. They will most likely influence your business growth in the coming years.
E-Commerce Will Continue to Grow and Lead the Way
In the next four years, global e-commerce is expected to reach around $5 trillion, (as reported by Statista).
This trend is causing many retailers to move investments from brick-and-mortar storefronts to online stores.
Progressive new businesses are harnessing the power of online shopping without the need for physical locations, keeping costs down and flexibility up. They are also leveraging social media to generate hundreds of millions in sales. As more specialised retailers appear on the market, there seems to be no limit to what can be sold online.
Tapping into a More Aware Market
For many consumers, an eco-conscious lifestyle doesn’t stop at vegetarian diets and organic hygiene products. Lunya, a popular women’s-clothing maker, constructs its products from natural fabrics and fibres, and its sleepwear and intimates lines use Pima cotton for durability and comfort. Using natural materials lowers the carbon footprint of their business, as well as that of the individual consumer.
According to Small Business Trends, when it comes to attracting new consumers in an increasingly green market, “The answer may lie in supplying consumers with details - and authenticity.”
With this growing awareness and questioning of product sourcing and ingredients, you need to help the customer understand what making eco-friendly choices means for them and why you are making the choice as well.
The Youth Market is Growing
Older consumers may remember a time before the internet, but for younger generations, it's an essential part of everything they do.
And as they age and begin to earn more money and make up more of the consumer market, businesses who want to grow, must do their best to capture them by moving their marketing to a digital platform.
This means tapping into the mediums they use, including LinkedIn, Instagram, Twitter, Pinterest and Snapchat.
YouTube has also made digital marketing more accessible to this audience. According to a recent survey, “59 percent of Gen Z respondents said they use their YouTube app a lot more than they did a year prior,” showing that this market is just getting started.
Finding out how to communicate with this market is vital for your viability and growth.